Claims management analytics insight #5
Montreal, QC (Dec. 10, 2015) – Improving appraiser performance and body shop performance, and keeping a lid on parts and labor, are an important part of the job for a claim manager. Luckily, each of these areas can reap the benefits of a well-designed analytics system. One that displays relevant information via reports, dashboards and scorecards, with key information relating to appraisals, appraiser and body shop performance, parts and labor on prominent display.
For example, an insurance analytics solution designed to help claim managers improve appraiser performance should be organized to supply metrics enriched with contextual information or specific dimensions on individual appraisers (whether they are employed in-house or at affiliated organizations). Claim managers need quick, direct, and easy access to relevant information such as:
- Who are the top performing appraisers?
- How many supplements or revisions are required due to unforeseen work or damages?
- How many estimates has an appraiser completed in a particular reporting period?
Armed with this enhanced system, a claims manager can answer analytical questions using the most efficient tools for the purpose. Time and effort can then be effectively applied directly towards improving appraiser performance.
With respect to the body shop, insurance analytics fill a natural desire to gain insight into body shop performance, and manage these partners with a steady hand:
- Is a particular body shop in line with target objectives for the period?
- Are preferred body shops still providing the expected level of service?
- How can we optimize the efficiency of repair activities, including total claim processing cycle time?
A claims manager’s ability to gain insight into these and other questions will improve the efficiency of claim processing and can even lay the foundation for a body shop performance recognition program that encourages service providers to improve their own operations.
For claim managers, parts and labor may not be at the top of their priority list, yet this is an area where even a little fine-tuning can yield surprising results. With the right information, data already “in the system” can be used to monitor all aspects of parts and labor, making it possible to quickly assess the impact of even subtle changes in policy.
Insurance analytics geared towards auto repair activities and processes bring the following metrics into focus:
- Average number of labor hours by category of incident;
- Comparison of average hours of labor by category to similar incident types;
- Ratio of OEM and generic parts being used, per body shop.
From appraiser activities through to the parts and labor processes, improving repair activities and processes is not a trivial achievement. An insurance analytics solution designed to help claim managers improve appraiser and body shop performance — while improving parts and labor management – must unify these interconnected workflows and dataflows, providing all the information needed to manage, make adjustments, and observe the improved results, too.
InEdge is a leader in Insurance Analytics solutions. Experienced at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Since its creation in 1994, InEdge has designed and implemented some of the most sophisticated analytical applications available today. Our clients add up to an impressive roster of Property & Casualty and Life Insurance companies. Our Analytics solutions improve and make easier decision-making at all levels for our clients. For more information, visit www.inedge.com.