How Do You Balance KPIs on a Claim? Header Image

How Do You Balance KPIs on a Claim?

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Handling a claim for commercial technology comes with an array of conflicting priorities and KPI targets. From ensuring that policyholders are satisfied with the claim resolution to keeping claim spend low to saving time, the average claims handler has a lot to contend with.

But how does a claims handler or loss adjuster meet KPIs consistently when those KPIs might often conflict with one another?


Time Vs Spend

How do you find the most cost-efficient resolution for a claim when you also need to resolve it as quickly as possible?

Most technology claims handlers and loss adjusters are starved for time, which means that there is very little opportunity to delve as deep into the research for a claim as is needed. The quickest resolution is sought - but this often leads to overspend.

 When instructed on a claim, we typically carry out the detailed research needed to uncover all options, including whether repair would be more economical. This allows claims handlers to focus on the big picture for each claim - and meet both of those crucial time and spend KPIs.


Satisfaction Vs Spend

Are policyholders less happy with resolutions that reduce claim spend? The answer may come as a surprise.

According to FCA research, policyholders value quick resolutions and a positive experience more than the amount they receive for a claim. Poor service, poor communication and long lengths of time taken to settle the claim were among the highest reasons for policyholder dissatisfaction.

In fact, reducing claim spend is unlikely to have an effect on policyholder satisfaction at all. This is one KPI that can easily be met with efficient claims handling and good communication.

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