NetClaim Report Shows Heavy Demand for Innovation in Insurance Claims Intake
PORTLAND, Ore.--(BUSINESS WIRE)--Nov 13, 2018--NetClaim ®, a leading software and services solution for insurance claims intake, today announced the release of its Intake Innovation Report finding 87 percent of carrier and third-party administrators (TPA) surveyed are calling for innovation in insurance claims intake. The report also suggests TPAs who understand the importance of quality and configurability to carriers have an opportunity to differentiate themselves from most TPAs, who may put a higher value on speed and efficiency.
The survey of insurance and TPA officers, carried out in 2018, shows 76 percent of carrier respondents, and 68 percent of TPA respondents continue to believe change in claims intake is being driven by the need for improved efficiency, quality and reduced expenses in business processes. But while carriers and TPAs agree on this point, 64 percent of carriers call out the need for better quality control and fraud detection as the second biggest driver, and 57 percent of TPAs believe a need for reduced time to close claims is the second biggest driver. Here the report finds carriers are looking to claims intake to provide a robust foundation for enterprise-wide innovation, leaping past the efficiency of claims intake, to better claims accuracy and program integrity that goes to the bottom line value of the policy.
“We are entering an era where strengths in technology, automated quality and agility are more important than commodified economic efficiency – which remain important, but only to the extent that they can be achieved without limiting carrier’s nimbleness in a changing market,” said Haywood Marsh, General Manager, NetClaim. “Demand for accuracy, quality and configurability – hallmarks of NetClaim’s offering – are confirmed in this report as top priorities for both TPAs and carriers today.”
Additional points –When asked to rank features of a claims intake system that could best match their business needs, respondents said accuracy was most important, followed by configurability of the process second, real time quality control and data integrity checks third, agility fourth, better reporting and dashboards fifth, works through a customer’s existing system sixth, and cloud-based storage and data transfer seventh 87% of TPAs and carriers agree there is a need for further innovation and tailored services in claims intake 71% of TPAs are confident their current vendor can handle changing situations, but only 40% of carriers are. Accuracy and configurability of the intake process are the number one and two concerns for all.
“At the end of the day, carriers carry the risk and they are intent on driving innovation to decrease that risk,” said Marsh. “That is why they are pursuing increased technological investments aimed at making their process more rigorous, and yet at the same time more agile. We are examining the impact of this today as the industry stands to change considerably in the very near term.”
NetClaim provides agile, extremely accurate, fully configurable and easy-to-use claims reporting and dissemination. As the largest provider of outsourced first notice of loss (FNOL) in North America, NetClaim’s team of risk and insurance industry experts deliver the most advanced intake system in the industry, capable of enforcing client-specific rules while focusing on customer interaction. NetClaim’s integrity checks provide automated, real-time quality assurance, while a highly sophisticated dissemination and escalation engine supports complex logic and routing in multiple formats to provide customers with a leading edge of their claims intake process that pulls their capacity for innovation forward. For more information, visit www.netclaim.com.
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Chris Gale, (646) 695-2883
KEYWORD: UNITED STATES NORTH AMERICA OREGON
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
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PUB: 11/13/2018 06:00 AM/DISC: 11/13/2018 06:01 AM