Recognizing that insurer claims compliance is a complex and challenging task, Wolters Kluwer Financial Services has developed a white paper entitled “Maximizing Results in Claims Compliance.”
This analysis not only explores the underlying reasons for claims complexity, but also presents a framework for navigating the road to a successful solution. State regulatory requirements’ variability is examined, as well as the challenge to take those requirements and implement a credible and compliant action plan for claims processing. Accompanying this variability analysis is the additional element of frequent revisions to state legislative and regulatory requirements. Meeting the requirements challenge requires extensive internal efforts and resources on the part of the insurance company to identify, track, revise, and implement all that are applicable to the lines of business written. Traditional processes such as claims manuals, without constant and consistent updating, can leave companies vulnerable to market conduct fines as well as a heightened level of future scrutiny by regulators or state-ordered remediation plans.
Armed with this awareness of the varied and dynamic requirements, as well as the risky downside of noncompliance, the paper offers practical guidance for insurance professionals to consider when assessing how to reduce the costs of claims compliance while significantly increasing performance. Download your free copy of “Maximimzing Results in Claims Compliance” here.