NetClaim®, a leading software and services solution for insurance claims intake, today announced the release of its 2019 Intake Innovation Report finding claims intake and management identified as the focus of digital transformation in 2020, more than underwriting and investing, or marketing and distribution.
NetClaim conducted a survey of insurance carriers, third party administrators (TPAs) and self-insured business officers to determine how the immediate future of digital transformation in commercial insurance with be defined. Primary findings included –
- 62% respondents stated that the need for greater efficiency, quality and reduced expenses is driving changes in the claims intake process in the industry.
- 42% respondents said that digital transformation will be focused most on claims intake and management in 2020, more than underwriting and investing (33%), or marketing and distribution (25%).
- 56% respondents believe machine learning and artificial intelligence will be most useful for coverage verification followed closely by identification of fraud (53%).
- 62% respondents picked auto insurance as the top choice for the type of insurance most likely to see intense digital transformation first.
“Focusing digital transformation initiatives on claims intake and condensing the claims process at the front edge is compelling, especially given the promise of artificial intelligence and machine learning,” said NetClaim General Manager Haywood Marsh. “As we announced last week, NetClaim is in fact pursuing a digital transformation program together with Gradient AI that allows for severity prediction, case level reserve setting, med-only vs. indemnity determination, and identifying propensity for litigation, fraud and subrogation.”
The research report indicates strong and accelerating demand in 2020 for claims intake quality, likely driven by system-driven data integrity checks and real-time quality assurance. Carriers and TPAs are driving innovation that avoids the reporting errors and mismanagement of report distribution that can make claim costs skyrocket. Powerful systems are needed to streamline the reporting process while ensuring the highest level of accuracy, reducing the overall cost of each claim.
NetClaim provides agile, extremely accurate, fully configurable and easy-to-use claims reporting and dissemination. As the largest provider of outsourced first notice of loss (FNOL) in North America, NetClaim’s team of risk and insurance industry experts deliver the most advanced intake system in the industry, capable of enforcing client-specific rules while focusing on customer interaction. NetClaim’s integrity checks provide automated, real-time quality assurance, while a highly sophisticated dissemination and escalation engine supports complex logic and routing in multiple formats to provide customers with a leading edge of their claims intake process that pulls their capacity for innovation forward. For more information, visit www.netclaim.com.