Since a major factor in claims management is the time spent settling a claim, saving time in repetitive and monotonous processes is golden. In that regard, technology empowers insurers to improve their processes. By digitizing every aspect of the company, data can be centralized, creating a unique communication channel for inside teams and outside customers.Read more
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How Claims Management Metrics Help you improve your process Insurance claims analytics refers to the process of analyzing insurance claims data to uncover hidden patterns, insights, and opportunities. By using advanced analytics tools and techniques, brokers and companies can gain a better understanding of their claims data and use that information to make data-driven decisionsRead more
Compliance management means monitoring an organization’s systems, policies and procedures to ensure all employees observe laws and regulations regarding the place where they work, the way they work, and what they do. Compliance management is critical because incorrect management can result in the business or its employees not complying, and therefore being liable for lawsuits.Read more
Managing multiple insurance claims processing is an immense challenge. Not only claims have to be handled with extreme care, but with effectiveness and speed. Time is one of the most important factors in insurance claims processing. If a lot of time has passed, the greater the likeliness the claimant will present a lawsuit. The oppositeRead more
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
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
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