In recent years, insurance carriers have made significant investments in claims administration systems as a means to reduce costs and improve internal process efficiencies. Yet when it comes to issuing and tracking the payments resulting from those settled claims, many insurance carriers have yet to take advantage of the financial technology tools available to them.
A comprehensive claims payment management system is essential to ensuring customer and agent satisfaction, proper financial controls and regulatory compliance. Bottomline's growing list of insurance customers have all gained significant competitive advantage by leveraging the WebSeries Payments Lifecycle Management platform to streamline the processing and tracking of claims payments, while offering customer service personnel, treasury managers - even outside insurance agents - unprecedented visibility throughout the entire transaction process.
But improved customer service is only the beginning. By enabling an enterprise-wide, consolidated view of the status of each and every claims payment issued, insurance carriers are able to reduce the risk of duplicate or fraudulent payments, ensure compliance with growing regulatory requirements (including Federal OFAC monitoring as well as state escheatment laws), and greatly improve the efficiency of their treasury operations.
Automate and Control Claims Payment Processes
Taking advantage of Bottomline's role as the central payment gateway between a carrier's ERPs, legacy systems and banks, WebSeries utilizes comprehensive Check Management functionality to enable authorized users to review, approve and release claims payments in accordance with their unique business rules. Payments may then be processed as a consolidated check run on MICR-enabled laser printers, or as electronic payment batches directed to one or multiple originating banks. Using browser-based access and approval workflows, WebSeries can also accommodate manual, on-demand payment requests by authorized customer or claims service representatives.
Once processed, finance and customer service representatives may view details for any given check issuance, as well as perform necessary updates, including requests to reprint, reissue, void, stop or escheat a specific claims payment. Bottomline also supports the ability to create, initiate and track electronic claims payments, including the delivery of remittance and Explanation of Benefits statements via the company's eSend module, completing the cycle for complete claims payment automation.