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:
Claims Practices of Voluntary Carriers, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.