6December 2021Editor's NoteJeff RodriguezManaging Editoreditor@financialservicesreview.comA New Era in Insurance Claim Processing The insurance sector has remained broadly stable during the pandemic, owing to advancements in InsurTech. Every firm is a little wobbly in the current situation; therefore, they must take steps to solidify their market position after the crisis passes. Payment of insurance claims is a time-consuming and challenging procedure, but it is critical to insurance providers and policyholders. The claim adjudication procedure is a hassle for everyone involved, including the insurers and insureds. Because traditional claim processing systems are opaque, time-consuming, and cumbersome, customers may begin to doubt their decision to purchase insurance from a particular company. On the other hand, insurance companies must ensure that the process is handled with the greatest accuracy possible to avoid underpaying or overpaying indemnity obligations.It is possible to get more accurate and less prone to error claim settlement by using RPA-based software for acknowledging, submitting, recording, etc. Insurance companies can increase transaction processing by 50 percent while seeing productivity gains of 60 percent by implementing Robotic Process Automation (RPA). Manual efforts are reduced by up to 90 percent when RPA takes over the time-consuming operations, allowing workers to focus on higher-value tasks like fraud detection. RPA standardizes processes, but it also contributes to creating a safe environment for handling sensitive data.This edition of Financial Services Review brings you some of the most promising claims processing solution providers who deliver their clients' best outcomes. This edition also offers thought leadership articles from subject matter experts and exclusive insights from CIOs and CXOs. We hope this edition will provide you with the proper assistance in choosing the best claims processing solution providers according to your requirements.Let us know your thoughts! Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorJeff RodriguezEditorial StaffAaron Pierce Ava Garcia Ashik JainJoshua ParkerVisualizerJohn Gowtham*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEmail:sales@financialservicesreview.comeditor@financialservicesreview.commarketing@financialservicesreview.com December - 01 - 2021, Vol 02-06Published by ValleyMedia, Inc. To subscribe to Financial Services ReviewVisit www.financialservicesreview.com
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