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
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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
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
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
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