“Protecting Data in Motion”, a March 2018 Risk & Insurance article, points to the fact that during the first half of 2017 alone, at least 2200 breaches—totaling over 6 billion records—were publicly disclosed. And those were the numbers prior to the reporting of the Equifax data breach.
As claims organizations improve operational efficiencies by using technology designed to eliminate paper-intensive, inefficient, and error-prone processes, it’s critical that the vendors they work with monitor and address security vulnerabilities. … read more
TPAs continue to face increasing pressure to find more innovative ways to drive efficiency and do more with less. An article in Lexology states, “Automated claim processing is the future for insurance carriers, third-party administrators (TPA’s) and large employers, to improve efficiency and reduce the resources required to process claims.” Determining a strategy for automating claims handling can be challenging.
A recent post examined the ways top performers approached automation. One key benchmark study of differentiators recommended: “Employ claims decision support tools – such as workflow automation, advanced analytics, and predictive modeling – and use them more frequently throughout the claim lifecycle.” In fact, top performers are 4X more likely to use automation throughout the cycle than all others.
To achieve the results similar to those of top producers, a comprehensive approach to improvements through technology must be employed. … read more
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. … read more
A major study by Accenture spanning 15 years of research compiled across more than 70,000 claims reached a troubling conclusion. Nearly half of an adjuster’s day is lost to low value, non-core administrative work. What makes up a large portion of that waste? In a word, paperwork.
Managing the completion and submission of required forms for each claim—from locating the latest version of a required document, to rekeying claim data into multiple forms and letters—is a key driver. To make matters worse, submitting the wrong forms (or omitting required data) can lead to substantial fines. These fines, however, are not the only costs created by relying on a manual claims reporting process.
The Hidden Costs of a Manual Process
There are three financial impacts from a manual process that are often overlooked:
- The cost of finding data
- The cost of bad data
- The cost of data silos
Together, these hidden costs can be a substantial hit on any claims operation. … read more
The Importance of Technology Partners
Choosing a technology partner is increasingly becoming a more critical strategic decision for TPAs. In Accenture’s Technology Vision for Insurance 2017, 76% of respondents agreethat “competitive advantage will not be determined by their organization alone, but by the strength of the partners and ecosystems they choose.” Identifying technology solutions that support the company mission and differentiate your organization from the competition is an important part of developing an effective business strategy. … read more