Automate the Insurance Claim Payment Process

Optimise and de-risk the Insurance Claims Payments Approval process by moving from a manual and legacy system based payment system to an end-to-end automated solution.

Increasing efficiency and reducing risk in Claims Payment processing

There are a number of operations within insurance that would benefit from the type of automation that Trident offers, for all types of insurance including health, car, home, commercial, and others. These include:

  • Claims Settlement and their payments
  • Premium refunds and cancellations
  • Payment of commission to intermediaries
  • Processes within specialised insurance
  • Bank Integration

The claims settlement approval and the automation of the bank payment process are two areas that consistently deliver measurable results and are usually the first steps in automation ventured by insurance organisations.

Often these processes are predominately manual and/or based on siloed legacy systems. This leads to processes which are inefficient, expensive to run and risk-laden, leading to potential errors and related reputational damage, missed deadlines, and issues which may arise from a lack of compliance visibility.

The pitfalls involved are directly the result of processes that include multiple touchpoints, and the array of decisions which would need to be made at every one of these points. This is also compounded by the stringent compliance required from insurance regulators as well as reporting requirements.

The Trident Suite provides a number of solutions which could bring significant improvements and cost reductions to such processes within the organisation.

Sitting in between your internal insurance application/s and the banks,  our tools provide the necessary workflows and approval ‘gates’ required to automate this process.

It goes without saying that while insurers, which still do not have the right technology for the claims settlement approval process, are facing many disadvantages, automating the claims settlement process can be a real differentiator and source of competitive advantage.

Trident Connect delivers lower transactional costs, faster settlement, potentially cheaper bank charges and a more streamlined and enforced process, directly leading to an improvement in customer satisfaction and retention as well as an improvement in the company’s bottom line.

The Power of Automation in the Insurance Claim Payment Approval Process

Reduce

Costs

Decrease claims settlement approval times and costs.

Improve

Efficiency

Reduce duplication of effort due to manual inputting in multiple systems.

Reduce

Risk

Reduce reputational risk through enforced processes.

Better customer

experience

Allow customers to be part of the process which is built around their needs and ensures consistent delivery.

Moving from manual and legacy system based claims payment process to automation

01

Integrating Legacy Systems

Determining how information flows from system to system and to external providers to be able to integrate all components within an end-to-end workflow.

02

Optimising & Enforcing Workflow

Identifying the current processes and multiple approval levels and determine which processes should be enforced.

03

Integration to the Banks

Automated payment processing through the banking platforms.

04

Bookkeeping & Reconcilliation

Ensuring that all the data in ERP / Accounting System, the bank and Trident show the same picture.

Drop Us A Line