Maintaining compliance with state and federal legislation can be challenging, given the volume of potential violations. But despite this challenge, managing claimant communications to avoid fines or other sanctions is important. This written documentation provides an extensive paper trail necessary to comply with regulations. While compliance processes most often fall to the operational level, the job of ensuring core data quality should not only be the focus of claim departments, but also in customer service and agent portals.
In a recent Wolters Kluwer Financial Services' industry research study, five of the top 10 most common market conduct compliance criticisms for property and casualty insurance are in the claim department. Of these, three relate to contacting or notifying customers:
1. Failure to acknowledge, pay, or deny claims within specified time frames;
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