Recorded statements are required for a good claims file, but have traditionally been difficult to manage, access, and use as a strategic data asset. That's beginning to change. As technology advances and costs decrease, leading insurers are using solutions that not only record and store statements, but drive better claims decisions.

But even as we're making progress in capturing and sharing information, it's apparent that we share a big problem: Recorded statements are often subpar. Technology alone won't improve the quality and utility of your statement data. But neither do you need an expensive or complicated solution.

Adopt the Same Statement Maturity Model Large Carriers Use

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

What are your guidelines for taking statements and handling claims?
How do you take statements today? What about in the field?
How many statements do you take each month?
How do representatives capture notes on the statements they take?
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 all of the questions above. That's likely because your claims organization hasn't developed systems and standards or refined its best practices for taking statements. Luckily, you can take a page from the major carriers' and TPA's playbook and start moving toward a more mature model for recorded claims statements.

Three Strategic Steps to Unlock the Value of Recorded Statements

1. Getting Consistent

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

What it Entails

Getting adjusters on a single, secure digital platform to record, 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 Will Benefit

Creating a unified workflow that everyone in your claims organization follows will produce consistent metrics and reduce expenses.

What Not to Overlook

This doesn't have to be a big investment of time or money. Look for a web-based system that doesn't require you to invest in new equipment or infrastructure and can be deployed without IT integration. There shouldn't be a steep learning curve for your adjusters to use the system; it's realistic for them to be trained and taking statements within 20-30 minutes or less.

You will want real-time reports and secure, permission-based statement libraries in order to gain insights into the number and length of statements taken, compliance metrics, and transcription workflow. These make it easy for supervisors and managers to identify gaps in best practice expectations and coach their teams.

Also, don't overlook security. You want a solution that protects your data to the same level you would if you kept it in-house. Make sure to conduct a thorough security audit and don't cut corners on enterprise-level security, certifications or redundancy.

2. Getting Accurate

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

What it Entails

Giving adjusters the training and tools to ask the right questions at the right time and consistently and effectively document all of the relevant facts.

Your Goals

Eliminating ad-hoc workflows that use outdated paper guides and documenting with unstructured—and often incomplete statement summaries.

How You Will Benefit

Your adjusters will conduct high-quality interviews and produce consistent, structured data that is accessible by everyone within your organization who needs it. And improved workflow will actually help your adjusters do more in less time.

What Not to Overlook

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

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

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

3. Get Strategic

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

What it Entails

Leveraging your recorded statements as strategic data assets that drive better, more consistent and accurate claim decisions.

Your Goals

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

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

How You Will Benefit

Real-time statement tools and collaboration will help drive predictive analytics and claims decision support. You will improve liability assessments, enhance subrogation recoveries, and assist with fraud detection.

What Not to Overlook

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 will help you find information you need when you need it. And look for an innovative partner that not only understands technology, but has claims-specific experience along with existing customers who will vouch for them.

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

Get started today: n2uitive's team of veteran claims professionals will review a sample of your statement data, recommend changes for conducting better interviews, and provide training for adjusters on best practices. Contact us today at contact@n2uitive.com.

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

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Unlock the Value of Your Recorded Statements

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