How Claims Are Processed Can Cost Auto Insurers More than Realized
The aftermath of a traffic accident can generate a lot of claim activity for auto insurance companies. Issuing payments on the behalf of policyholders for emergency services, physicians, and hospitals in case of injury or to body shops, towing companies and rental car companies for vehicle repair can be both expensive and time sensitive. Generating these payments is only a part of the process. Monitoring payments and reconciliation of those payments requires attention and logistical follow-up.
VPay (Richardson, TX)—a provider of complete turn-key business-to-business claims payment solutions—had Porter Research perform an online bulletin board focus group (BBFG) consisting of executives from mutual insurance companies located around the nation. The insurance leaders shared their industry insights about claims processing issues, specifically information about their…
• Strategic objectives to manage claims processing costs
• Barriers of converting from paper checks to electronic payments
• Most significant factors they use to evaluate an outsourced solution
To view the complete findings, as well as to read ‘The Road Ahead’—a brief summary from VPay President Jeff Brown about new payment solutions that are emerging in response to industry mandates and technology advances, click the link below.