Working with large set of complex claims continue to challenge both, the risk managers and Property and Casualty claims handlers when a quick and fair settlement, particularly keeping in mind the business interruption losses. Due, to this the adjuster and the policyholder have some parallel goals: to mitigate the loss, settle the claim in a fair and expeditious way, and maintain positive relationships with all the parties. In other words, it is the price that one has to pay to get there which is often the main obstruction.
The Property and Casualty Insurance Environment
The environment for P&C insurance line is increasingly competitive and highly volatile. Organizations have to deal with the combined pressures of operational expense reduction, sluggish growth, an ongoing soft market, low investment returns, and increasing combined ratios. Insurance organizations, for their part, face the additional challenges of escalating claims costs, increasing and altering regulatory compliance, demands for developed productivity and the need to provide excellent customer service.
Owing to this scenario, P&C insurance providers have been forced to rethink their business processes management, particularly in the area of claims processing and management where effective and efficient claims handling is now seen as a vital part in an insurer’s success. Providers who can optimize their claims management processes to confidently impact expenses while also gaining operational insight to combat rising claims costs will ultimately win out over the industry peers.
Restructuring and Boosting the Claims Intake Procedure
Claims Intake otherwise also known as First Notice of Loss (FNOL) is the critical first step of the claims management process. Complete and accurate data captured quickly and accurately helps you ensure delivery of superior customer service. Whether you preferred intake method is traditional paper, fax, telephonic or web submission (or all four), Inniti’s claims processing services enables you to deliver an effective entry point to your process for policyholders, agents and claimants.
Automating the P&C Claims Management Process
Inniti Alliance claims processing platform offers insurers a high end integrated solutions that automates tasks throughout the life of the claim, supporting auto-adjudication. Common undertakings such as the generation and distribution of forms and documents can be done automatically by us. All claim-related activities and documents are managed digitally, removing the tedious paper-based work. In many cases, tasks such as communication generation are handled automatically through the system, based on required claims handling timelines.