Menu
Vitech
Software for Insurance, Retirement and Investment Administration
Search
  • Products
    • V3locity
      Overview
      CoreAdmin
      Digital
      ClaimsCenter
      CampaignCenter
      DataInsight
      Industries
      Group Insurance
      PRT & Institutional Markets
      Retirement
      Public Pension
      Multiemployer
      Alternative Investments
  • Technology
  • Services
  • News & Events
    • News
      Events
  • Resources
    • Analyst Reports
      Blog
      Brochures
      Case Studies
      Infographics
      Insights
      Podcasts
      Videos
      Webinars
      White Papers
  • About
    • About
      Leadership
      Partners
      Customers
      Trust Center
  • Contact Us
Close Menu
February 28, 2022

The Fast Track to Group Insurance Claims Processing

Introduction

What is it about the need for speed? Whether it’s being the first to cross the finish line or racing to catch a train just as it’s about to leave the station, there is something immensely satisfying about being fast and making things happen as a result.

Group insurers, whose customers expect fast claims turnaround, understand this need and expectation. Our most recent Insight (link to “Fast Track Your Claims Processing” needed here) addressed the industry’s demand for accelerated claims processing to stay competitive and to increase profitability. For robust claims management, insurers need such next-generation technologies as:

  • Real-time claims data and analytics,
  • Omnichannel engagement alternatives, and
  • Enhanced workflow management.

Today’s group insurance industry remains highly commoditized, with most insurers competing mainly on price rather than on product differences. Insurers whose technology can expedite the claims process and provide a seamless user experience for all stakeholders will benefit from a significant competitive advantage and adjust faster to the evolving claims landscape.

The Need for Speed: Today’s Claims Expectation

Despite the benefits of a successful business model, insurers have generally lagged other industry segments in embracing core systems transformation, especially claims automation. The ongoing pandemic and significant increase in claims, as well as consumers’ heightened expectations for a personalized customer experience, further exacerbated this gap. Insurers that use claims automation are more efficient and see higher customer satisfaction, especially when that automation incorporates digital technology for virtual or touchless claims handling. Insurers that use digital channels also experience 80% shorter cycle time than those using traditional channels.1

Expedited Claims Processing 101

With today’s ongoing volume of claims, insurers need a core system with powerful and transformative capabilities for auto-adjudication when appropriate, and that can provide a platform where claims handlers can reconcile more complex claims. More automated review via straight-through processing will result in more cost efficiencies, especially due to the decreased need for manual labor and reduced claims overpayment (leakage). Other automated, next-generation tools that can enable rapid, data-driven examination and decision making include:

  • Machine learning-enabled predictive analytics,
  • Hypersensitive dashboards for real-time analytics, and
  • Operational analytics for optimized workflow and continuous improvement.

Insurers also require a core system to provide an intuitive, efficient, and guided experience that provides users with status updates at every stage of the claims journey. For internal users, the ability to leverage member-specific policy data regarding coverage information to eliminate rekeying and costly errors is another imperative, especially during periods of higher claims volume submission.

Final Thoughts

The need for speed is here to stay. Customer expectations around claims processing can attest to that. To stay on the fast track, group insurers need a core system that can provide the tools to enable streamlined processing, advanced workflow methodologies, and analytics to drive optimum results. Investment in technology will ultimately drive expedited claims technology and long-term industry success.

For the associated Insight, “Fast Track Your Claims Processing,” click here.


1 “The future of CX in insurance,” pg. 5, Talkdesk.com

STEPHEN BRANDT

Stephen Brandt is Senior Vice President of Sales at Vitech Systems Group. He heads sales efforts in Vitech’s insurance vertical and continues to drive new sales activities and client relationship management. Stephen has over 20 years of experience in the insurance technology industry, focused on customer success and executive relationship management. His experience includes a deep understanding of key insurance markets such as Group Voluntary/Worksite, Life, Health and P&C. He regularly engages with industry leaders, analysts, and forums to promote brand awareness and thought leadership.

Interested in joining our team?

Please email your resume and cover letter to recruiting@vitechinc.com for U.S. and Canada job inquiries
or va-hr@vitechinc.com for positions in India.

vitech-logo-white-bottom

V3locity     Technology     Services     News & Events     Resources     About     Contact

© Vitech Systems Sub LLC 2023. All rights reserved.  |  Privacy Policy

Vitech refers to Vitech Systems Sub LLC and may sometimes refer to VSG Hosting Sub LLC. Vitech Systems Sub LLC is a separate legal entity from VSG Hosting Sub LLC.