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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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
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 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
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
InsureTech Connect (ITC) Returns this October and TerraClaim is going to be part of this historical event! Since 2016, the world’s largest Insurtech Event has offered exclusive access to the most comprehensive and global gathering of tech entrepreneurs, investors, and insurance industry incumbents. This year, the conference is back for 3 days of the latest innovations of the industry, top notch speakers, more than 500 hours of content, and 30,000 one-to-one meetingsRead more
Recently, the Cyber Insurer Coalition published a joint report with federal organizations showing that cyber-attacks have increased dramatically during the first half of 2021. The investigation analyzed 50,000 claims from policy holders in the United States and Canada in their words, the H-1 2021 Cyber Insurance claims report shows that “cyber-attacks involving ransomware increased 50% from January to July compared with the same time period of 2020. At the same time, theRead more
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