Eastbridge’s latest report finds most voluntary claims are paid within 10 days or less.

AVON, CONNECTICUT, USA (September 25, 2018)

A majority of the participating carriers surveyed in Eastbridge’s Claims Practices of Voluntary Carriers Spotlight™ Report pay voluntary claims with all the required information included within 10 days, with most being paid within five days or less. In addition, just over 40 percent of carriers offer some type of “express-pay” claims service for certain products. Beyond processing timeframes, in an effort to provide best-in-class service, most carriers check for other coverage and benefits when a claim is filed, and some will open claims for all relevant products automatically.

Following are a few additional key findings from the report:

  • Over half of carriers surveyed outsource some aspect of their claims functions.
  • Carriers provide multiple methods to file claims.
  • Multiple methods for tracking the status of a claim are offered to employers and brokers in addition to employees.
  • Claims practices for wellness claims differ from other voluntary claims in terms of less required documentation.

Claims Practices of Voluntary Carriers, a Spotlight™ Report

The cost of the report is $2,500. To purchase, call (860) 676-9633 or email us at info@eastbridge.com.

Report Summary

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.


 

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