Claims processing companies have come a long way. The increasing innovation in operating models and strategies by top companies has spiked up the competition in the claims processing industry. Claims processing is all about an insurer fulfilling their obligation to receive, investigate, and act on a claim which has been filed by an insured. The operations involved in claims processing are heavily scrutinized to avoid fraud and unlawful claims. Recently, there has been a sudden growth in the adoption of automation that provides end-to-end solutions for insurance claims and reduces the occurrence of errors. Moreover, advanced technologies like IoT and wearable technology are finding their way into the claim processing industry. With the help of these technologies, companies can now get real-time insights into the potential risks. It doesn’t stop there, with capabilities such as predictive analytics, rule-based engines, link analysis, and social network behavior analysis, claims processing companies are more empowered now than ever before. (Source: Global Claims Processing Supply Market Intelligence) These advancements are highly sophisticated in terms of fraud detection and improving the efficiency of operations. In this blog, we reveal some of the top claims processing companies in the world:
Kohlberg Kravis Roberts
Kohlberg Kravis Roberts is a global investment company that manages multiple alternative asset classes, which includes private equity, energy, infrastructure, real estate, credit, and hedge funds. The company is focused on generating attractive investment returns by employing a high-quality workforce and pursuing the highest standards of excellence. It was founded by Henry Kravis, George R. Roberts, and Jerome Kohlberg Jr. in the year 1976, and is headquartered in New York.
The Crawford System of Claims Solutions offers comprehensive, business process outsourcing, integrated claims services, and consulting services worldwide. The company was founded in the year 1941 and is headquartered in the United States. It employs over 9000 employees and is operational in more than 70 countries worldwide.
York Risk Services
York Risk Services is a global provider of claims and risk management services. The company offers claims management services for categories such as automobile liability, general liability, property, workers’ compensation, product liability, inland, ocean marine, and professional liability insurance. Their customers include public entity clients, such as states, municipalities and counties, school districts, utilities, parks, risk pools and state colleges and universities. York Risk Services was founded in 1962 and is headquartered in New Jersey with additional offices worldwide.
Gallagher Bassett Services
It is one of the premier claims processing providers in the world. The company is dedicated to delivering the products and services that equip people, businesses, and organizations to make the most of their futures. It was founded in the year 1962. They currently have a workforce of approximately 10,000 employees.
Founded in 1853 in Hartford, CT, the company is committed to providing employers, individuals, and others with innovative products and services. Aetna, an American healthcare company primarily deals in consumer-directed and traditional healthcare insurance plans and associated services. These include pharmaceutical, dental, medical, long-term care, behavioral health, and disability plans.
The procurement market intelligence reports from SpendEdge offer a comprehensive cost and supply market analysis. This procurement report also offers insights into the major claims processing providers and sheds light on the major cost and volume drivers and procurement best practices to save costs.