Claims adjusters and risk assessors spend a very large part of the day documenting information gleaned from their investigation of claims submitted to their companies or clients who are seeking coverage. Some estimates put the proportion of their time at 40-50% of every day. This has huge ramifications for efficiency, turnaround time for claims, accuracy of reports, and employee retention, all of which can be addressed by using Dragon. Reducing the time spent on documentation means that adjusters can complete more claims in the same amount of time.
1. Recognizing that rapid response is essential to their business, insurance companies are concerned about the speed with which they can respond to customers' claims. Insurance companies’ reputations are directly linked to claims speed and effectiveness. The ability to quickly and correctly handle a claim has significant impact on customer retention. Dragon makes the response time faster.
2. As every agent knows, their value is dependent on the accuracy and quality of their reports. By making the process of documentation faster and easier, Dragon lets agents spend a few minutes more ensuring the quality and thoroughness of their reports. And by using a digital recorder in the field, agents can capture additional details while they are fresh, producing more detailed and accurate reports.
3. By streamlining the documentation process, agents are able to accomplish more in less time, and not have to take work home with them or stay late, producing increased employee morale and lower turnover.
1. since the industry moved to hourly wages several years ago, overtime pay has become a significant cost to an organization?
2. outsourced claims to third-party adjusting firms generally run $1500-2500 per claim? When claims spike due to floods, hurricanes, etc., the more productive and efficient firms can minimize their outsourcing.
3. one of the biggest reason that adjusters cite for leaving their firms is the overload of documentation, which often involves adjusters' having to take work home or stay late?
4. turnover among claims adjusters is generally in the 5-10% range every year? The replacement cost for an adjuster who leaves the firm is about $50-75K in the first year (advertising, recruiting, training, lost productivity, overtime paid to other adjusters, etc.). Plus it takes four to five months to replace a departed adjuster.
5. the average age of a claims adjuster is increasing? Younger workers are not being drawn to the industry, at least in part because of the volume of clerical work involved.
In the videos below, you’ll see Dragon transcribe a risk assessment report dictated on a digital recorder, as well as a claims form completed with live speech. Wouldn’t either of these make your company more productive, your workers happier, and your bottom line more robust?