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
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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
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
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 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
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
Business Interruption insurance is a type of coverage that a business owner turns to when they are forced to close their business for a period. The reasons behind this “non-voluntary” closure could be internal or external factors that make owners lose their ability to generate sales and income. Internals: such as a gas leak, a fallen tree, a broken water pipe, etc. Scenarios that force a company to stop businessRead more
Artificial Intelligence: An answer for Insurance Claim Management? Artificial Intelligence (AI) is much more than a buzz word in the insurance industry. AI has promoted changes across the industry in various practices: Chatbots. Claim Management. Evidence Gathering for Auto and Health Insurance via wearables. Telematic Devices. Massive Data Production and Analysis, and more. Changes brought by AI are not only being adopted in the industry, but they are also changing insurance permanently. But before digging deeper into this subject, let usRead more
The insurance industry has been undergoing changes in the 21st century. Along with a majority of other industries in products and services, it had to adapt to a new landscape: a digital world, with a digital cloud over it, oceans of data, and an increased reliance on what can be done remotely. The digital landscape is where insurers struggle while others are able to thrive. That is the reasonRead more
Reinsurance is defined as insurance for insurers. It works by insurers transferring portions of their risk portfolios to other insurers in some form of agreement. The insurer that “buys” risk, or that “reinsures” an insurance policy is known as the “ceding” party. The party that accepts that part of the risk is the reinsurer. The Insitute of Insurance Information cites the Reinsurance Association of AmericaRead more
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