https://datagenix.com/Cut Expenses and Boost Efficiency with Third Party Claims Management SoftwareThe claims process is where an insurer’s promises are put to the test, especially in third-party claims, where efficiency, speed, and accuracy are essential for insurance carriers. Third-party claims greatly impact customer satisfaction and represent one of the highest costs to insurance carriers. With the increase in fraud and the associated high costs, delays, and inefficiencies related to handling claims, it has become essential for insurance companies to implement Third-Party Claims Management software to enhance operational efficiency and reduce costs.The Hidden Costs of Using Traditional Claims Processing Methods
https://datagenix.com/Using outdated methods for collecting, tracking, and submitting claims is no longer sustainable. These methods often lead to longer response times, more errors, and increased “claims leakage.” The following data points highlight the urgency of modernizing the claims process: The use of legacy processes for manual claims processing still results in the loss of a significant share of the premium dollars due to labourintensive processes. Insurance fraud continues to cost insurers approximately $308 billion per year, which is around 10% of all claims paid. The time to complete manual claims processing can take more than 30 days.Manual intake processes leave the insurer at a disadvantage compared to an automated third party claims management process. Automated third party administrator claims processing software allows the insurer to eliminate manual processes, reduce the administrative burden, and provide further tools for fraud detection before the claim is paid.How Third Party Claims Management Software Improves Efficiency and AccuracyThird party administrator claims processing software combines numerous technologies into a single platform, automating every step of the claims process from the initial notice of loss (FNOL) to the final payment.AI-Powered AnalysesArtificial intelligence examines photos, papers, and policy details to evaluate claims more quickly and correctly than ever before.Robotic Process AutomationRobotic Process Automation replaces the manual data entry that everyday claims processing staff conduct. RPA duties include data extraction, payment triggers, and policy verification. The average processing time for all claim types has been reduced by at least 40% as a result of these technologies.
https://datagenix.com/Predictive AnalyticsWith the use of advanced analytical techniques, companies can now predict the severity of claims and identify potential litigation issues as well as questionable activities in real-time.Natural Language ProcessingNatural Language Processing transforms unstructured data, such as emails, chat logs, and witness statements, into action-oriented structured information that can be easily integrated into workflows or shared.The participants in the claim process can communicate with each other more effectively and efficiently due to the structured data.As a result of integrating all four technologies, insurers can now process claims faster and accurately, and at a lower cost, while providing an exceptional level of customer service and satisfaction.ConclusionNow you know third party claims management software is no longer optional; it’s essential. Thus, avoid wasting your resources on outdated procedures. Use smart third party claims administrator processing software to transform your claims management today and enjoy quicker settlements, lower expenses, and better decision-making.