Claims Management is a solution aimed at operators who are directly involved in claims processing. The present guide is for setting up a Claims Management 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 Management solution to automate routines of this typical scenario, in order to increase the efficiency and accuracy of their claim processing operations.
The Claims Management 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 Management 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 Management 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.
Claims Management Key Features
The solution has the following key features:
- Registration of loss notifications;
- Generating claim statements;
- Automated and, if necessary, manual validation;
- Scheduling payments.