As Third Party Administrators (TPAs), you really save the day. By helping organizations tailor their claims administrations to their specific needs and reduce the cost of overhead for insurance claims management, your role can make or break an organization’s claims management. At Riskonnect, we know being a TPA comes with many challenges, as you oversee a wide variety of insurance administration requirements. Whether it’s enterprise claims management, policy administration, billing, or seeking analytics insights into the plans they administer, you have many plates to spin.
With so many different areas of oversight, it’s easy to lose sight of critical tasks, so it’s vital that TPAs adopt a unified solution to streamline and optimize their insurance claims management processes. Riskonnect is here to help. Unifying core TPA activities is a critical component of any modern insurance claims management process, so understanding the areas of efficiency in insurance claims management and using software to better manage can help TPAs like you save time and money.
Enterprise Claims Management
Balancing all the aspects of the insurance claims management process can open the door to mistakes and inefficiencies. TPAs have to rapidly assess incidents and prioritize claims with an effective incident intake procedure to cut down on closed lag time and overall claim costs. Claims management software that can leverage dynamic question sets to guarantee the highest level of submission accuracy will help TPAs streamline all the information they need to manage their claims. Furthermore, TPAs need the ability to leverage quick reporting for insight into more precise trend analysis and root cause investigation.
Using a comprehensive insurance claims management solution can also help TPAs quickly take remedial actions to stop similar accidents from happening again, thereby cutting expenses because historical incidents are instantly available for investigation, administration, reporting, and analytics.
Predictive Analytics
Artificial Intelligence plays a role in insurance claims management, and an integrated claims analytics software solution can drive smarter and faster business decisions by leveraging prior information to predict future outcomes. Your software should help the most complex data transform into digestible views via clear visuals. Create straightforward, personalized dashboards with the metrics you commonly access and assess analytical insights that can drive your business with AI. Trace all claim information, including the description and causes of the loss, through financials and other datasets. Define your claim categories, transactional values, and claim payment information, and leverage your own specific custom data fields and structures to enhance standard claims management offerings.
Don’t waste time on redundant manual work that is only increasing the effort of your insurance claims management. Use claims management software that gives you control over key priorities, including incident input, claims consolidation and administration, supervision, and legal risk and litigation management, whether you self-administer claims or utilize a third-party claims administrator.
Policy Administration
From underwriting to renewal, supporting and gathering the kind of data and reporting to manage a policy can be daunting. It can be difficult to tell what levels of coverage you need while providing all the relevant data to justify your premiums. But using a holistic administrative tool with historical analytics will assist you in seeing trends in the operations and employee makeup of your company. A good insurance claims management software can make sure you have the appropriate types and levels of coverage for your most common and expensive claims.
By centralizing your relevant policy data, you will be able to more efficiently and effectively administer your policies and handle policy renewals, managing the complete lifecycle of a renewal on a single policy management software platform. Easy, integrated access to policy data can empower you to negotiate better premium costs and lower the overhead involved in all parts of the policy administration life cycle.
Billing
Managing insurance policy billing cycles can be incredibly intricate and manual, but Riskonnect solutions can make it simpler. By finding a one-stop solution that allows you to tailor your insurance billing for your specific policy needs, you can simplify complex billing processes and administration and garner a better ROI on your management. A solution that provides comprehensive management and automation in one place can greatly reduce your cost of oversight. Look to acquire a tool that allows you to manage the full Accounts Payable and Accounts Receivable process, including:
- Initiating automatic invoice creation and distribution
- Handling complex billing cycles or installment payment plans
- Sending workflows for renewals, late payment warnings, cancellations, and late fees.
Integrating other software and payment processors should also be a critical part of your billing management practices.
To foster growth and safeguard itself in the future, every TPA organization needs to operate with a data-driven and streamlined approach to insurance claims management. TPA organizations must integrate enterprise claims management, policy administration, billing, and predictive analytics into an approachable, comprehensive understanding of their purview to accomplish this successfully.
However, merging and analyzing complicated data to uncover useful insights doesn’t have to be difficult. For more information on how you can streamline your insurance claims management, SCHEDULE A DEMO today!
