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”.
FINEOS is a global market leader in core insurance technology for life, accident and health insurance market
Check This Out: FINEOS
Offers first party auto, third party property, and bodily injury claims management, and subrogation services to manage all aspects of claims processing
Check This Out: Fleet Response
Gallagher Bassett is a third party claims administrator that specializes in the adjudication of worker’s compensation, auto, general and professional liability, and property losses. It offers supporting managed care services, fraud/surveillance services, Medicare reporting, and risk management information systems.
Check This Out: Gallagher Bassett
Provider of risk management, claims administration, managed care and absence management solutions for thousands of clients including corporations, public entities and the insurance industry
Check This Out: York
Innovations to help vehicle insurance providers strengthen their businesses and create stronger, lasting connections with their customers
Check This Out: Agero
Foxtrot is the fastest solution to unlock your speed of business through increased worker productivity, accuracy improvements, decreased costs, and more
Check This Out: EnableSoft
JW Software Inc
Provides claims management platforms to the insurance industry and helps them to effectively manage policies and insurance claims
Check This Out: JW Software Inc
Providing a collaborative information exchange platform for the insurance industry
Check This Out: Merimen Technologies
Global provider of telematics and data analytics solutions to streamline the entire crash-to-claim process for the auto insurance industry
Check This Out: Octo
Technology Services Group, Inc
Provides open-source software products and consulting services to maximize their ECM investment
Check This Out: Technology Services Group, Inc