The first part of this series explained the importance of moving a claim through to completion within a 90-day period. To help you strive for this, I shared barriers that could prevent it from happening and key components to aid the process. To recap, the three components are: Streamline your process for submitting claims Identify & address any retention/ceding issues as soon as possible Initiate dialogue between the ceding assumed entities on any discrepancies or concerns early in the process The first component, streamlining your process for claims submission, can be accomplished by using electronic reinsurance claims. The second and third components can be accomplished by developing a consistent stream of communication with your business partners. Throughout my experience, I've found the following five phases can contribute to strong communication, resulting in timely payments under 90 days.
As part of the re/insurance eco-system you are likely aware that insurance companies are expected to pay claims in a timely manner. And rightly so as all parties involved can benefit from this. Direct writers and assumed reinsurance deals get their expenses paid, ceding reinsurers receive their income/assets and claimants get their coverage. The expected 'timely manner' is a 90-day period. Unfortunately this doesn't always happen which can have consequences. So how can you strive to keep outstanding claims under the 90-day old threshold? Read on to find out!
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!