Streamlining Workers Compensation Claims Management Processes
The existing traditional claim management tools involve multiple systems, paper files, and manual processes that inevitably require time- and resource-intensive activities. As a result, the client experienced a significant lag-time in their ability to handle each claim efficiently. In addition, with little transparency in the claims management process, the lack of a standard procedure for the claim handling approach, and ineffective communication & collaboration, the client realized that traditional systems are causing a significant negative impact to them maintaining a competitive advantage.
The client wanted to address these issues by streamlining and better managing the entire claim management process from FROI to settlement/resolution and closure on a single claim management platform that is robust, scalable, and reliable. Having developed top-notch InsurTech solutions for enterprises across the globe, Experion Technologies was committed to redefining how the client handles workers’ compensation claims management.
Team Experion visited the client’s headquarters in the US and collaborated to understand the existing problems and pain points they need to address. Our team captured the business objectives and laid down a strategic road map and action plan to create a market-winning comprehensive claims management platform based on these inputs. This project was planned as a multiphase engagement, where different modules will be developed & tested in each phase before proceeding to subsequent phases. For example, during the first phase, team Experion started working on the billing module. The client was paying a hefty user license fee and was considerably consuming the attorneys’ time and efforts. The billing module streamlined the entire billing process from calculating billing charges and accepting recurring payments to sending timely invoices automatically.
During the next phase, Experion developed and delivered an independent document scanning module, which replaces the existing third-party software. This module helps employees to scan and organize case documents securely and efficiently. As a result, records, reports, images, bills, case sheets, and other paper documents can easily be transferred to a digital format that saves space, adds data security, and allows for improved information sharing capabilities.
In the next phase, Experion will be working on the case management module to help them create cases to record, track, and assign. It will also enable them to define processes clearly and encourage users to follow all necessary steps of the process to complete a case. On completion, the case management module will show how cases should be categorized, the types of processes to choose from, specifying case statuses, and more.
On completion of this engagement, Experion will deliver a web-based worker’s compensation claims management platform that seamlessly integrates and simplifies enterprise claims management processes and enables them to compete & stay ahead of the competition in the insurance marketplace.
- Streamlined the entire claims compensation processes
- It has enhanced the customer experience.
- Offers intelligent reporting and analytics.
- Achieved superior operational & business efficiency.
- Improved claims processing times and reduced the cost of claims processing.