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
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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
Many businesses turn to third-party administrators (TPAs) streamline insurance operations. Hiring TPAs is a way to outsource claim processing for more effective results, saving time and money on insurance operations. Let us discuss how TPA’s enhances insurance operations – but first things first, what does a TPA do? What is a TPA? There is no one-size-fits-all TPA for every business, so it is important to understand why a company needs a third-party administrator. TPA’s process insurance claims and employee benefit plans on behalf of another organization. Third Party Administrators take partRead more
When a patient receives medical treatment and has health insurance, they file a medical claim. A medical claim is the channel through which doctors bill insurance companies. It involves several steps and depending on the insurance company, an automated process, or a manual task. It is in everyone’s interest that the medical claim process goes as fast as possible. Therefore, in this article, let us study this process in detail and learn five ways to improve medical claim processing. What is MedicalRead more
When it comes to claim management, time is a vital thing consideration for efficient claim processing the time it takes to solve a claim affects the outcome, especially considering that the longer it takes to solve a claim, the more it costs. Therefore, a successful claim processing workflow relies on the effectiveness of gathering claims information, processing it, and reporting it. At the same time, claim reporting is a critical part of the claim management process. There are simpleRead more
Halloween is “the spookiest time of the year,” but not for the reasons you’re thinking, Halloween reportedly experiences a 17% increase in crimes and insurance claims! In this article we will analyze The Six Most Common Insurance Claims During Halloween & Preventive Measures to Avoid Them, since Halloween is one of the biggest days of the year for theft and vandalism Insurance Claims for both homeowners’ and auto insurance. The Most Common Insurance Claims During Halloween The Most Common InsuranceRead more
The National Worker’s Compensation & Disability Conference (NWCDC) returns for another year. The event takes place October 20th to the 22nd at Mandalay Bay Resort in Las Vegas. Terra is presenting at the NWCDC (booth #471) demonstrating how Terra streamlines the insurance claim management process. A Place to Discuss Workers’ Compensation in Person The 2021 NWCDC is an opportunity to network with the biggest companies and influencers in the insurance industry. Attendees learn about the evolution of the insurance landscape with a special focus on Workers’ Compensation. Registration is still open for attendees andRead more
Workers’ Compensation is a form of insurance that exists to attend job concerns for both Employers and Employees. Also known as Workers’ Comp, this benefit helps workers in the case of injuries within the workplace. In other words, if an employee hurts themselves during workhours, Workers’ Compensation insurance provides the medical expenses and protects the employer form a civil lawsuit. Laws regarding Workers Compensation vary by state and the compensation deliberation is different according to each state. ThisRead more
Do not trip into a pile of claims this Fall! Make sure you are aware of these seven common insurance claims that we see an increase in during the upcoming months. Along with the falling leaves and dropping temperatures, Autumn brings new types of hazards and personal Insurance Claims. Here you have the most common claims that take place during Fall so you can be alert and prevent them from happening. WhatRead more
In the insurance industry, success in Claim Management is as important as having the right ingredients when you are cooking. Regardless of the type of insurance, managing claims is unavoidable. When the insured files a claim, it must go through the complex process that involves evidence gathering, coverage analysis and, finally, restitution. There is a way to make this process fast, cost effective, and even automated. Therefore, liberating insurersRead more
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