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

Top 10 Claims Processing and Management Solution 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 Solution Providers – 2020.”

Top Claims Processing and Management Solution Companies

Acrometis offers a complete and automated claim processing platform and rules-based family of solutions. The company’s flagship solution is CLAIMExpert, a holistic and automated claim’s workflow processing platform. They offer rules-based solutions that give clients capabilities such as bill review automation, straight pay, mail processing with smart send back logic, key adjuster approval automation and decision making, and automated referrals. The company focuses on streamlining its customer’s claims and mail processing environment—maximizing cost savings, efficiency, and overall productivity

www.acrometis.com

Artsyl offers intelligent capture and business process automation solutions that eliminate the arduous tasks related to medical claim processing and dozens of other company- or industry-specific processes burdened by high volumes of data and documents. Through its digital transformation platform, docAlpha, Artsyl seamlessly processes healthcare claims documents by extracting data from different CMS forms like HCFAs, UBs, or dental records, organizing, and managing them quickly and easily. Artsyl’s myriad of solutions comprised of InvoiceAction, OrderAction, RemittanceAction, ExpenseAction and ClaimAction benefit customers in the manufacturing, distribution, healthcare, financial services, and government sectors

www.artsyltech.com

A Tel-Aviv based firm, Five Sigma, is helping insurers deliver on their promise to policyholders through its end-to-end, data-driven claims management solution. By combining advanced innovative technologies like AI and deep learning and leveraging its hands-on experience in handling claims, Five Sigma is assisting insurers with the P&C insurance claims management process. By leveraging its cloud capability, adapting proven AI techniques, and applying them to the traditional structured and unstructured claims data, Five Sigma is helping insurance carriers to better understand claims and claims management on an entirely new level. Furthermore, by enabling easy deployment, the firm allows insurers to embed their preferred claims management workflows in their systems from the get-go

fivesigmalabs.com

JW Software’s focus is to put all claims-related data at the users’ fingertips, supporting insurance organizations to manage claims faster. And, the company is making this possible with its claims management software, FileHandler Enterprise. FileHandler allows companies to access claim data quickly, keep people on task, and automate the workflow that helps close the claims sooner. Apart from this robust claim administration solution, the company also provides PolicyHandler, a web-based workers’ compensation policy issuance and management system that supports all phases of the policy lifecycle

jwsoftware.com

Artex Risk Solutions

Artex Risk Solutions

Artex Risk Solutions specializes in the creation and management of insurance and alternative risk transfer solutions. The company's business line includes providing insurance agent and broker services for a range of insurance types. The company offers collective experience from professionals assessing, planning, handling, and offering access to cost-effective risk solutions. Artex Risk Solutions offers a variety of captive insurance products and alternative risk funding strategies for consumers located mainly in the US and is a wholly-owned subsidiary of Arthur J Gallagher & Co, one of the world's largest insurance brokerage and risk management services companies

Claim Genius

Claim Genius

Claim Genius offers AI-based claims solutions for the auto insurance industry. The company makes touchless claims a reality through the power of AI. Using the patent-pending image recognition and predictive analytics software from Claim Genius, carriers can provide instant damage assessments and rapid processing of claims based on uploaded incident images from their easy-to-use mobile app. Claim Genius seeks to reduce the time needed for filing claims, increase carrier profitability, and revolutionize the claims experience for insurance customers worldwide. The company's primary goal is to revolutionize the auto claims and salvage industries' speed and productivity by using artificial intelligence technology

CodeObjects

CodeObjects

CodeObjects is a hosted software and services platform for the property and casualty insurance industry. With CodeObjects, carriers may take full control over the system's configuration and implement a high degree of efficiency in the insurance process, resulting in lower costs, decreased losses, and improved customer satisfaction. Their solutions are designed for business users and are entirely configurable. The organization gives individual consumers the power to alter, upgrade, or introduce new products, with limited dependency on IT. CodeObjects gives carriers the versatility and speed they need to adapt to change, lower risk, and grow

Duck Creek Technologies

Duck Creek Technologies

Duck Creek Technologies develops industry-specific software that helps insurance carriers to deploy and manage their products and services. The company offers vital program solutions for P&C and General insurance industry. Using Duck Creek OnDemand, the company's Software-as-a-Service solution, insurance carriers will be able to navigate uncertainty and gain market opportunities faster than their competitors. The company develops and markets software for insurance carriers for billing, policy, rating, claims, and digital engagement. Duck Creek Innovations serves customers worldwide

Expert System

Expert System

Expert System develops software that understands the meaning of written language. Based on a patented technology employing millions of definitions, concepts, and relationships, their applications are reading and understanding multiple languages the way people do. Today, they provide an ever-increasing number of applications in multiple languages to many of the largest and most valued companies and government agencies across Europe, the Americas, and the Middle East. With their successful IPO on the Italian stock exchange, they continue to concentrate on creating and delivering new and enhanced capacities for business and government, providing their customers with outstanding service and expanding their global presence

Sapiens International

Sapiens International

Sapiens International Corporation provides software solutions for the insurance industry, with a growing presence in the financial services sector. Sapiens provides core, end-to-end solutions for global general insurance, property, and casualty, health, pension and annuities, reinsurance and retirement markets, and business decision management software. The business has more than 30 years of track record, providing outstanding tech solutions to more than 200 financial services organizations around the world. The Sapiens team of approximately 1,700 specialists works in North America, the United Kingdom, EMEA, and the Asia Pacific through its wholly-owned subsidiaries