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The Next Step in Revolutionizing Claims Processing

A universal truth in claim processing is that the longer it takes to settle a claim, the larger the ultimate dollar payout for that claim. Reducing claim-processing time is a self-evident requirement

By Therese M. Mcgee | Updated on February 23, 2006

A universal truth in claim processing is that the longer it takes to settle a claim, the larger the ultimate dollar payout for that claim. Reducing claim-processing time is a self-evident requirement for insurance companies. With states’ imposing more stringent prompt-payment regulations, the ability to comply is becoming increasingly important. Insurance companies also are realizing that accurate, fast claim processing pays dividends by reducing the number of customer service inquiries, improving customer retention, fostering better relationships with agents, and providing the ability to manage loss-adjustment expense.

How can insurance executives achieve these improvements? Through the use of enterprise content management technology to control both the content (all of the paper, faxes, e-mail, and documentation) and the business processes associated with claim processing. Examples of content supported by enterprise content management include paper documents, internally or externally developed forms, e-mail, electronic documents such as Word documents and Excel spreadsheets, XML, audio, and video.

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