Reuters Events Insurance’s Post

Delighted to have had the opportunity to participate in and contribute to the “Moment of truth: inject change into life & health claims” report published by Reuters Events Insurance. It has been a fulfilling experience to collaborate with such knowledgeable colleagues and share insights on ensuring access to affordable healthcare by strengthening cost-containment measures and streamlining claims process through AI and machine learning techniques. #HealthClaims #MedicalInflation #AIMachinelearning #ClaimsCostContainment #ClaimsAutomation

Do you have the right set-up to succeed with strategic partnerships? Insurance companies are becoming key partners in healthcare, leveraging third-party collaborations to innovate service delivery and to enrich customer experience. To succeed, they must reassess their operating models to secure enhanced flexibility and technological prowess. Curious to know more? Get in touch to receive a summary report of our insurance survey where you can read more on how to turn partnerships into a strategic competitive parameter. Or even better, let's have talk on where the insurance industry is heading. You can reach us at [email protected], 46 730 590 864 or by sending me a private message here on LinkedIn. #IM_insurance #insurance #fitforthefuture #Partnerships

#TIpTuesday: When working with your SolV consultant, asking the right questions can streamline your renewal process. One critical question is: "Why isn’t my carrier giving us their 'best and final' rate upfront, and is there a better way to tackle our renewal strategy?" Understanding this can help improve your negotiation process and potentially secure better rates. Here’s what you should know: Carrier Tactics: Insurers often withhold their best rates initially to see how much you’re willing to negotiate. This back-and-forth is a common tactic to test your knowledge and patience. Strategic Renewals: Ask your consultant about implementing a strategic renewal approach. This might include early renewal discussions, bundling policies, or exploring alternative carriers to leverage better rates. Data Utilization: Ensure you’re using your company’s claims history and risk assessments to negotiate. Carriers are more likely to offer favorable rates when they see you’re informed and proactive about managing risks. By addressing these aspects with your SolV consultant, you can create a more efficient and cost-effective renewal strategy. #solvinsurance #solvforsuccess #healthinsurance #insurance #health #insuranceagent #healthcare #insurancebroker #businessinsurance #insuranceagency #medicalinsurance

International Receivables Roadmap: 5 Opportunities for Global Health Insurers in 2024 and How to Get There No. 1: As inflation increases premiums and more competition enters the market, minimize the impacts of other fees that add to the cost. No. 2: Focus on ways to drive customer retention No. 3: Prioritize reporting on where around the world business is coming from No. 4: Reduce risk around payment security No. 5: Add local currency options without introducing FX exposure Read the full story on iPMI Global https://lnkd.in/ecKCyWn9 #payments #insurance #ar #insurtech

The British Columbia Financial Services Authority's report on Insurer's Oversight of Functions Delegated to Intermediaries (or downloading of oversight to MGAs) shows the holes in life insurers failure to comply with minimal regulatory requirements. The report highlights for Life and Health Insurers: - Importance of insurers’ oversight of delegated functions;  - Examples of insurer’s processes and procedures that did not meet fair treatment of customers expectations; and - Opportunities for insurers to review and strengthen their internal controls and oversight practices. "As stated in the FTC Guidance and Insurer Code of Market Conduct, where there is an ongoing relationship between the customer and the intermediary, the insurer remains responsible for servicing policies throughout their life cycle and ensuring that intermediaries have appropriate policies, procedures, and processes in place in respect of the activities performed on the insurer’s behalf. To protect policyholders and mitigate risks to the company, it is important for an insurer to establish effective oversight over intermediaries and their distribution channels, and proactively manage it." "We found all insurers established various practices to manage risk of regulatory non-compliance. However, often these practices were weak. We noted insurers’ lack of comprehensive and robust approach to governance, risk management and regulatory compliance with B.C. legislation." "We found insurers had not established effective monitoring controls over intermediaries. While insurers established some mechanisms to monitor compliance with certain roles and responsibilities defined in outsourcing agreements, insurers did not broadly monitor intermediaries’ compliance with established roles and responsibilities, nor monitor compliance closely enough to detect and address instances of noncompliance." Monitoring and Oversight: Establish, and implement into practice, effective ongoing oversight controls to ensure compliance with defined roles and responsibilities and service levels established in written agreements with intermediaries. Controls should assure the insurer that intermediaries:  • provide complete, adequate and accurate information reports;  • employ staff that are qualified and appropriately licensed;  • have effective controls over services, including services subcontracted; and  • others.  " See: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://lnkd.in/gguMd_zy #compliance #Lifeinsurance #Life&HealthInsurance #Negligence #monitoring #Training #time4change

US health insurer Customer Experience Index (CX Index) ratings for 2024 have landed with a resounding thud. Read this blog from Forrester analysts explaining why the industry is facing a significant decline in CX index.

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Struggling with Paper Claims? Are manual processes and compliance issues slowing down your claims management? Frustrated with inefficiencies and errors from paper claims? Our Paper-To-EDI Conversion Service is designed to eliminate manual data entry, enhance data accuracy and ensure regulatory compliance. Transform your operations and reduce costs with a solution tailored to the needs of healthcare organizations. Contact us today! https://hubs.li/Q02G7mDX0 #Healthcare #Insurance #PaperToEDI #ClaimsProcessing #Efficiency #HealthcareIT #TPAs #DigitalTransformation #HealthTech #Automation #Healthplans

US health insurer Customer Experience Index (CX Index) ratings for 2024 have landed with a resounding thud. Read this blog from Forrester analysts explaining why the industry is facing a significant decline in CX index.

International Receivables Roadmap: 5 Opportunities for Global Health Insurers in 2024 and How to Get There No. 1: As inflation increases premiums and more competition enters the market, minimize the impacts of other fees that add to the cost. No. 2: Focus on ways to drive customer retention No. 3: Prioritize reporting on where around the world business is coming from No. 4: Reduce risk around payment security No. 5: Add local currency options without introducing FX exposure Read the full story on iPMI Global https://lnkd.in/etEAQdSq #payments #insurance #ar #insurtech