Many different factors can impact the time it takes to process a claim. The most important thing for a claim manager is being aware of these factors and how they can affect the processing time. This will help you manage your claims more efficiently.
What factors can impact claim management processing time?
1. Catastrophic events and claim overloads
Seasonal Catastrophic (CAT) events have a long and devasting history in Australia. These events can result in thousands of insurance claims from November to April each year through the CAT season.
CAT events generally cause claims overloads for claims teams and, most of the time, cause delays in the claims management process, ultimately due to supplier and internal resources availability.
When claims teams are dealing with CAT events, sometimes even multiple at once, it generally results in a high amount of work required, including assessment, scoping/quoting, the repair and much more.
2. The type of accident
The type of accident plays a crucial role in impacting claim management processing time, whether a small crack on a windscreen or a caved-in roof due to a tree falling, every type of accident is different and needs to be assessed and managed in its unique way.
The more minor the accident, the more streamlined and straightforward the claims management process from start to finish.
When a more considerable accident occurs and the damage is more significant, the claim management process usually takes a lot longer.
3. The speed of the assessment
The type of accident will determine the type of assessment needed and how long it will take. Remote location claims or claims of a sensitive nature or customers who have a busy schedule delay this process a great deal. Using the traditional method to assess an insurance claim can cause roadblocks in the claim management processing time.
By utilising a virtual collaboration tool like Livegenic, assessments can be conducted remotely, saving travel costs and your assessor’s time. As well as ensuring your customers feel secure and risk-free from any concerns they may have.
4. Is maintenance or restoration required?
When a customer lodges a claim and requires a repair to be conducted if they have outstanding maintenance works on their property that will affect the repair, these generally must be completed before the repair can start. This undoubtedly impacts the claim processing as the customer often must take this into their own hands.
Secondly, if restoration is needed on a claim due to water damage, mould, or other contributing factors, this also needs attending to before the repairs on a claim can start. Again, this also impacts the claims processing time.
5. Not using the right technology
Having the right technology in practice for your claims team will unquestionably assist them in managing claims to the best of their ability and being compliant with your standards.
Claims involve a lot of documentation, photos, videos, reports, scopes, quotes, supplier agreements, and the list goes on. Without the right place to store them, it can get very messy and complicated for the person running the claim.
A claims management tool like Wilbur Claims Manager offers an end-to-end claims management platform that administrates your claims from start to finish. You can easily integrate this platform into your existing core systems and workflows for almost any line of business.
Check out Claim Suite by Wilbur to assure you have all the right technology for managing claims efficiently and effectively.
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Click here to learn 11 ways to speed up your claims management process. Implementing even a few of these tips could make a big difference in your team’s workflow.
Interested in learning how Wilbur can help you speed up your claim management process and help alleviate roadblocks and impacts on the processing time? Click here