A whopping 93 percent of respondents of a survey felt that insurance claims process improvement is a top priority to lower operational costs. This is followed by staff training, software implementation and staff reorganization.
The study conducted by Trillium Software aggregated information from approximately 30 insurance claims executives, managers and adjusters across all major lines of business including property and casualty, life, and health insurance in the United States to identify the major trends, pain points and initiatives for the industry in 2013 and beyond. (Source)
Insurance Claims Process Improvements
Claims functions hold utmost importance in US Insurance industry. To a large extent they determine the competitiveness of an insurance company. It’s the quality of insurance claims service that either delights or disappoints the customers and decides to a considerable degree the durability of its competitive equity.
By emphasizing on business focus solutions around processes like claims adjudication, claim examining, claims processing, dental claims processing, PPO reprising, provider maintenance, and many more, outsourcing firms can bring in greater operational excellence and customer delight for clients and their customers.
By deploying extensive process and transnational experience, an end to end insurance transaction solutions company like VeeInsure can deliver consistent and repeatable high performance with regulatory compliance and before deadline. Intelligent processing of data while maintaining regulatory compliance is essential to effectively manage the business of insurers and their clients. Increased reliability of best in class delivery of services is combined outcome of proper risk mitigation strategies and requisite measures.
From service to extraordinary outcomes
Through outsourcing of insurance claim processing, insurers aim to attain extraordinary outcomes. They are looking for services that not just can reduce claims expenses but can also enhance overall customer experience by delivering improved identity fraudulent activities.
Over the last few years, consistent attainment of bottom-line growths has been made possible by first rate, innovative offshore insurance and healthcare claims processing companies. Such companies are winning the competitive battleground by turning vast quantities of data into actionable insights. Unlike large organizations, small and medium, specialized and agile companies have flexible and focused program management team that can deliver tailor made solutions in quick turnaround time by formulating plans to put the data to work.
That’s how they have been constantly exceeding rapidly changing customer needs and driving improved claims processing accuracy and efficiency. Be it cost savings, accuracy optimization, efficiency improvements or customer satisfaction, claims processing outsourcing offers many benefits to insurance companies.