The innovation in the claims processing industry is soaring as insurers are finding new and creative ways to alleviate pain points in claims and enhance the customer experience. From filing claims to calculating costs, technology-backed solutions are available to expedite the processes and reduce the occurrence of errors, enabling accelerated and accurate results.
The real-time data integration enables insurers to gather information from vital customer touchpoints. Through AI and machine learning, they can analyze historical data to detect frauds and proactively take measures for prevention. This results in faster claims processing and settlements as they have quick access to an accurate data pool. Further, real-time First Notice of Loss (FNOL) apps allow customers to report claims seamlessly. The data integration and image recognition features facilitate auto-filling the fields on the claims form, simplifying the arduous task of answering numerous questions for customers. These apps also convey accurate information directly to the claims dashboards such that the process happens faster.
Similarly, image-recognition technologies tremendously add value to insurers’ efforts in appraisal for claims. Especially in the automotive insurance sector, AI and machine learning are implemented such that computers analyze images and assess vehicle damage. There are also telematics solutions available in the market that collect data, including vehicle location, driver behavior, and engine diagnostics, and provide them to fleet management software systems. This helps insurers access vital data points at the time of an accident and visualize them, thus streamlining the claims process.
With such transformative solutions, insurers can synchronize critical data, simplify claims management and processing, and also prevent accidents. While these solutions were part of a period before the COVID-19 pandemic, the rapid digitization after the pandemic hit has resulted in a surge of new innovative solutions to help insurers cope with the changing work environment and simplify the claims processing and management.
In light of these significant technological advancements today, Financial Tech Review has compiled a list of top 10 claims processing solution providers 2020 to guide enterprise leaderships in harnessing the power of technology to embrace innovation and enhance productivity. With exceptional technological acumen and numerous success stories up their sleeves, many of these companies have consistently proven their expertise in robust claims processing solution landscape. We hope this issue of Financial Tech Review helps you build the partnership you and your firm need to adopt efficient claims processing solutions to streamline operations and enhance customer experience thereby increasing organizational productivity.
We present to you Financial Tech Review’s Top 10 Claims Processing Solution Providers—2020
