The insurance industry is changing radically. Customers are migrating towards digital channels and incorporating technology increasingly in their daily lives. Because of this, clients now expect companies to become fully digital, which brings multiple meanings to the table. From an app, an open API, a website and a platform to send claims to, clients wantRead more
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Having a Vendor Compliance Checklist helps streamline any claims management processes. By establishing clear delivery timelines and insurance documentation requirements, you can ensure that vendors are always in compliance. Vendor Compliance sounds simple enough, but it isn’t; it’s a must to keep vendors in compliance. If they’re not in compliance, it’s a third-party risk thatRead more
Knowledge is power in Insurance Claims Management. In other words information, is the most valuable asset for any company. Losing data whether temporarily or permanently, can be anything from a headache to a lawsuit. Cloud Technology is an extensive and powerful answer that provides security information especially for sensitive data. For InsurTech, cloud technology isRead more
The insurance industry has had to adapt to an unpredictable world, therefore adjusting premiums without making them so expensive that they become unaffordable. Cybersecurity has proved to be a big issue, even for the so-believed safest companies. Even large companies suffered leaks and cybernetic attacks. Increasing productivity in an ever-changing work dynamics and market hasRead more
A never-ending stream of claims is daunting. Especially when they involve health insurance or workers’ compensation because the insurer knows there are people behind those claims with timely issues like surgery or urgent treatments. Insurance companies are responsible for data accuracy, reliability, and privacy when meeting client commitments. Claims processing goes through multiple layers ofRead more
Stronger than the Sum of its Parts One aspect of technology that gets little attention. Technology can upgrade itself, and developers can combine different technologies for better results, that is why APIs (Application Programming Interfaces) are so popular. API’s allow information interchange between applications, thus providing more robust databases and functionality. Let’s explore how integrationsRead more
Customer Success: The Key to Business Success “It is more expensive to generate a new customer than to keep an existing customer” is common knowledge in business. The principle of retaining customers is the main driving force behind Customer Success: give customers a good experience and you’ll keep their business or generate positive referrals. Read more
Benchmarking Metrics for PEOs and TPAs The most precious asset across all insurance claims management is time. Time changes everything. The more time passes, the more complex the claim can become, this is particularly true for Commercial Property claims, Workers’ Compensation claims, and Health Insurance claims. Claims are time-sensitive because the nature of the issuesRead more
SaaS (also known as ‘Software as a Service‘) is software accessed through the internet. This means there are no installations involved, full scalability, 24-hour support, and no need for any disk space or top-notch computers. Software as a Service is typically accessed for a monthly or yearly fee. It’s called Software as a Service because thereRead more
There are a lot of essential aspects of insurance, but few are as important as time. Time determines many things in a claim, even its price. Behind every claim, there’s a person or a business expecting a prompt resolution. For example, what happens when the claim involves a worker who needs physical therapy? In thisRead more
