Impacts of COVID-19 to claims teams continue to get more complicated. On top of day- to-day challenges, such as increasing fraud risk, technical debt and legacy systems, as well as uncertainty in political and economic landscape, claims teams now face a host of insurance specific COVID-related problems:
- A large influx of COVID claims for multiple lines of business
- Over 1,200 lawsuits filed in the US
- Relentless press coverage about COVID claim denials
- Increasing regulation and oversight such as Oregon’s “Reasonable Investigation” requirement for all COVID-related
In addition to these items, insurance companies deal with the same challenges as many other industries across the globe such as the shift to remote working, employee safety, a drive to improve efficiency and a push to digitize.
With all of these things going on, how are claims teams adapting to the new challenges? Many organizations are increasing the speed of adoption for new technology and new information sources. These solutions drive efficiency for claims teams – helping remote workers stay connected, improving interaction with policyholders and as well as increasing speed and accuracy of claims processing.
Specifically for COVID claims and litigation, claims teams need to ensure that they have the correct information at FNOL so they can correctly triage and investigate claims. These same teams must develop a complete claims file for future review and regulatory oversight. Understanding past and current government directives is a key part of COVID claims research, and organizations are spending hours or even days attempting to find the correct information via cumbersome web searches. This results in:
- Increased expert spend for research activities
- Time spent researching instead of on higher value activities
- Inaccurate results
- Inefficient claims process
These items all drive inefficiency and costs, impacting the bottom line as well as the overall policyholder experience.
To improve claims efficiency and accuracy, and at the request of the Lloyd’s of London Market, our partner McKenzie Intelligence Services (MIS) has developed the COVID-19 Government Directive Database. This database provides a single source of truth for all government directives in the United States at the Federal, State and County level as well as on a country level for the rest of the world. Whether insurance organizations are processing claims for business interruption, denial of access, event contingency and liability or any other class of business, the COVID-19 Database provides complete information of up-to-date and historical government restrictions.
Today, organizations are using the COVID-19 Government Directive Database to improve the efficiency and accuracy of the claims process. By quickly accessing the right information at FNOL, claims teams are able to more quickly triage and research claims, in addition to ensuring the accuracy of their claims file for any future regulatory oversight.