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 Solution Providers – 2020.”
