The property and casualty (P&C) insurance industry is experiencing unprecedented challenges and uncertainties from global trade wars, falling interest rates, increased competition, and changing consumer expectations.
According to Ernst & Young’s EY Insurance Outlook 2019 report, overall growth in the P&C market remains “sluggish.” The report offers a number of suggestions to help companies overcome existing market pressures, including “partnering with InsurTech companies for wider reach” and adopting digital solutions “to support innovation and speed to market.”
In other words, P&C organizations need to adopt a new approach to achieving long-term viability. More forward-thinking companies are turning to independent adjusters as an effective way to grow market share and improve the customer experience.
A recent survey of Field Service Organizations (FSOs) asked which issues are impacting their business most. The results are insightful:
- 45% need to improve workforce utilization and productivity
- 39% need to improve service process efficiencies
- 36% said customers are demanding quicker response times
- 35% reported having an internal mandate to drive increased service profitability
All of these drivers can be addressed by leveraging independent adjusters. But managing third-party adjusters can be challenging—not to mention costly—for organizations using inefficient manual processes. Following are six ways you can use technology to achieve the best ROI on your independent adjuster relationships.
- Improve appointment availability and on-time claims management. One of the top complaints of policy holders is engaging with a field adjuster in a timely manner after an event occurs. Having a team of independent adjusters at the ready increases availability and speed to service. Field service management software integrates both employed and contracted adjuster schedules into a single system. This enables customers to select from available appointment times and to get real-time updates of when the adjuster is on the way. Greater transparency helps improve the customer experience and enhances the effectiveness of the contracted adjuster.
- Increase productivity and claims processing ability. To ensure a positive ROI on your contracted workforce, you need adjusters to be in the field, not sitting behind a desk filling out spreadsheets. Insurance claims adjuster software eliminates inefficient, manual processes and elevates the effectiveness of your contracted workforce.
- Provide service to remote areas. One of the greatest benefits of using independent field adjusters is the ability to quickly deploy them in remote areas. Appointments are often delayed because it takes time to send an office-based adjuster to a remote area. Third party dispatch software allows P&C insurers to get policy holders the help they need faster by automatically deploying an adjuster in close proximity to the customer.
- Deliver an optimal customer experience during periods of catastrophic events or increased seasonal demand. Trying to accommodate fluctuations in demand with a limited workforce can wreak havoc on scheduling. The result is delayed or missed appointment, harried adjusters who don’t have time to fully investigate and accurately appraise damage. This not only harms the customer experience but can also result in inaccurate claims assessments or the need for additional follow up. Smart scheduling software allows for faster, more agile deployment of independent field adjusters. It also improves utilization of adjusters by allowing field service managers to “drip feed” additional jobs as availability or urgency warrants.
- Better manage independent adjusters. The best insurance claims adjuster software offers an easy-to-use interface with Gantt charts to manage both employed and independent adjusters. This allows dispatchers to monitor the progress and status of all field adjusters in real-time over the course of the day. It also enables managers to view and change jobs within the Gantt interface so that field adjusters arrive as promised.
- Elevate the quality of your workforce. Having the best workforce improves customer satisfaction and your company’s brand equity. But finding, credentialing, and onboarding the best independent field adjusters can be time-consuming and costly. And engaging the wrong contractors can hurt your reputation. Workforce management software can streamline credentialing and onboarding to gain insight into each contractor’s background, areas of expertise, availability, and preferred regions. Pre-determined performance criteria can be used to ensure you’re only contracting adjusters that are the right fit for your unique business needs.
The foundation of a highly effective mixed workforce is an effective workforce management system. The best solutions are those that deliver a greater level of business intelligence for more informed decision making, especially when managing independent adjusters. Some insurance companies can detect fraudulent claims using business intelligence software.
According to ServicePower, P&C insurance companies using workforce management software have achieved:
- 30% increase in assessments completed per day
- 20% increase in customer satisfaction scores
- $1.8M reduction in annual labor costs
- 19 fewer FTEs needed per year
If you’re ready to increase operational efficiencies, achieve greater ROI, and grow your business using independent adjusters, contact ServicePower today.