Industries: Insurance

Simultaneously strengthen customer service, profitability and credibility

As the insurance industry has become subjected to more regulation, it has simultaneously become more consumer-driven and friendly. In order to increase market share and consumer confidence while reducing combined ratio, insurance companies are looking to improve operational efficiencies and demolish barriers between functional silos within their organizations. Profits and customer service, along with brand reputation can be simultaneously improved by handling cases quickly, fairly, and accurately. The first order of business for responsive handling of claims is more efficient collaboration between functions in insurance, with repeatable investigation procedures and accurate recall of pertinent information.

Further, claims litigation, subrogation, and insurance fraud – traditional insurance challenges – are aggravated with increasing compliance pressures as new regulations begin to take their toll. Consumers know that insurance carriers who fail to prevent fraud, regulatory fines, and other expensive exposures, pass off costs to customers in high premiums.

Navigating these challenges requires proactive methods for boosting customer service while executing risk management to protect market credibility and customer loyalty. TeamConnect is the common rail for inter-departmental collaboration to streamline claims handling and resolution while also providing the means to reconstruct the reasons for decisions and the state of knowledge at a given time, in the event of later dispute.

TeamConnect also eases the development of risk mitigation strategies through collaborative contribution, and then aids the distribution and enforcement of processes for mitigating risks while comprehensively reporting compliance for internal and external monitoring. In a high-stakes industry managed conservatively for long-term stability, TeamConnect’s collaborative accountability functions support both aggressive customer services and mitigation of risk. 

How TeamConnect helps

On a single platform, Mitratech’s TeamConnect solutions manage claims litigation, corporate legal, and GRC operations for a complete enterprise-wide risk management solution. Using TeamConnect, Mitratech clients better manage compliance with state and federal mandates. Insurers gain visibility into insurance fraud, strategically manage subrogation, and develop performance reports with full transparency.

TeamConnect allows internal departments to collaborate on a comprehensive risk management strategy with full visibility into:

Legal: Claims Litigation; Class Action; Corporate Legal; Employment; Contracts; Mergers & Acquisitions; Regulatory; Environmental; Advice & Counsel

Claims Litigation : TeamConnect’s Insurance Claims Litigation Solution Framework is designed to provide claims managers with accurate, real time data on how claims are being litigated across a large claims organization. This practical intelligence about claims enables improved productivity for the claims department, which contributes to an improved expense ratio for the carrier. By helping staff attorneys gain a better understanding of effective claims defense practices, as well as detecting fraud, the framework helps narrow the carrier’s loss ratio.  

GRC: U.S. Patriot Act; Sarbanes-Oxley (SOX); National Association of Insurance Commissioners (NAIC) requirements; State Privacy Regulations; Disclosure Laws; Federal Employees Compensation Act (FECA); Anti-Money Laundering (AML) Provisions; Suspicious Activity Reports (SAR); Office of Foreign Assets Control (OFAC) & Customer Due Diligence; Health Insurance Portability & Accountability Act (HIPAA )

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