The landscape of Workers’ Compensation is constantly evolving. Managing claims can be a complex process, riddled with fragmented systems, manual tasks, and regulatory hurdles. Terra’s Connect Marketplace stands out as a game-changer, offering a fully integrated ecosystem designed specifically for Workers’ Compensation. Here’s What Sets Terra Apart: Seamless Ecosystem Unlike other platforms that require jugglingRead more
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As technology advances, more organizations are moving from traditional claims management methods to digital solutions. But is digital always the right choice? In this post, we’ll compare the two approaches, examining the benefits of each and helping you decide which is best for your organization. What is Traditional Claims Management? Traditional claims management involves manualRead more
Managing risk is crucial in the workers’ compensation insurance industry. While traditional methods can provide basic oversight, digital tools offer a more comprehensive, data-driven approach to managing risk. Solutions like Terra’s Claims Management and Policy Administration platforms provide the automation, analytics, and compliance support necessary for effective risk management. In this post, we’ll explore howRead more
What is a Professional Employer Organization? A professional employer organization (PEO) focuses on Human Resources (HR) responsibilities. Payroll, benefits, legal, and taxes are a few things PEOs can help with. A PEO also helps companies through different processes. For example, consider hiring and compensating international employees. PEOs help the hiring company and employees stay inRead more
The adage “Time is money” proves more truthful for the insurance industry than most industries. When a claim takes time, it tends to become more expensive. It brings up the question, how much faster can you process claims? When an insured files a claim, they need to attend to an occurrence. Whether it’s a carRead more
What Is Benchmarking? “Benchmarking is the practice of measuring a system’s performance against a standard.” – International Risk Management Institute, 2022 Benchmarking is a term used in various industries to set the precedent of how good (or bad) a company is performing against industry standards. Benchmarking allows industries to set guidelines to track goals, paceRead more
Claim management and how you make it work are two critical components of any insurance claim. For the insurer, when a claim arises, it is important to have a hands-on approach to make claim handling as effective as possible. For the insured, how claim management performs often means the difference between a successful claim and anRead more
