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Letter to the Editor
Tuesday April 24
2007 Mitchell Medical Conference Aims to Optimize Auto Casualty Claim Process
The fifth annual Mitchell Medical Conference, held in March in San Diego, CA, brought together more than 130 insurance carrier executives, claims processing experts, and consultants.Over a three-day period, Mitchell Medical Conference participants, including J.D. Powers and Associates, McKinsey & Company, and LexisNexis engaged in presentations and panels on issues of critical importance to the automotive casualty claims marketplace.
Out of the many topics discussed at the conference, the issue of how to use data analytics to reduce loss adjustment expenses (LAE) and achieve operational excellence in managing casualty claims emerged as most timely.
“Claims handling for the casualty claim industry, including reviewing medical bills and evaluating bodily injury and property damage liability claims, has historically been characterized as inefficient and error prone due to the manual nature of the tasks involved,” said Tom McCarthy, Sr. Vice President and Founder of Mitchell Medical. “Automation and decision support tools leveraging powerful predictive modeling techniques can provide insurers an opportunity to improve the efficiency and overall effectiveness of their claims operations.”
Speaking about the importance of a customer’s experience in the claim process, Kevin Keegan, J.D. Power and Associates, said, “When an auto claim occurs it becomes a decisive moment of truth with customers, accounting for 44 percent of a customers’ perception of their carrier. How well the customer experience is managed drives renewal behavior, their willingness to recommend their carrier, and their tolerance of price. It is important for carriers to pinpoint and execute the practices that will surprise and delight their customers.”
Mitchell Medical is a supplier of casualty claims solutions to the insurance industry.
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