The Dallas Mavericks pulled off what many thought to be unthinkable in beating the Miami Heat for the NBA championship. Throughout the series, Dallas often seemed to be down, but with their fourth-quarter surges proved that they were never out. To the contrary, they exuded characteristics of success by giving it their all until the final buzzer. It is this type of focus and commitment to the optimal outcome that ultimately gave the Mavericks the slightest edge in their quest for the championship.

This type of focus can also take claims organizations from ordinary to extraordinary. From the beginning of the claim to final disposition, not losing site of an accurate outcome is critical in giving organizations a competitive edge in the marketplace.

During my tenure in various claims capacities—ranging from adjuster and manager to quality assurance and leadership roles—gaps were often identified in the process. Just as I have found coaching a variety of sports over the years, these types of deficiencies can lead to improbable outcomes.

The only sure way to win is to field a talented team who recognize and have the tools to achieve accurate outcomes. Just as a basketball team can get worn down come the fourth quarter, so too can a claims organization if the processes and workflows are not optimized.

There is no room for error. From first notice of loss to final disposition, each “i” must be dotted and each “t” must be crossed. While not quite on par with the complexities of rocket science, claims does have its own unique set of challenges.

From conducting timely investigations and writing accurate appraisals to identifying joint tortfeasors and subrogation opportunities, there are a myriad of opportunities to leave money on the table. In the subrogation arena alone, more than 15 percent of claims are closed with a missed subrogation opportunity, costing the P&C industry more than $15 billion dollars annually.

Add to this such things as overpayments on injury claims, estimate overwrites, missed opportunities on LKQ or aftermarket parts, lack of rental control, and missed fraud indicators and the dollars really start adding up.

By recognizing the opportunities and developing workflow processes to address any potential gap, claims teams can be assured of improving results all the way through final claim disposition. Of course, the entire organization benefits as the result of a smooth transitional and transparent process that will improve cycle time, reduce claim costs, and increase customer satisfaction while ultimately driving up quality and retention.

Special Reports /

What the Dallas Mavericks Can Teach Claims Professionals

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