FastTrack Disability Risk Management Solutions & Services: Robotics Driven Claims Adjudication Processes
Paul Taylor, COOClaim organizations within insurance companies are looking more and more to outsource and/or partner with technology companies that can help improve the speed and accuracy of their claim decisions. This trend is emerging as insurance companies finally begin to acknowledge that it is difficult, expensive and time-consuming to attempt to solve for these needed capabilities within their current IT environment and legacy systems. Most often, these companies struggle with how to modernize their legacy systems, many of which have been in place for as long as 30-40 years. Another significant challenge is to mine data from their current systems which often has data in unstructured formats that make it difficult to extract and organize data in a way that makes it easy to make quicker and more informed business decisions. In such a scenario, insurance carriers are looking for partners who can provide these services and easily and quickly integrate with their systems to provide a seamless and unified set of solutions. Powered by robotics and artificial intelligence, FastTrack offers services that are specifically designed to address the needs of claims organizations to more efficiently and consistently make claim benefit determinations in a way that is repeatable and defensible.“Our technology is not designed to process any ‘widget’ through any set of ‘business rules’ that many solutions provide today. It is a tailored set of capabilities that provide the needs uniquely required by claims organizations,” says Paul Taylor, COO of FastTrack.
As a .NET based platform hosted in a hybrid environment, the FastTrack solution can easily integrate with a carriers’ legacy systems for a seamless user experience that enables them to modernize without replacing their legacy systems. In addition, all records within the FastTrack technology are digitized, structured, and easily accessed for customers through robust, standardized reporting and easily managed self-serve reporting.
FastTrack has developed a technology to uniquely capture a claimant’s functional capabilities, training, education, and work experience to create a digital profile of that individual. That digital profile provides an extremely detailed view of the claimant’s current work capacity. The company has also created a Unified Occupational Library (UOL) that combines all recognized Department of Labor (DOL) occupations in the U.S. labor market. This is achieved through leveraging government data contained in the DOT (Dictionary of Occupational Titles) and O*Net database as well as Bureau of Labor Statistics (BLS) data. The UOL contains 13,000+ occupations for all local labor markets in the U.S. and a very specific and detailed digital profile for all 13,000+ occupations including physical demands, training, education, and experience needed to perform each occupation successfully. The digital profile of a claimant can then easily be ‘matched’ to occupations. Further, the BLS data enables a claims decision-maker to ensure that the occupations identified exist within the claimant’s local labor market within an acceptable earnings threshold. “Our occupational matching capabilities are unmatched in the industry,” explains Taylor.
Our occupational matching capabilities are unmatched in the industry
FastTrack not only has the best technology available to assist with claims adjudication and enable claim personnel to make more informed and accurate benefit determinations but also has tenured claims professionals on staff and in key leadership roles to ensure their solutions continue to meet the evolving needs of customers. The company also provides clients with consultative service and expansive data analytics services. “We are a specialized firm that brings a unique combination of industry experience, knowledge and expertise coupled with technology specifically tailored to meet the needs of claims professional organizations,” remarks Taylor.
Furthermore, FastTrack provides a holistic set of solutions for the insurance carrier. This starts with an upfront cost-free comparative analysis study that is designed to understand the carriers’ current claims practices and business rules and identify areas of opportunity to deploy best practices and leverage the FastTrack technology. And, subsequent to implementation, FastTrack will engage the carrier at least quarterly to assess the progress of the program. This includes an in-depth review of Key Performance Indicators (KPI’s) assessing how the programs’ current performance compares to agreed-upon ‘pre-FastTrack’ benchmarks and compared to expected outcomes established at the time of the sale. This quarterly analysis also tracks the overall ROI of the program.
One of FastTrack’s clients, a mid-sized Individual Life Insurance company, was manually adjudicating claims leading to recertification of previously approved claims only once every 2-3 years. With the FastTrack technology, in the first year of deployment, the carrier was able to implement automated workflow solutions. Combined with FastTrack’s correspondence engine and occupational matching technology, the carrier was able to immediately begin to recertify all of their open claims annually and at the same time reduce their required workforce by 20 percent. Furthermore, the carrier also realized a 20 percent increase in their claim recoveries.
FastTrack works with various carriers in the insurance industry including Life & Disability Insurance and looks forward to serving more carriers in this particular vertical. FastTrack is also expanding its client base in other insurance products that need to assess the functional capacity of an individual, such as credit disability, chronic and critical illness claims. At the same time, FastTrack is also exploring opportunities in other geographic regions of the globe most specifically Canada and the UK.