Choosing the right claims management software is crucial for insurance companies, requiring efficiency, accuracy, and effective workflow management. With so many options available, it can be challenging to identify the software that meets your specific needs. This article will simplify the process for you. Keep reading to discover the key factors to consider when selectingRead more
Blog
Claims handling processes in the insurance industry require a lot of technology and human resources. That is why, to improve customer satisfaction and reduce costs, insurance companies are always looking for ways to reduce handling times. This is where outsourcing claims management comes into play as it can help businesses to streamline their claims processRead more
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
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
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
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
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
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
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
Are you considering moving your time-consuming manual claims process to an automated system? If so, you need to choose the right solution that directly addresses your specific claims goals. Switching to software, that helps your company save time and money, will depend on a series of factors. However, sometimes users are not familiar with ITRead more
Member of
