Knowledge is power: The more knowledge you have doesn’t mean you will make better decisions. It means you have more information to decide the logical and ethical grounds on which you want to base your decisions. Knowledge of your clients’ business, core values, risk appetite and claims philosophy provide the framework of filter if you will in making knowledge based decisions.
Your clients’ are your biggest asset. Without a strong customer base, a business will fall apart. Acquiring new customers is necessary for business growth, maintaining good relationships with current customers is just as important. In fact, it costs organizations six to seven times more to attract a new client than it does to retain a current one. Understanding your clients’ needs, claims philosophy and or risk appetite will give your business a competitive edge and hopefully prolong your organizations longevity when your clients’ start shopping.
Know your role: So, you received a claim from your client, the claim is setup and assigned to a claims examiner, gets worked and closes. Maybe it settled, maybe it didn’t. All aspects of the claim seem to be dispositioned to industry standard. Was this a successful claim? Well that depends on what your client defines a successful claim.
As a claims adjusting company, you may feel safe to assume what your role is. However, knowing the claim philosophy and risk appetite of your client will ensure that you and your client are on the same page with regards to what is considered a “good outcome”. If you don’t know the details (claims philosophy) you run the risk of underperforming even though everything looks good on paper and the outcome was considered favorable using industry standards. Industry standards are not always acceptable especially if your client is striving for Best-in class results.
Risk appetite and claims philosophy: Understanding your clients’ risk appetite will help you better understand and apply their claim philosophy. It is your job as a claims adjusting company to immerse yourself in your clients’ culture, learn their core values, and find out what makes them tick. How? Research your client’s social media platforms, attend meetings they allow, research and keep up with changes to their website, listen in on public investor calls, and immerse yourself and your team in your client’s core values.
Outcomes: Remember, everything may look good on paper but the outcome still may miss the mark from your clients’ perspective. Knowing how your company fits into your clients’ overall goals is necessary for success. Many times, it is assumed that clients are seeking your organization out to solve a problem when in reality they are seeking you out to “produce an outcome” that they are not currently getting.
Customer service: At the end of the day it all boils down to customer service. How can your firm provide meaningful customer service to your clients if you don’t know their business? You may be able to provide them with some form of customer service and that may get your by for a while but it is definitely not sustainable. Chances are, your clients’ customer service needs all vary and change. If your firm can’t tailor each client experience to their needs you will likely be replaced.
Action Claims Administrators: Action Claims Administrators (ACA) is Action Claim Service’s Third Party Administrator. This division of Action Claim Service has one of the strongest claims management and leadership teams in the industry. ACA specializes in developing and implementing hand-tailored programs that are based around our clients’ needs and requirements. We create programs which are proactive not reactive. We concentrate on developing programs for our clients that will reduce both their handling costs and their settlement and indemnification expenses. Our goal is to improve our clients’ bottom lines and increase profitability for self-insureds through the expert disposition of claims. ACA takes pride in establishing long-term relationships with our clients that are based on trust, performance, and consistency.
Our philosophy: All of our programs are individualized and designed around our client’s needs and practices. While some may mirror others, none are cookie cutter and all are developed with our client’s risk management and executive teams involved. We get to know not only your business but also your claims philosophy and then merge it with ours to develop a program that yields the results we desire and the goals we set. When it comes to our philosophy, it spans across all the lines of coverages we handle.
Cost effective: We encourage you to contact us to see if we may be a good fit for one another. If we both feel good about the opportunity then we are confident our pricing will make it cost effective to retain us as your Third Party Administrator.
To learn more about Action Claims Administrators please visit our About Us page at https://actionclaimservice.com/action-claims-administrators/about-us/
Chad Alexander – VP – firstname.lastname@example.org – 918-728-9904