No, this brief article isn’t going to tell you how to master data. Sorry for the letdown.
But, I did want to share a helpful article from Innovation Group with you. In the article, Innovation Group teaches us how to achieve data mastery.
I wanted to share these lists from the article:
The Roadmap for Developing a Data Mastery Action Plan
Claims Innovation: How Your Company Can Use Automated Legal Documents for Insurance Claims Defense to Win Big
This article regarding automated legal documents for insurance claims defense was originally featured in Carrier Management.
If this article were a legal document, it might sound like this:
HERETOFORE, legal documents proximately cause a grossly adverse impact on insurance companies, which impact may include but not be limited to, said documents cost exorbitant amounts of money, are not usually a contributing cause of a favorable outcome, and result in direct, indirect, and special damages to insurance companies’s abilities to effectively manage their pending lawsuits.
That’s a brutal read, right? If you could decipher the legalese above, you know that legal documents cause problems much larger than grammar. Hidden in that cryptic legalese are the three biggest problems legal documents cause for insurance companies involved in claims litigation:
This article was featured in Claims Journal and Insurance Innovation Reporter.
If you love football, then you know how frustrating it is to be a football fan. Every offseason, you get excited about the potential for the upcoming season. Before the season begins, you read all of the articles and watch the analysts.
They all say “This is the year.” Your team added some of the top defensive players in the league. You’re convinced they solved their offensive woes, too. Your team added a star wide receiver, and the running back is looking great in training camp.
Then the season starts and your team suffers loss after loss. You question how professionals can spend so much time and money on the sport, yet fail to improve. As the season continues to sputter, more and more people call for the team to fire the coach. At the end of the season, they fire the coach and hire a new star coach from a great team.
“Next year,” you and the rest of the fan base tell each other.
The next season begins and your team still loses. Year after year, the same cycle repeats itself.
When it comes to innovation, insurance company claims departments have a lot in common with your favorite underachieving football team. Top talent in every department. Great recruits from top companies. Lots of talk about the newest technology. But each year, you get the same results.
How can you solve this problem?
Insurance claims alternative fee arrangements can solve an insurance company’s problems. When a problem is costing a company up to 20% of its profits, that company should consider its options.
Here are some good ideas:
The next time you go to a restaurant, instead of paying the amount for the ham sandwich on the menu, tell the waiter you will pay the cook $150 per hour. Tell the waiter to tell the cook to send you the bill a couple of months later so that, by then, you will have forgotten what the bill was for.