Hi, my name is Adam Stewart, Debt Collection Expert and owner of ADC Legal Litigation Lawyers.
As a debt collection agency specialising in insurance claims recoveries, we at ADC Legal Litigation Lawyers and Debt Recoveries Australia get to see the inner workings of many insurance claims departments. We see what systems work and which ones do not work. We get to see some insurers moving with the times and keeping up with technology, while others seem content with current systems.
All are different, however, we can usually see a pattern in the better insurers, in terms of how the operate and what they do differently to provide a better claims process and better service for their customers.
Our partner, Debt Recoveries Australia, is dedicated to not only providing superior accounts receivable support and debt collection services to the insurance industry, but it is imperative that we stay up to date on the most promising industry advancements.
The whole insurance claims process as we now know is changing, and fast! The key to maintaining efficiency and profitability may lie in being able to stay ahead of the latest trends and provide a more streamlined, efficient process for both internal cost recovery mechanisms and customer experience.
In this article, I lay out the future of insurance claims here in Australia, what you can do to stay ahead of the game, and ensure you are not left behind with inefficient systems and sunk costs.
1. Hire the best.
This may seem obvious, but research indicates that bringing on the best and brightest in the insurance field is a make or break requirement for long-term success. Bringing in new faces with the best talent makes you more competitive, and allows your company to grow, change, and adapt to modern expectations.
2. Inform your consumers.
Our partner, Debt Recoveries Australia‘s aim is to keep our clients informed at all stages of our collections process. We provide an online system, accessible by multi-users, for both our collections matters and our legal matters. Insurance companies should be aiming for the same transparency. Increasing consumer awareness about products, costs, and the insurance industry in general will not only keep customers happy, it creates overall good will when consumers feel that their choice of insurance providers is open, honest, and consistently on top of industry changes.
3. Next generation data retention.
As a matter of course, you generate huge amounts of data through claims filed. This data is a goldmine of information, but so far, insurance companies are lagging behind other industries in being able to not only capture this data, but also mine it for usable information that will help you set projections for growth as well as analyse claim trends. Making your data analysis systems more robust is a sure-fire way to move your company into the forefront of modern providers.
4. Crush competition.
The friendly business competition of days gone by has disappeared. Now, in order to maximize growth, you must maintain your competitive advantage above all else. This means that it is extremely important to focus your resources on the development of innovative solutions that customers might not even know they need yet. Being the first to offer a service will set you apart like nothing else.
5. Outsource debt.
I hope you do not think I am being biased here, but it’s a great opportunity for a plug about Debt Recoveries Australia! One of the biggest things that Debt Recoveries Australia see as slowing down insurance industry growth is the failure to outsource debt collections before it is too late. Insurance companies often rely on their claims team to provide debt collection services, removing them from their daily duties and expecting them to recover debt just as efficiently as they process a claim.
Unfortunately, this not only ties up your talented claims processors, but it is wildly inefficient. Instead, insurance companies should be outsourcing their debt recovery from day one in order to maximize their recovery and focus their attention on being the biggest, best market competitor.