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The insurance industry is dynamic and changing every day, and with advancements in technology, many insurance companies are improving their level of efficiency. Instead of relying on manual systems to handle business operations, many insurance companies are instead relying on insurance automation to do the job for them. With current insurance market trends, more and more insurance companies are starting to automate many of the processes that they engage in on a regular basis.

What is Insurance Automation?

Insurance automation is a process that involves leaving some regular functions up to automated systems. Instead of having employees engage in these activities, they have automated computer systems that handle the functions. This makes it possible for employees to focus on other areas of business and allow the automation systems to handle the rest.

Claim Processing

One area in which many insurance companies rely on automation is in claim processing. When an insured has some kind of damage that he needs to be reimbursed for, he must file a claim. While some insurance companies still have call centres and agents that file claims, others set up automated systems to handle this task. With these automated systems, customers can file a claim on the insurance company’s website or call into a phone number. If a customer calls the phone line, you will talk to an automated system that will ask them for information such as his policy number and details about the claim. At that point, the information will be entered into the claim tracking system so that an adjuster can be assigned to the claim and begin working on it. This cuts down the amount of labour that it takes to run the insurance claims coming in.

Follow Up

In addition to handling claims in this manner; many insurance companies also lead to follow a process through an automated system. For example, when a claim has been handled, the insurance company may want to check back with the customer to make sure that all of his problems were handled in a professional manner. An automated system can mail out a survey or send one via email to all of the appropriate customers at the right time. Sometimes, an automated phone system can be used to call all of the customers in a particular area. This makes it possible to check back with customers on a regular basis to make sure that they are being taken care of in a timely manner.

Considerations

When it comes to using insurance automation, insurance companies can use a number of different systems and tools to make their jobs easier. They can cut down on costs by eliminating some jobs that employees traditionally had to do. Because of the improvements in technology, it is possible to save money on labour costs and get things done more efficiently. Insurance companies have to walk a delicate line to make sure that they don’t try to automate too much so that they seem like they are getting away from a customer-centred position. Otherwise, automation can play a valuable role in the industry.

Lloyds is the world’s specialist insurance market providing insurance services and information about insurance market trends in over 200 countries and territories.  

So you have purchased a long term health care insurance policy just in case you needed it and now after several years have passed you do in fact need to use it. At this point you probably are wondering what you need to do in order to file a claim. The answer is going to vary depending upon which insurance agency you bought your policy through, but the general process is as follows.

Step #1 – Determine Who Needs to File the Claim

Like many health insurance policies, long term health care insurance claims can either be completed by you or your health care provider. Before you start any paperwork determining if your health care provider will file the claim for you or if you need to do it.

Step #2 – Determine If You Are Covered

A long term health care insurance policy can cover a number of shortages produced by your major medical insurance or Medicare. However, when you purchased your LTC insurance you decided what you wanted to be covered for and as a result not everything may be covered. Before you start the paper work make sure what you are requesting reimbursement or funding for is covered in your policy.

Step #3 – Request Claim Forms

If you are responsible for filing the claim and if your medical expense is covered, then you next need to fill out a claim form. To get a claim form you can go to your insurance agent’s website and download a form, you can go to your insurance agent’s office and fill one out in person, or you can schedule a meeting with your agent (or talk on the phone) to complete a form.

You will need your medical bill to fill out this form. The form will most likely ask for specific information about what service was provided, who provided it, what medical billing code was used and when the service was provided. If you have any questions about where to find specific pieces of information, you can call the accounting department or billing department of your health care provider.

Step #4 – Submit Your Claim

It is important to fill out and submit your claim as quickly as possible. Many insurance agents have a limit on how long you can wait before submitting claim forms for reimbursement or coverage. Also, getting reimbursed or being funded for a medical procedure can take weeks. This means that the sooner you complete your paperwork the better it will be for everyone involved.

