Accelerating the Claims Lifecycle with Gallagher Bassett’s Unique Loss Adjusting Model

Written by Tim Allan | Jun 25, 2024 11:30:51 PM

Loss adjusters often face common obstacles when it comes to managing the claims lifecycle efficiently to deliver optimal results and customer service, but with the right combination of human expertise, complimented by the benefits of emerging technologies, these obstacles can be overcome to ensure improved outcomes for all parties.  

Some of the primary areas where issues can occur include:  

- Inadequate investigation into the loss or damage that has occurred is the leading cause of inaccurate assessments or inadequate reserving. A thorough investigation is the first essential step in a successful outcome.  

- Insufficient expertise is another common issue that results in errors and incomplete assessments. Loss adjusting requires specialised knowledge in multiple areas such as insurance policies, construction, valuation, and legal aspects. 

- Poor time management - strict timelines and deadlines are essential components of a streamlined loss adjusting claims lifecycle, without these in place delays in the claim process that cause frustration for the customer and insurer are almost inevitable.  

- Lack of communication is the number one cause of customer dissatisfaction and usually results in a complaint. Regular and clear communication is crucial in loss adjusting to ensure all parties involved feel consistently informed and valued. 

- Ineffective negotiation skills will also lead to a substandard outcome; loss adjusters often need to negotiate with various parties, and if the adjuster does not have the necessary skills to reach a fair agreement, whilst avoiding disputes and delays, it will be an ongoing problem that ultimately ends in an unsatisfactory settlement. 

Some of these issues can be minimised by simply ensuring that you assemble a team with the relevant specialist expertise, excellent attention to detail, and strong time management, communication, and negotiation skills - but these qualities alone cannot necessarily lead to an accelerated claims lifestyle – for that we must examine the process itself. 

One way to speed things up is to look at when and where these skills are deployed in the process – this is particularly important when it comes to responding to events that could strain existing workloads and capacity, which we know from the weather events of 2023 can only be minimised by proactive management.  

An example of this in practice at Gallagher Bassett (GB) is our use of Licensed Building Practitioners (LBPs) as a primary resource in our loss adjusting team as well as the use of a Desktop Adjusters to maintain consistent customer contact and Senior Loss Adjusters to carry out rigorous quality assurance checks. These dedicated roles mean that the Lead Loss Adjuster is freed up to focus on the bigger picture – thus each role is contributing to a quicker and more efficient process whilst also maintaining a superior level of customer service.  

Another area where we are keenly observing the progress toward a more advanced claims lifecycle is the integration of innovative technology. For instance:  

  • Drones to allow insurers to assess hard-to-reach areas with precision and efficiency, ensuring no detail is overlooked in the initial evaluations.  
  • Lidar tools to further enhance insurers capabilities by providing accurate scoping, which is crucial for creating detailed and reliable assessments.  
  • Smartphone capabilities to deliver superior customer service that is both convenient and instantaneous in its delivery of information to the customer 

 

Additionally, the use of AI to expedite claims response time and accuracy is an area that is only going to continue to improve, already its ability to provide valuable insights into customer sentiment is a key area of interest for insurers.   

With the above in mind, it is important to remember that we work in a constantly evolving industry, and best practices must be reviewed and reinforced to remain effective.  

Handling the everchanging landscape of loss adjusting and finding new ways to overcome problems and accelerate processes is something our teams at GB thrive on. It is also paramount when it comes to handling high volumes of loss adjusting services without creating backlogs. 

If you want to find out more about how we can help you to improve your loss adjusting claims lifecycle, please get in touch with our team.