Claims Recovery Platform
The process of intra-company claims recovery is deterred by many challenges – the massive volume of claims data to be handled, highly manual and time-consuming procedures with extensive paperwork and courier exchanges, non-transparent process with minimal communication between individuals who represent respective insurance companies, lack of visibility on claim status and long reconciliation timeframes just to name a few.
Seamless reconciliation of outstanding recoveries is a vital performance parameter and an important financial indictor that determines the overall profitability of an insurance company.
Beyontec’s claims recovery platform solution is the most comprehensive and easy-to-deploy solution available for insurance companies. This ready-to-start platform will enable insurers in the region to minimise missed recovery opportunities, reduce loss costs, and solve the long pending claims recovery reconciliation challenges.
Real-time Access to Insurers
The platform is an ecosystem for all insurers to connect and do business in real-time. The digital nature of the platform allows insurers to plug in to the platform for instant connectivity with other insurers in the ecosystem.
Real-time Notification to TP Insurer
The intelligent workflow engine will manage the claim request, right from claims recovery request until it is settled. Third-party insurers can track recovery stages using historical data.
Reconciliation of Information
The platform is designed to help insurers connect, review and process outstanding recoveries posted against and for by third-party insurer, in real-time making the reconciliation process seamless and automatic.
Rule-based Automated Recovery
Universal automatic thresholds can be defined by insurance companies or set insurance company specific thresholds to avoid manual intervention and approve claims automatically.
Streamline intra-company claims recovery settlements in a transparent, efficient, and real-time basis.
Platform has powerful authentication tools and microservices, and comes with multiple levels of firewalls with data encryption and SSL protection for web use.
Dynamic and Real-time Dashboards
Key dashboards and operational reports will allow insurers to view and generate information as and when necessary for claims payable and claims receivable.
Audit Trail and History Maintenance
The platform maintains historical data of all transactions which is time stamped for each entry. This process of record keeping aids in compliance and eliminates misunderstanding in communications.
The entire process, starting with the claim’s notification right up until claims settlement and reconciliation is done digitally.
Threshold-based Auto Approval
Universal automatic thresholds can be defined by insurance companies to approve claims of a certain nature, automatically. This not only saves time and frees up the resources but also helps in maintaining high claims recoveries.
In-built Document Management System
The in-built document management feature accommodates multiple document types such as PDF, MS Excel, .wav etc., which can be stored and managed in a highly secured setup.
The global search features of the platform allow users to instantly retrieve the claim information based on search keywords. The platform will also search for contents within documents associated with the search keywords.