Claims Admin is a solution aimed at operators who are directly involved in claims processing. The present guide is for setting up a Claims Admin solution on your FintechOS Portal environment.
An insurance claim is a claim for compensation over a loss. Usually, the claim is initiated by the insured party. The insurer checks if the loss event falls under the policy scope and validates the claim and, once approved, issues payment to the insured, or to an approved interested party on behalf of the insured. FintechOS clients use the Claims Admin solution to automate routines of this typical scenario, in order to increase the efficiency and accuracy of their claim processing operations.
The Claims Admin is comprised of a series of automated business steps that users follow through, from registering loss notifications, documenting claims, validating claims to, if approved, scheduling payments, in a timely and accurate manner. It also allows the insurer to maintain a constant communication with the insured.
When necessary, the Claims Admin solution can be personalized in FintechOS Studio, according to specific requirements from insurance companies. Thus, implementation time is shortened, while you can make sure that each component fulfills your specific needs. Additionally, using Claims Admin along with different FintechOS Automation Processors enables insurance companies to also digitize other workflows and improve accuracy, while reducing the amount of time spent on routine business operations.
FintechOS clients use the Claims Admin solution to respond to different challenges related to:
pressure to assess and validate claims within certain time limits;
routines more prone to human error when done manually;
a growing trend of claims falling outside the policy scope.
The Claims Admin solution makes places for better business performance when dealing with these pain points by enabling insurance companies to seamlessly automate their claim processing routines.
The solution has the following key features:
- registration of loss notifications;
- generating claim statements;
- automated and, if necessary, manual validation;
- scheduling payments.
The benefits of using the Claims Admin solution are the following:
works easy with volumes;
scales from simple claim models to complex;
speeds up the validation processes by automating routines;
reduces the risk of human error while handling accounts;
frees time for where attention is really needed: prioritizing urgent claims.