Insurance firms are taking all possible measures to utilize ground-breaking practices and the latest technology for improving their business processes and streamlining legacy applications. An outstanding claims management process can serve as a market differentiator that sets a company apart and ahead of its competitors. Some basic features should include the following: simplified documentation and maintenance, software integration, and an increase of claims management efficiency, to name a few.
The digital world offers a plethora of tools that can help insurers improve every aspect of the claims process. Automation helps in reducing costs associated with the processing of claims, utilize a single platform for all data sources, workflows for routing claims for review and approval processes, and increase the consistency and timeliness of payments. Machine learning enables insurers to take observations and findings from claims audits, pull those insights upstream, and insert them into critical stages of the claims process, including investigation, evaluation, and settlement. Today’s claims management systems include claims software that’s hosted in the cloud and accessible not only in the office but on the go as well, using mobile devices.
Outsourcing claims management tasks to a third party vendor; companies can reduce the fraudulent claims activity as outsourcing firms have experts who handle claims management tasks efficiently. To assist CIOs in identifying the most reliable companies to partner with, a distinguished panel consisting of CEOs, CIOs, analysts, and Insurance CIO Outlook’s editorial board has assessed and shortlisted some of the most prominent organizations in the industry. We present to you – “Top 10 Claims Processing and Management Solution Providers – 2019”.