A MEASURES OF EXCELLENCE study carried out by Insurance Services Office, a consulting service designed to help insurance organizations achieve consistency in claims handling, identified key areas where technology and improved processes can streamline claims management, reduce case loads and lower stress for claims handlers.
The study follows U.S. Bureau of Labor Statistics findings, which identify burnout rates as an increasing crisis the insurance industry must examine closely. Key elements of the ISO strategy include improving the visibility of the claims process, establishing best practices training programs and identifying ways to evaluate claims more accurately and efficiently.
ISO's Vice President Lee Fogle says, "The BLS identifies burnout as inherent in the stressful nature of claims adjusting processes. High case loads are compounded by pressures to meet increasing regulatory requirements and by performance standards that often involve excessive clerical tasks...In addition to considering strategies to reduce stress and increase efficiency in the claims process, firms should be aware of a new generation of technology that can support claims handlers ... and make their jobs less stressful. These tools will also maintain consistency during the education and training of the next generation of insurance professionals."
ISO has identified key processes and technologies not only to assist in reducing "burnout," but also to help companies attract young talent to the claims arena. The Measures of Excellence Team is able to make recommendations on current processes and use of existing and prospective technology, discuss and develop professional training programs to improve best practices and eliminate any deficiencies identified in the study.
Following the recent completion of the Measures of Excellence study, carried out by ISO, the insurance company implemented a new process to identify questionable claims and investigate them earlier. Other Measures of Excellence studies have uncovered areas where the implementation of new claims processing tools has increased the effectiveness and confidence of claims handlers who negotiate even the most complex comparative negligence cases.
