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Gallagher Bassett: Integrating Analytics with the Human Element in Claims Management

Top 10 Claims Processing and Management Consulting/Service Companies – 2020

In the digital age, insurance companies are adopting disruptive technologies and efficient protocols to upscale their processes for better business outcomes. Efficient claims management ensures success and better customer relations that steers a company ahead of its competitors. However, often they face challenges to meet the stringent compliance with government regulations that affect their businesses. That said, increasing expectations on the part of consumers and governmental investments are stimulating the insurance industries to scope for claims processing and management solutions to streamline business, cut costs, and further strengthen customer relations.

With the demand for claims processing solutions skyrocketing, solution providers are rigorously engaging in testing groundbreaking technologies and structured approaches to help their partner companies stand out. IoT and automation can cut down processing costs efficiently. In addition, customer video chats, drones provide real-time updates and make companies aware of the potential risks and trends regarding a claim. Besides, the proliferation of machine learning and its unique capabilities can also help insurers to gain insights on claims audits that will help in the later stages of the claims process. The solution providers are also collaborating with tax experts and insurance experts to make the solutions more robust and aligned with the workflows. Further, analytics and social network behavior analytics helps in fraud detection, which is rapidly spreading across the insurance industry.

As the insurance industry continues to grow, we have shortlisted the top claims processing and management solution and service providers that are at the frontline to tackle challenges in this realm. We hope the exhaustive information presented in this edition comes in handy for you in choosing the right claims processing and management solution partner.

We present to you Insurance CIO Outlook’s “Top 10 Claims Processing and Management Consulting/Service Companies – 2020.”

Top Claims Processing and Management Consulting/Service Companies

A global provider of risk and claims management services that blends cutting-edge analytic tools with the human element of claims management to deliver superior outcomes. Organizations in the claims management space have long used data to drive improvement in operations, but Gallagher Bassett is leading the way by enabling its teams to use data to improve their decision-making skills. Gallagher Bassett pioneered remote work in the industry over a decade ago and has spent the time since perfecting the tools, processes and employee engagement elements that are critical in effectively managing a remote workforce

gallagherbassett.com

CXC Solutions

CXC Solutions

CXC Solutions provides software solutions that benefit administrators in compliance, healthcare payments, and electronic claims processing. Such approaches are designed to help managers minimize operational costs and produce additional revenue while at the same time increasing process quality and enhancing customer service. CXC offers secure and high-quality back-office services to third party administrators (TPAs)with a pool of professionals with experience in the business domain. They offer personalized services exclusively to TPAs in a 24x7 follow-the-sun mode

Action Claim Service

Action Claim Service

Action Claim Service offers 24-hour, on-site investigations of trucking accidents and emergency property claims, and also offers residential and commercial property claim services and liability investigations. Their system can provide loss runs and history by severity and body parts, as required, and injury reports. The systems can also classify dangerous areas, occupations, duties, and so on. Also, the device can be configured to customize much of any report a client requires or wants. With an average of more than 16 years of experience per adjuster and more than 13 years of employment, their friendly, skilled staff has the expertise and resources of their larger rivals and takes pride in their service

Argos Health

Argos Health

Argos Health is a partner in the revenue cycle that specializes in managing and resolving complex claims. The firm partners with hospitals, health facilities, and medical associations to improve payment and maximize insurance recovery through core worker compensation programs, motor vehicle injury, US Department of Veterans Affairs, and other complex cases. Argos has the ability and expertise to bill and recovers correctly from every payer responsible for paying a claim, and they do so until the job is completed. Argos Health differentiates itself from the market by performing all claims reliably and faithfully from start to finish, regardless of the ultimate source of payment or challenges

Berkley

Berkley

Berkley operates as an insurance agency, and it offers property-casualty insurance and reinsurance products. The insurance division underwrites commercial insurance business, including premises activities, commercial vehicle, land, product liability, and professional liability sections. The reinsurance section offers assistance to other insurance firms and self-insured individuals managing their net risk by portfolio-based reinsurance by treaty reinsurance or through optional reinsurance on an individual basis. W. R. Berkley serves customers globally

CorVel

CorVel

CorVel provides risk management solutions for employers, third-party administrators, insurance companies, and government agencies. The firm applies technology, expertise, and a human touch to the risk management issues so that their clients can respond early and frequently while being linked to the vital expertise they need to manage risk proactively. With a comprehensive technology framework at its heart, its connected approach comes from a regional team of associates dedicated to helping clients execute projects that meet their organization’s performance goals

CRFS

CRFS

CRFS offers government claims management, investor, GSE, primary, and pool mortgage insurance claims solutions and consulting services. Dedicated to delivering unparalleled timeliness, excellent customer support, and stable performance, CRFS provides industry-leading default services and management solutions for claims processing. Services include pre- and post-foreclosure FHA, VA, Conventional (FNMA / FHLMC), mortgage insurance (MI), administration of pool and USDA claims, evaluation and distribution of loss assessments, and consulting for borrowers and investors

Nexus Group Morristown, NJ

Nexus Group Morristown, NJ

Nexus Underwriting Management provides support and underwriting services to new insurers. The Company offers underwriting portfolio management, shared administrative services, underwriting team recruitment. Nexus Underwriting represents consumers across the UK in the insurance sector. Founded in 2017 after acquisitions, Nexus operates from three office locations in Chicago, New York and Morristown, NJ. The US company plans to expand by 50 percent in 2020 and continue to offer outstanding profitability to both carrier partners and shareholders

SCM Insurance Services

SCM Insurance Services

SCM Insurance Services is an insurance solutions provider that offers claims management, risk management, investigation, and related services. With more than 200 branches and 2,900 staff, SCM Insurance Services has represented the insurance and risk management industry for the last 31 years. SCM has established itself as a privately held provider of insurance adjustment, third-party adjustment (TPA), risk control, investigation, monitoring, risk reduction, emergency services, forensic engineering services, and risk analysis through advanced technologies, expert personnel, and reliable customer support

Wovenware

Wovenware

Wovenware is a software engineering company that offers data analytics, AI, application modernization, and cloud solutions. The organization consists of a team of professionals focused on understanding its customers' needs, particularly those experiencing a phase of change and expansion. Wovenware's mission is to become a business partner that contributes to the customer's success by value-creating goods and services. The organization aims to become the trusted partner that drives the growth of the consumer