The Need to Recalibrate is Now
Even in our everyday routines, the time arrives when we need to recalibrate something. it could be an Apple watch for improving workout and activity accuracy, a printer to get the correct color, adjusting the optics and sensors on a digital camera for crisper and sharper images, or even updating your home appliances for better performance.
The concept of Recalibration is important and can minimize uncertainty, along with assuring accurate, reliable operations in virtually all industries.
In a recent A.M. Best report, titled, “U.S. Medical Professional Liability Insurance Market Remains in Flux,” they are again projecting a negative outlook on the MPL segment even when considering the impact of the COVID-19 outbreak. According to A.M. Best and MPL Association, physician-owned practices continue to decrease, consolidation among healthcare providers has increased, defense costs are rising, and there remains a shortage of new physicians.
As the need for digitalization within insurance has increased since COVID-19, many Medical Professional Liability (MPL) carriers are looking at their current technology platform and are realizing they need to “recalibrate” to better position themselves to meet the future expectations of their consumers.
Identifying the areas where your technology needs improvement can be overwhelming. Here is where I would suggest you begin:
- Product Configuration – handling of complex coverage requirements
- Data – predictive analytics to aid in fraud detection, access better pricing/underwriting (optimizing premium-to-risk)
- Billing – flexibility of varied payment forms, and automated reminders (i.e. premium is due)
- Claims – increase in claims severity, reduce payouts on potential negligence claims
- Digital Signatures – send and receive signatures via text or voice, less time waiting for signature
- Workflow – Robotic Process Automation (RPA), improve labor-intensive processes to optimize and execute business faster & easier
- Portal – self servicing customer engagement, utilizing chat bots and videos that encourage personalized interactions
Business benefits gained by improving your technology platform:
- Improve decision making
- Enhance collaborative communication (more engaging, intuitive self-service)
- Increase operational efficiency
- Expand revenue and growth
There is no better time than now to recalibrate. Create a formal ‘innovation’ committee, allow team members to build out a strategic transformation roadmap towards a streamlined, up-to-date technology platform that works for all MPL business stakeholders.