In this age when almost every business process is being
outsourced, the outsourcing of Claim Process is also gaining importance.
Companies are working towards converting all claim information for clients
with more accuracy and efficiency.
Even a small percentage of claims processed manually on paper incur
additional costs for the company. The problem with manual claim processing
relate to duplication of work, no backup of data in case of loss,
inefficient customer service and difficulty in tracking various assignments.
This has led to a shift from manual claim processing to outsourcing of
online claim processing.
Outsourcing claim processing ensures cost effectiveness resulting from
reduction in paper work, reduction in claim processing time which in turn,
results from reduction in unnecessary steps. Claim processing can range from
Dental and Health Claims to Insurance and Medical Claims etc.
Advantages of Outsourcing Claim Processing
Reduction in Processing Time: There is a significant
reduction both in processing as well as settlement time owing to avoidance
of duplication of work and standardization of the process.
Efficient Customer Service: Outsourcing Claim Process
results in satisfied and loyal customers. Customers can keep online track of
processing and status of their claims.
Decreased Operational and Manual Cost: The reduction in
operational costs incurs from less paperwork and other formalities related
to it. Less number of employees are required for outsource Claim Processing
which reduces the human resource cost. Since the BPO firm specializes in the
process it further increases the efficiency.
Higher Revenue and Profitability: With the increase in the
number of clients combined with the retention of the old ones, a company can
expect new avenues of revenue collection and reduced costs will ensure
higher profitability.
