The One App That Could Lower Your Insurance Costs By 30 Percent

Mobile App Insurance

If you are still using paper forms to report claims, you are on the losing end of the cost battle. Every company struggles with lowering their costs. The winners understand that lower costs equal greater market share or higher profits – often both. We have maintained for years that the “Cost of Risk” is a significant expense variable that can be a huge differentiator as the white hot battle for organic growth becomes even more acute. Our main point: lower your cost of claims and the cost of your insurance will follow. Mobile app insurance can help!

Here are 5 reasons we think this simple app could be a huge game changer for most businesses. Not for simply what it does, but the insight and ability to manage and execute one of the most thorny and costly issues facing many companies today.  

1. 1. Decreasing Incident Notification Time Lowers Costs:  

      A Mobile App for claims allows you to report both claims and incidents on the fly. Lag time reporting is a critical benchmark if your goal is to reduce the cost of claims. Hartford Insurance Company analyzed millions of claims and determined that for the exact same injury costs increased by multiples each day the incident went unreported. Thus the same knee injury costs the employer up to 38% more if the incident went unreported for 3 weeks. A mobile app like this one cuts lag time reporting from days to minutes delivering huge value.

   2. Tracking Incidents NOT Claims is a Game Changer:

       Incidents show patterns of behavior and or failures in your means and methods as your company goes about its business. By tracking incidents and NOT simply claims, we can find patterns BEFORE they become an employee injury. Essentially by being very proactive you should be able to get to answers quicker and modify your methods to avoid or lower future claims.

   3. Data Becomes Executable:  The biggest issue we see with how companies use paper forms is that they simply throw them in a file. All the data points contained on that form are never collected and rolled up into a database to be culled for future insight to benchmark and compare periods, shifts, locations, supervisors e.t.c. Without this important step how do you gain enough insight that ultimately leads to lower injury rates and thus lower costs?

   4. Easy Way to Capture Important Safety Data:

      With a well designed mobile app, you can capture and record relevant safety information right at the scene of accident. You will be able to take photos, record audio, record videos, take witness statements, and even rate the severity of the accident. At the leadership level, the data a mobile app provides becomes actionable, curtailing risk at its source, lowering or preventing future occurrences.  

   5. Emergency Response:  

      By utilizing a well designed mobile app the goal is to gain a much quicker response time. Statistics show that you can lower claims by up to 48% for the same exact injury if you respond quicker. The mobile app should notify “ALL” stakeholders of an event . Then your response protocol kicks in so you gain control of the injury and the response and not leave it in the hands of your employees, the attorney’s and the doctors.

Concluding Our Mobile App Insurance

There are advancements and tools out there for proactive organizations to manage significant pain points like employee injuries and claims. Knowing the technology exists is the first step. Second step is to talk to a Risk Advisor to see how you could deploy this powerful technology in your organization.

While your competition is trying to lower their insurance costs by shopping their policies out with 3 brokers. They are trying to cram their claims challenged account into a market with exceptionally high insurance premiums. However, you take a different tact.

By focusing on your incidents AND claims you have positioned your company to receive the best quotes the marketplace provides. You knew the price you get from the insurance marketplace is a function of how well you manage your losses. This is why your unit cost structure is significantly less than your competition. Thus you stopped chasing markets for the best rates, and focused on your own internal results knowing the rest follows.

Still have questions? Still want mote info? Contact one of our risk advisors at 914-357-8444. Or, visit our website here.