Recorded statements are required for a good claims file, buthave traditionally been difficult to manage, access, and use as astrategic data asset. That's beginning to change. As technologyadvances and costs decrease, leading insurers are using solutionsthat not only record and store statements, but drive better claimsdecisions.

But even as we're making progress in capturing and sharinginformation, it's apparent that we share a big problem: Recordedstatements are often subpar. Technology alone won'timprove the quality and utility of your statement data. But neitherdo you need an expensive or complicated solution.

Adopt the Same Statement Maturity Model Large CarriersUse

Quick, how many of the following questions can you answer aboutyour claims organization?  

• What are your guidelines for taking statements and handlingclaims?
• How do you take statements today?  What about in thefield?
• How many statements do you take each month?
• How do representatives capture notes on the statements theytake?
• How many of your statements are reviewed? Transcribed?
• Do you outsource your transcription? To how many vendors?
• Do you use language interpreter services?

If you're like most people, then you weren't able to answer allof the questions above. That's likely because your claimsorganization hasn't developed systems and standards or refined itsbest practices for taking statements. Luckily, you can take a pagefrom the major carriers' and TPA's playbook and start moving towarda more mature model for recorded claims statements.

Three Strategic Steps to Unlock the Value of RecordedStatements

1.  GettingConsistent

The success of your organization's investigations depends onyour adjusters' ability to listen, ask relevant questions, andgather accurate, reliable information.

What itEntails

Getting adjusters on a single, secure digital platform torecord, store, transcribe, and translate statements.

Your Goals

Establishing and measuring best practices for:

• When to take a statement
• Which parties to interview
• Relevancy to claim type

How You WillBenefit

Creating a unified workflow that everyone in your claimsorganization follows will produce consistent metrics and reduceexpenses.

What Not toOverlook

This doesn't have to be a big investment of time or money. Lookfor a web-based system that doesn't require you to invest in newequipment or infrastructure and can be deployed without ITintegration. There shouldn't be a steep learning curve for youradjusters to use the system; it's realistic for them to be trainedand taking statements within 20-30 minutes or less.

You will want real-time reports and secure, permission-basedstatement libraries in order to gain insights into the number andlength of statements taken, compliance metrics, and transcriptionworkflow. These make it easy for supervisors and managers toidentify gaps in best practice expectations and coach theirteams.

Also, don't overlook security. You want a solution thatprotects your data to the same level you would if you kept itin-house. Make sure to conduct a thorough security audit and don'tcut corners on enterprise-level security, certifications orredundancy.

2.  GettingAccurate

People have statement quality problems for a variety of reasons.Statements are taken, but can't be easily found; sometimes theysimply aren't taken at all. The questions and follow-uparen't always complete, consistent or accurate.  We've allheard the old adage: Garbage in, garbage out. While that may be anoverstatement of your problem, there's no doubt that betterinvestigations lead to better outcomes.

What itEntails

Giving adjusters the training and tools to ask the rightquestions at the right time and consistently and effectivelydocument all of the relevant facts.

Your Goals

Eliminating ad-hoc workflows that use outdated paper guides anddocumenting with unstructured—and often incomplete statementsummaries.

How You WillBenefit

Your adjusters will conduct high-quality interviews and produceconsistent, structured data that is accessible by everyone withinyour organization who needs it. And improved workflow will actuallyhelp your adjusters do more in less time.

What Not toOverlook

Look for a "dashboard" where you can monitor everything relatedto your recorded statements from recording to storing totranscribing to translating. Think of a heads-up display (HUD)—likean air traffic controller has—that provides at-a-glance status,including where things are humming along and where you need tointervene.

You will need an assortment of tools, including dynamicstatement guides, complete and consistent summary notes, andtraining materials on best practices that help direct adjusters'efforts for maximum effect. Look for solutions that tailor reportsto your organization and also show how you measure up to industrynorms.

Do your due diligence on the structure of the data you willreceive. Is it optimized for analytics? Is it easy to customize thereports you need? If you discover new reporting needs, is there ateam behind the technology that can listen and respond to yourspecific needs or will you end up in a lengthy queue of customerswaiting for a response?

3.    GetStrategic

It's one thing to optimize your recorded statement-takingoperations, but we all know that the real payoff comes when yourentire claims organization has quick, easy, and reliable access tothe data they need to conduct better investigations and make betterdecisions.

What itEntails

Leveraging your recorded statements as strategic data assetsthat drive better, more consistent and accurate claimdecisions.

Your Goals

Unearthing the collective intelligence and experience buried inyour organization so you can:

• Significantly impact liability decisions and negotiations inreal-time
• Enhance customer service
• Eliminate redundant statements
• Quickly and efficiently resolve claims

How You WillBenefit

Real-time statement tools and collaboration will help drivepredictive analytics and claims decision support. You will improveliability assessments, enhance subrogation recoveries, and assistwith fraud detection. 

What Not toOverlook

Today's proliferation of "apps" provides inexpensive,easy-to-use solutions to what used to be seen as complex problems.Make sure your solution can integrate a variety of tools that willhelp you find information you need when you need it. And look foran innovative partner that not only understands technology, but hasclaims-specific experience along with existing customers who willvouch for them. 

The good news is that you can transform your recorded statementsfrom a compliance check-off item into strategic assets that helpimprove customer service and drive better claim decisions startingtoday. Secure, reliable, easy-to-implement solutions are availableto help you get more consistent, accurate, and strategic and have ameaningful impact on your entire claims organization. Why wait?Your competitors aren't.

Get started today: n2uitive's team of veteran claimsprofessionals will review a sample of your statement data,recommend changes for conducting better interviews, and providetraining for adjusters on best practices. Contact us today at[email protected].

Joel Gendelman is founder and CEO of n2uitive corporation(www.n2uitive.com).Insurance carriers and TPAs trust n2uitive to providesecure, reliable, easy-to-use solutions for recording, storing,sharing, transcribing, and translating recorded statements.A leading entrepreneur and passionate innovator in the P&Cmarket, Joel has founded several technology and service companiesthat help P&C insurers improve claim outcomes, workforceefficiency and customer service. He is a sought-after speaker atclaims industry events. You can reach him at [email protected] or 877-294-3846or follow him on Twitter at @n2uitive.