5 Benefits of Using Insurance Technology When Processing Workers’ Compensation Claims
Workers’ compensation has always been a thorny issue as it involves balancing the interest of different parties. By law, injured workers have the right to receive compensation for any injuries suffered in the line of duty. At the same time, their employers and insurers want to manage costs besides curbing fraudulent claims. Regulators are also involved in overseeing fairness. The differing interest, in turn, leads to conflict in the compensation process.
However, Insurance technologies like Zenjuries are changing these by solving the bottlenecks in the compensation process. Here are the benefits of using such technology when processing workers’ compensation as an insurer.
Such apps provide a convenient and accessible way for parties to manage the WC process. As an insurer, the app improves the claims reviews by automating time-consuming tasks such as data entry and other manual paperwork. As a result, the compensation process is accurate and fast. In addition, the apps increase scalability because your insurance company can handle more clients efficiently without mixups. With this comes growth and increased revenues.
Communication is essential in the compensation process as it helps the injured worker understand how it works, ensures timely medical treatment, and facilitates the claim process. It also helps in reducing misunderstandings among the parties involved. However, doing so without automation is challenging. The apps used in this process streamline communication, ensuring that each party is on the same page. As a result, parties involved, like the injured worker, won’t feel like they are being shortchanged.
Improved Fraud Detection
Fraud, like exaggerated injuries, illness, and false claims, is rampant in workers’ compensation. These fraudulent claims increase costs, deny benefits to legitimate claimants, and damage the reputation of the compensation system. These apps use predictive analytics to identify fraud by analyzing past claims. The real-time data collection features also provide information about claims, policyholders, and medical providers.
The cost of the compensation process can be high depending on the severity and cost of medical treatment. When done manually, the price can increase because of the work that goes into the process. The apps used in the WC process change this by automating the compensation. This reduces administrative costsand makes the process accurate, which benefits all the parties involved.
Improved Customer Satisfaction
Customer satisfaction is essential for an insurer as it will enhance customer retention, increase reputation, and gain the company’s loyal customers. However, this is challenging to achieve due to the complexity of the compensation process. Apps like Zenjuries are, however, changing this by making the process efficient, which benefits the injured worker, and helps the employer with compliance. As an insurer, it’s best to embrace the use of such insurance technology.
Technology is changing the world, and the insurance industry is also affected. The uprising of insurance technology, like apps used in workers’ compensation,is making the process seamless. Such apps use cutting-edge technology like AI and machine learning to analyze data which reduces the use of manual labor. The result of such technology includesthe satisfaction of all involved parties.