CHALLENGE
Slow claim resolution and poor data were driving up costs at a large truckload carrier company.
The company has thousands of drivers crisscrossing the country at any given time. Data from safety incidents is critical to both resolving claims quickly and keeping drivers safe.
At the time, the company’s TPA relied heavily on police reports of accidents to adjudicate claims. The problem was that police reports were not filed for every incident. And when they were filed, these reports often were missing critical details like weather conditions. The missing information made it difficult to determine responsibility – and tracking it down took valuable time and resources. Not only did this make claims more expensive, but the company didn’t have the information it needed to prevent future accidents.
The company wanted to find an efficient way to collect the data it needed – as opposed to relying on what was provided on accident reports – to quickly close claims and address safety issues through improved training.
SOLUTION
The company used Riskonnect ClearSight’s Claims Administration solution to bring accident investigations and claims administration in-house. All incident information is entered into the system via a phone or tablet right from the scene when details – such as weather, lighting, traffic, and road hazards — are still fresh. Easy-to-complete forms with auto-filled fields ensure that nothing is missed or entered incorrectly. The software also incorporates location data from the truck’s GPS device, as well as from Google Maps, and Google Earth, for a complete picture of the situation.
Recently, the company added fully automated task-management capabilities to guide claims adjusters through a standardized list of actions to complete on every claim. From there, adjusters take the lead to wrap up any loose ends, address any specific challenges related to that claim, and get the claim to close.
RESULTS
Riskonnect helped the company significantly reduce the time it takes to close claims – and dramatically cut costs.
With all incident-related information in one, easily accessible place, risk, safety, and claims professionals are able to respond quickly, collaborate easily, make better decisions, and share what they learned. Automating routine tasks has increased efficiency, closing ratios, and claim performance outcomes. The expedited process also has helped percolate critical things to the top so they can be promptly dealt with.
All of these efficiencies have allowed the company to turn its focus toward prevention. The company now has all the information it needs to correctly apportion responsibility for accidents and improve training to keep drivers safer. More accurate data also has allowed the company to be more robust in its insurance reporting, which has helped drive down claims costs.
As a result of these efforts, pending claims are at an all-time low, and claim accuracy and reserving metrics are at an all-time high.
Beyond the functionality of the software, the company credits its partnership with Riskonnect as providing the leadership and expertise that has allowed it to take a deep dive into the world of risk management and loss prevention. The company so pleased with its results that it plans to continue investing in the software to add efficiency and accuracy to its claims administration process.
For more on adding efficiency to claims administration, download our e-book, Claim Success: How to Achieve Excellence in Claims Management.
