The creation of loss-run reports is a crucial yet intricate facet of the insurance industry. Insurance agency’s finance and admin teams find themselves engaged in a labor-intensive process, navigating through carrier websites, and meticulously gathering policy claims information. This process not only serves the purpose of managing relationships with existing clients but also involves aggregating and capturing the claims data back into the finance and admin teams systems.
From the time-consuming manual data retrieval on carrier websites to the complexities of data integration and consolidation of the data into the agency’s internal systems, each step in the process introduces potential pitfalls.
One of the primary challenges in the loss-run reporting process is the manual retrieval of client claims information from a carrier’s website. Finance and admin teams are responsible for initiating the download from the carrier as well as handling the manual data entry into their systems. When a single loss run report needs to be captured manually, it can take several days, resulting in a significant waste of not only valuable time but also increases the likelihood of discrepancies between carrier and agency policy data through errored entry.
The manual retrieval of information is exacerbated by the need for finance teams to re-enter critical data from the carrier's systems into their own. This includes essential details such as the client's name and policy number, the date of each filed claim, and whether the claim is open or closed. Furthermore, finance teams must meticulously input a description of each claim and the losses reported, along with settlement costs for past claims. Considering that finance teams often contend with managing thousands of client policies on a daily basis, the enormous quantity of data entry required becomes an overwhelming and time-consuming challenge.
The manual and time-consuming process of loss-run reporting not only poses operational challenges but also implies a potential impact on the agency's ability to effectively communicate with and serve its existing clients. Streamlining the data retrieval and reporting process becomes crucial for enhancing communication, providing timely and insightful information on losses experienced.
This implication suggests that a proactive approach is necessary for agencies to report on losses promptly, monitor loss ratios, and strategically manage contingencies. By addressing these challenges, agencies can foster stronger relationships with clients, showcasing a commitment to transparency and risk management.
Loss-run reports are often handled outside of the AMS, creating a potential for documents to be lost or misplaced. Given the sheer volume of reports processed daily, the risk of overlooking or misplacing critical information is a persistent concern. This not only hampers operational efficiency but also raises questions about the reliability of the reported data.
The Synatic Data Integration Hub (DIH) offers a transformative solution to the challenges posed by manual loss-run reporting processes. With the ability to navigate carrier websites and extract loss run data seamlessly, Synatic addresses the limitations of traditional methodsSynatic streamlines the entire process by consolidating loss run data, reconciling policy numbers between carrier and agency systems, and effortlessly recapturing loss run data in the finance and admin team's operating systems. This comprehensive solution not only eliminates the manual work involved in downloading claims data from carrier websites, but also ensures a seamless and accurate flow of information into agency systems.
Moreover, Synatic breaks down barriers between the agency and the carrier, making loss run data more accessible to agents. This enhanced accessibility empowers agents to proactively manage the relationship between the carrier and the agency. For instance, agents can use the consolidated loss run data to engage with clients, providing insights such as the number of claims and suggesting adjustments to improve their loss ratios. By actively communicating with clients, agents can influence behavioral changes, encouraging clients to minimize frequent claims, ultimately helping the agency to meet loss ratio targets set by carriers. This proactive approach not only strengthens the agency-client relationship but also contributes to a more efficient and mutually beneficial partnership with carriers.
By incorporating Synatic into their workflow, agencies can unlock numerous benefits:
To learn more about how you can revolutionize your agency's approach to loss-run reporting, Contact Synatic today.