Learn more about long term care insurance and see other LTC information here…

The AA, which produces the British Insurance Premium Index, reported last year that car insurance premiums had fallen slightly, by an average of around £2.00.  In other words – not a lot!  Sadly, for many drivers especially young drivers this fall will make very little difference.  The cost of young drivers car insurance is now causing concern at government level as one MP has highlighted the high costs of car insurance as being partly responsible for limiting access to work for those in their late teens and early twenties.  With unemployment at extremely high levels and the phrase ‘NEET’ hardly ever out of the press, there is good cause for concern.  For those seeking care jobs, access to a car can be crucial and the problem is particularly acute in rural areas.  For young rural drivers there are very limited opportunities and the lack of public transport means that young people have no choice but to rely on their own transport to access employment and training.

Imaginative Solutions

The main problem faced by those searching for young driver’s car insurance is that they fall into a high risk category.  Young male drivers under the age of 25 are considered one of the highest risk categories with an alarming number of this group being involved in fatal accidents.  Legislation in the last couple of years from the European courts has meant that young women are no longer able to access “discriminatory” lower premiums, despite statistically less likely to be involved in accidents than their male contemporaries.  The simple fact is that those likely to be on the lowest level of the wage scale face premiums that can average over £3000.  With the added high cost of fuel which is unlikely to drop, this results in a seemingly impossible situation for many.  Nigel Evans, the MP for Ribble Valley has called for insurers to help to tackle this problem, arguing that “imaginative” solutions need to be found.

Catch 22

While some may argue that car ownership amongst the young is now a luxury, the problems caused by the high costs run far deeper.  As Evans points out, many younger drivers are facing a Catch 22 situation; unable to access work without a car and not being able to run one without work.  Insult is added to  injury by the fact that employment status is also a factor used to work out the premium.  The problem, as already mentioned is particularly acute for young rural drivers who may face long commutes to find work or attend college/training courses, with high petrol costs and low wages.  The problem is compounded for this group by the fact that the few available opportunities in rural areas are usually in the lowest paid sectors such as farming, hospitality or the care industry.

Positive Actions

Solutions that have been mooted include offering rebates on insurance after a no-claims period or premiums based on scores gained during the practical test.  In addition there are now schemes being introduced by car insurance companies including the AA, to fit ‘black box’ devices to the car.  Available to any driver, these are particularly being marketed to the young driver’s car insurance sector.  Monitoring the actual skills of the driver and adjusting premiums to reflect skill, ability and safety, these may ultimately provide an ideal solution for younger drivers.  AA officials have also said that younger drivers can take positive action to reduce their own premiums, such as reducing their mileage, buying an older car and shopping around for insurance.

The high costs of young driver’s car insurance is now causing concern at government level, being cited as one bar to employment for many young people.  While the government calls for ‘imaginative’ solutions, industry experts continue to place the onus on young drivers to take steps to reduce their own premiums.

Car insurance rates shouldn’t be a mystery. Carriers always look at the same binary metrics when quoting a rate. They can’t ask certain personal questions — like your medical history or financial holdings — but they can home in on other data points that traditionally give them a strong idea of your risk profile.

By knowing exactly what the insurance carriers are looking for, you can position yourself beforehand in order to save money on your policy.

Clean up your credit. Credit scores are a big part of your risk profile. Remember, FICO scores, while helpful to consumers, were originally designed as a tool created by banks to assess your likelihood of defaulting on a loan. The score can also be used more broadly (and subjectively) to determine whether or not you’re a high-risk driver, and therefore more pricey to indemnify.

Look into a group policy.The most common is a collective policy with your spouse and/or your children. Covering three people under one policy is much less expensive than it would be to take out three individual policies. The carriers know that the more customers the merrier, and are happy to give a rate cut to accommodate your group. Group policies can also cover you and your same-sex partner, your roommates, friends, etc. For somewhat old-school industry members, car insurance carriers are pretty open-minded about what constitutes a group for a policy.

