What stands in the way of a more efficient claims administration process? For too many organizations the answer to that question is a reliance on disparate systems, including the use of outdated legacy claims management systems.
The adoption of an integrated, SaaS claims management system that combines workflow automation tools with all of the functionality needed for end-to-end claims adjusting can be transformative. …
A recent Business Intelligence article draws from a Redhand report claiming that “of all of the subsectors of the RMIS industry, the third-party administrator sector is the one that is the most in transition.” The article suggests this may be due to the fact that TPAs are trying to remain competitive while relying on fewer resources than insurers.
What is clear, according to the Redhand report, is that TPAs are trying to level the playing field with technology. “As will become obvious, there has been a lot of investment and improvement in the TPA sector regarding information technology…” The larger question is, are these substantial investments in upgrading systems even focused on the right area? A survey of customer data indicates this may not be the case.
CHICAGO, April 16, 2018—Origami Risk, the preeminent risk and insurance technology platform serving all members of the risk management community, was recently ranked #1 Overall and #1 Midsize Company in Crain’s 100 Best Places to Work in Chicago.
In the 10th anniversary of the awards, Crain’s partnered with Best Companies Group and surveyed 8,800 employees at Chicago-based companies to find the top places to work and announced the winners last week. This survey and awards program is designed to identify, recognize, and honor the 100 best companies to work for in Chicago. …
The use of RMIS technology that has been designed to handle the values collection process can help to reduce the amount of time risk management teams spend gathering data.
For risk professionals, the conclusion of a 2017 risk management survey will likely come as no surprise: “Risk Managers, regardless of experience level, are being asked to do more with less.”
Nearly one-third (31%) of respondents indicate that given “additional time”, they would focus on improving internal processes. “The survey results point to Risk Managers being mired in the day-to-day task of servicing their internal constituents, making it difficult to pivot to the strategic questions being raised by their CFOs.” …
To be sure that you’re selecting the right workers’ compensation claims compliance and reporting partner, a vendor’s track record is the closest thing to a “crystal ball” that exists.
“To stay competitive in today’s marketplace, companies need complex and multi-faceted digital capabilities,” writes Rashmi Dalia in The Economist. “However, no one company can easily possess all the resources needed to develop robust technology systems, and trying to do it alone can prove difficult and costly.”
For insurers and TPAs, choosing to work with a technology partner has increasingly become a critical strategic decision. 76% of respondents to a 2017 Accenture survey agree that “competitive advantage will not be determined by their organization alone, but by the strength of the partners and ecosystems they choose.”
Identifying gaps and areas in core systems where it makes the most sense to integrate third-party technology is one part of the challenge. Equally important to finding the right technology solution is having confidence in the people behind the technology. …