The Push for Digital Claims Payments

April 23, 2019

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Carriers have invested heavily in creating new digital customer experience but making claims payments often still ends in a “your check is in the mail” notification. Digital payment alternatives, first developed for industries like retail, are now finding their way into insurance. Cost savings is the primary driver of growing carrier interest, as paper check processing is significantly more expensive than digital payments. Digital experience is also being defined by other industries and mailing physical checks does not align with new consumer expectations. Insurers are in turn shifting focus towards providing policyholders with a fully digital experience as well as speed and convenience of payments options. Developing a digital claims payment strategy requires an assessment of internal requirements and processes. Regional demographics will influence the solutions needed as well as the pace of implementation. Newer solutions may not address all desired capabilities, and a successful transformation may depend on adjusting existing payment processes and enterprise architecture.

Spotlight

CRICO

CRICO, a recognized leader in evidenced-based risk management, is a group of companies owned by and serving the Harvard medical community. For nearly 40 years, CRICO has provided industry-leading medical professional liability coverage, claims management and patient safety resources to its members, proudly serving more than 12,500 physicians (including residents and fellows), 34 hospitals and nearly 200+ other health care entities.

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