Benjamin Franklin once said, “An investment in knowledge pays the best interest.” Yet many companies spin their wheels trying to do more with less, while sacrificing information that might be critical in their decision-making. This holds true for insurance claims management. Just about every business—big or small—will have insurance claims. Without depth and breadth of information surrounding those cases, a business may sacrifice the outcomes. An informed business can better manage these claims, improve its case history, prevent repeat cases and ultimately reduce premiums.
For decades, eMaxx has been a leader among insurance claims management companies, providing this type of information for clients nationwide in niche markets such as transportation, towing, energy, utilities, waste, recycling, construction and crane & rigging. How does this make life easier? The benefits are impressive.
First, settlement time is faster. Beyond the initial filing stage, it must be decided if the case has merit. The Small Business Chronicle points out that partnering with experts who understand the importance of claims management in insurance is especially important for smaller firms. The team at eMaxx are seasoned professionals who can expertly judge a case’s weight and validity. They can also provide excellent estimates of how much the company will pay. A streamlined, quick process always results in customer satisfaction. Another tool that expedites the process is an insurance claims management system. Automation that is universally applicable, cloud-based and data-driven helps reduce expenses and minimizes human error.
Second, top-notch insurance claim management helps detect fraud. This is a practical concern because when fraudulent cases cost insurance companies money—a fee that is often passed down to its customers. But once again, cutting-edge software with data analytics can tweeze out bogus cases by examining past history and evaluating societal trends, such as social inflation (claim rates beyond normal inflation rates) fueled by third-party litigation funding, higher medical costs unfair jury verdicts and unbalanced judicial rulings. These measures can sometimes avoid litigation altogether.
Third, both speed and fraud detection result in lower costs for the client. Administrative costs are kept to a minimum, and less premium is used toward these fees.
An additional benefit of sound claims management assurance is the ability to analyze accidents and injuries to improve a company’s safety program moving forward. This ties in directly to practical concerns such as disability and return-to-work challenges. Overall, it is a highly recommended way to improve a company’s risk management program.
If your company is experiencing out-of-control insurance costs in a barrage of paperwork, contact the experts at eMaxx, available 24/7 to help you manage your claims efficiently and cost-effectively.