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Claims Processing: What are the Success Secrets?

By Insurance CIO Outlook | Tuesday, September 01, 2020

As insurance claims processing evolves with advancing technological interventions, accelerated capabilities are on the cards.

FREMONT, CA: Gone are the days when insurance claims processing would take ages. Insurers are today leveraging advanced tools and technologies to alleviate the pain points in claims and deliver services rapidly. One of the primary things that the insured population today expects is expedited processing and approval for claims. And insurance carriers are now busy pocketing technology-backed solutions that fine-tune claims processing and management, enabling accelerated and accurate results. From filing claims to calculating costs, technology today has the potential to transform. The following points try to decode the secret behind expedited claims processing using technological breakthroughs.  

• Doing More with Data

The Top 10 Claims Processing and Management Solution Companies – 2019 fact that data carries a lot of valuable insights is a secret no more. However, how and where data can be leveraged to gain the best results is still a matter of discussion among insurance providers. In the context of claims, most insurers are focused on mitigating frauds with the help of data-backed risk identification solutions. But real-time access to data can empower insurers in other ways as well. Real-time data feeds can accelerate claim reporting and facilitate settlement as well.

• Virtual Appraisal for Claims

Most of the insurers consider a virtual appraisal of claims to be a means of claims assessment that leverages photos or videos. Although the prospects of accelerating claims processing do get a boost when physical visits by insurance company staff are replaced with examining videos and photos, much more is possible. Rather than manually assessing the photos or videos used while filing of claims, computers backed by image-recognition technologies can be used to determine damage and estimate losses.

• FNOL through Smartphone Apps

Another secret to accelerated claims is hidden app features that facilitate the First Notice of Loss (FNOL). By equipping apps with the ability to process images, insurers can empower claimants to use their smartphones to report the accidents. Rather than vague photos that don’t account for much, intelligent features in apps can convert images into texts and convey accurate information directly to the claims dashboards.

Staying one step ahead of adversaries in accelerating claims entails detailed understanding and awareness about available technological interventions.

See also: Top Insurance Technology Solution Companies

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