Let’s be honest. How much time is your company currently spending processing reinsurance claims? How many hours are you wasting copying, printing or faxing claims to your reinsurers? Are you submitting claims individually or in multiple monthly batches? Are you concerned about missing or erroneous data? Is it difficult to reconcile open or pending claims with your reinsurer? Wouldn’t you love a way to streamline this process?
Well, guess what? There is a way! Our TAIB300 (Claims Notices) Program provides a simple method of submitting claims electronically. It significantly reduces the time expended on this manual process while also mitigating the risk of data errors or inconsistencies. And the best part, shifting reinsurance claims submission to an electronic format benefits both ceding companies and reinsurers.
Are you curious yet? For those unfamiliar with TAIB300, I’ll share how it can be used and provide a bonus job aid to walk you through set-up. And if you are looking for even more, we’ve also dedicated a specific breakout session to Claims Updates and Processing at our upcoming User Group in Arizona. Now let's dive in!
The TAIB300 program benefits ceding companies by enabling them to more efficiently:
- Produce claims notices to send to reinsurers
- Extract records to produce a flat file to send electronically along with standard billing files
- Produce preliminary, initial, final, and outstanding notices
- Replace paper report notices (or be sent along with them)
- Run daily, claims, or interface batch cycles.
Now that you know what it does, let’s find out how you benefit by using the electronic reinsurance claim submission process.
4 benefits of using electronic reinsurance claims
1. Reduced risk of missing data
By using an electronic format, ceding companies can submit claims in a consolidated, scheduled data feed instead of various notice transfers throughout the month. You can have confidence that your reinsurer has received your claims in full and mitigate the risk of missing data.
2. Improved data quality
In addition to reducing the possibility of missing data, electronic claims submission also minimizes the need for manual entry of data. This contributes to an overall improvement in data quality for both ceding companies and reinsurers.
3. Save time
The manual process of copying, printing, or faxing individual claim notices to your reinsurer can be time consuming. Our electronic program eliminates the need for copying, printing, or faxing of individual claim notices – reducing the time and effort necessary to submit claims.
4. Facilitate open and pending claim reconciliation
Ceding companies can benefit from easier reconciliation of open claims. The tool provides reinsurers a method to reconcile pending claims so you don’t have to. This provides both parties the ability to keep track of reported and paid claims and identify any that have not been submitted. This feature will also benefit ceding companies to more easily and accurately reconcile their pending claims for auditors at year-end.
Ready to benefit from electronic claims?
If your TAI system is currently setup on the .NET version, you have access to the TAIB300 program. And if you are using TAI for claims processing, you are already running TAIB300. However, there is a parameter setting (described in the Job Aid) that tells it to produce an extract in addition to the paper notices. If you are currently sending paper notices to reinsurers, it makes sense to send the extracts instead, or at least in addition to.
If you are currently setup on the Mainframe version of TAI, the 3rd and 4th parameter selections (described in the Job Aid) may not be available. However, additional software such as Xpress can assist in the splitting by reinsurer functionality.
How to set up a claims notice?
Download the TAI Claims Job Aid to learn how to set up a claims notice extract and set-up your cycles within TAI. Follow the easy step-by-step guide and you'll be set. If you run into any challenges or have any questions on the process, please get in touch. We are here to help!