Pick the right car. If your car has poor safety ratings and is susceptible to theft insurers are going to charge you more for coverage; Mercedes Benz and Jaguar vehicles often fall into this category. If you’re serious about saving on car insurance seek out safe cars that thieves will have no interest in stealing. The Honda Accord is usually a safe bet.

Shop around. While all insurance carriers look at the same metrics to arive at a quote, most weigh certain factors differently. Some might be extremely keen on your credit score, while others will focus on the type of car you drive. If you don’t like the rate someone quotes you, feel more than free to look around to get a sense of the market. Don’t accept the first offer you get; chances are someone can beat it.

Be female.This one is in jest of course. Nevertheless, women do pay less for car insurance because they traditionally make fewer and smaller claims to carriers. Men also tend to drive more aggressively and there less safely.

The process of arriving at an auto insurance quote is a science, not an art for the carriers. They know exactly which metrics cause a spike or decrease in the rates they will quote. Different carriers quote different prices only because they weigh factors differently. Nevertheless, these are the sacrosanct metrics by which you are judged and if you’re looking to spend up to $25 less each month on car insurance it’s best to focus on them now.

Larry Kuhns is a staff writer at CoverHound, where smart shoppers find insurance.

You ever get that nagging feeling that there is something you should remember to do, but you’re not sure what it is? This can apply to many things in life, but in this case we’re talking about auto insurance. According to Susan Combs, president of Combs & Company in New York City, people “tend to get complacent” with their auto insurance. Reviewing your auto insurance policy annually is a good way to make sure you’re getting the coverage you need at a price you can afford.

Circumstances Change Over Time

Even if you found a good deal on auto insurance when you first signed your policy, circumstances can change. If you overlooked something or made a few errors or omissions on your initial policy, those changes can carryover to the next year. Many insurance companies give you the opportunity to make changes in your coverage once a year. If you assume there is nothing wrong, however, you are not likely to change anything. Some changes that may affect your auto insurance needs include:

• Purchase of new, fuel-efficient car that may make you eligible for certain discounts.
• Sale of a second vehicle that is still listed on your coverage, meaning you are paying for a vehicle you no longer have.
• Additional drivers on your policy may no longer need to be on your policy. This usually includes a former minor who now has his or her own policy.
• No longer driving your car as much as you once did. This could make you eligible for discounts for putting fewer hours on your vehicle.
• Purchase of a new car. If you update to a more recent model year, you could be eligible for discounts since new cars tend to have fewer maintenance issues.
• Discounts you weren’t eligible for at the time your policy started. This typically includes safe driver discounts that you may be eligible for if you had no accidents during the coverage year.

Too Much or Too Little Coverage

A common error people make on their auto insurance policy, according to Combs, is to have too much or too little coverage. If you get auto insurance coverage with the same company that provides your health and life insurance coverage, you’re likely duplicating some of your coverage. You may save money by combining all your policies with a single company. To determine if you have too much or too little coverage, take a look at the types of auto insurance you have and who is covered under your policy.

Coverage Options

Take a look at what type of coverage you have. Common types of auto insurance are: liability, collision, comprehensive, uninsured motorist and underinsured motorist. Additional options include rental reimbursement and emergency road service. When it comes time to consider changes to your policy, look at which coverage options you are using and which you are not. Granted, the purpose of insurance is to protect against the unexpected, but you still may be able to eliminate some coverage options. If you already get emergency road service from a AAA membership, for example, there is no need to have the same coverage with your auto insurance.

Who Is Covered

Auto insurance typically covers you and your spouse, legal drivers under the age of 18 and other licensed drivers who have permission to use your insured vehicle. If circumstances have changed, there is no reason you should be paying for drivers who no longer use your vehicle. Conversely, if you have a child who just turned 16 and is driving, you may want to add them to your coverage. This could save you money in the event of an accident while they are driving your car. Adjusting coverage as needed can reduce your premiums – and that makes for a happier driver.

Author Sandy Landsford is an accountant and blogs for carinsurance.org.uk, a site where you can get cheap car insurance. Get a quote today!