Insurance companies invest time, money, personnel, and technology into a business idea – and then make it work. And it does, until revenues begin to decline, errors increase, customer satisfaction drops and company leadership can’t quite pinpoint why.
Do you have a process – or a workflow?
A workflow automates the processes, actions and tasks required to get an assignment or project done – freeing you and your team to focus on what matters most in your business. Because, whether you realize it or not, your company – and each one of your employees – follows a process. The question to ask is: “Does the process help or hinder your business”?
What causes workflows to break?
Unexamined workflows lead to disparate processes and lack of a coordinated system, as each person creates their own personal approach to getting things done.
Does this sound familiar? Cory does things one way, but Cary uses a different sequence. Sam captures data in one style, and always forgets that one thing that Jamie then needs to fix. Every time. These inconsistencies create workflow breaks, cost time and often cause errors.
What’s the difference between a process and a workflow?
A master workflow standardizes and provides a roadmap for all of your processes so there is one single source of truth. As a result, people know what they need to do, when, and how, so they can go off and independently get it done.
In webinar 1 of VCA’s Workflow that Works webinar series, Pat McGrew, workflow expert and managing director of the McGrew Group explains, “Whether you realize it or not, the order of things you accomplish every day is part of your business workflow. This is the people, the processes, the technologies – everything.”
Transforming your process into an automated workflow, with a series of steps to be completed sequentially, means that your company can reach its outcomes faster, as the workflow guides you towards:
- What needs to be done
- When it needs to be done
- How it needs to be done
- Who needs to do it
How do I find out what my workflow looks like?
Pat McGrew recommends “walking your workflow” – a kind of self-assessment where you literally take apart the steps of each process – from first notice of loss (FNOL) to settlement and invoicing. Make a note of any points along the route that seem to cause slowdowns, create bottlenecks, or where the same processes are enacted more than once.
Are my policy holders affected by my company’s workflow?
If a claim is handled quickly and smoothly, the policy holder will likely be satisfied. If your adjusters are no longer confronted by bottlenecks or repeating tasks, they have more time to offer empathy and service to their clients. When workflow is automated and optimized, a policy holder is kept in the loop and feels reassured that his/her claim is being worked on to resolution. When workflow is efficient, a policy holder’s questions are answered within 30 minutes.
Insurance Workflows and Data
What does data have to do with workflow?
There are over 20 touchpoints in the lifecycle of an insurance claim. In webinar 2, McGrew, along with VCA’s executive team, discuss how having accurate data makes it possible for you to track and monitor the performance metrics of these touchpoints. With real-time data insights, management can make tweaks to their workflow, take corrective action, or implement new tools to resolve claims faster.
What you can measure, you can improve, including:
- Average process time
- Average time per task
- Number Accepted/Rejected
- Number in Queue in Stages
- Number of errors
- Percentage of processes below/above goal
- Time from FNOL to settled claim
- Volume of tasks per adjuster/teams
A workflow improvement initiative could be built into specific KPIs:
- Reduce the speed of claims processing from days, to less than an hour, this quarter.
- Lower the costs of the life cycle of a claim by 30% by next quarter
- Increase client retention by 25%
- Improve customer support resolution on the first call by as much as 90%
Better Insurance Workflow Leads to a More Efficient Claims Journey
What happens when I normalize and optimize my workflow?
Workflow, automation and data insights help you manage your insurance business faster – and smarter.
With a strong workflow, you can:
- Measure productivity accurately
- Keep overall claim costs low, direct relation to premiums
- Maintain client retention and satisfaction
- Expose redundancies
- Forecast future financials
- Analyze trends for business growth
- Orchestrate departments with central hubs of data collection and communication.
Using workflow software to its greatest extent frees human and financial resources and allows you to operate at optimum efficiency. That efficiency drives revenue to the bottom-line and enables business expansion. So, in fact, an optimized and automated workflow is magical, but only if technology’s tools for workflow optimization are adopted and put into use. It’s more than just optional today.
In webinar 3, John Varghese, CEO, Virtual Claims Adjuster shares, “Technology is always moving forward. Businesses that don’t take advantage of modern solutions can no longer compete with those that do. Improving workflow means maximizing efficiency, and efficiency is key to running the smoothest possible operations.”
Businesses that rely on traditional, manual systems are struggling to achieve the same results as those who have automated and optimized their workflow. They don’t have the same control over what’s happening on a day-to-day and on a long-term basis and have to work harder to create the same level of relationships with their customers. VCA’s Workflow That Works webinar series takes a deep dive into the world of workflow, with real-life examples of how automation and data are impacting the insurance claims process. Watch Workflow That Works – FREE, bite-sized, and on-demand.