How Social Media Intelligence Reporting Is Revolutionizing Insurance Claim Processing
In the latest edition of our original blog series, we look at how insurance companies can leverage social media background analysis and reports in claims verification. Specifically, we share how access to social media user data can expedite insurance processes to drive faster and more efficient results.
Claims processing makes up a substantial percentage of insurance services, with insurers needing to continually invest time, money, and human resources in optimizing claims procedures. Recent events such as the global pandemic have uncovered a spike in insurance claims, such as those from unemployed individuals, indicating a growing need for improved data technology that speeds up the verification process.
The State of Claims Processing in the Insurance Sector
Claims processing involves gathering multiple pieces of evidence when authenticating a request. These standard procedures apply to business, personal injury, and life insurance policies.
While traditional claims processing relied on ISO claim searches, surveillance data, and the recorded statements of claimants, a growing number of insurers now include social media background reports as a criterion in verifications.
Accurate social media background reporting provides factual verification and smoother claims processing since the information comes directly from the source or claimant. Social media data may often include information that claimants deliberately withhold in an effort to reap the full benefits of an insurance premium.
According to The Coalition Against Insurance Fraud (CAIF), fraudulent claims cost insurance companies an estimated $80 billion per year in the United States. Therefore, account managers must process every claim with extensive data. By tapping into social media intelligence, you can reduce the risks of fraud while supplementing the evidence necessary for claim validation.
How Social Media Intelligence Supports Other Claims Information
Aside from serving as a standalone source of claimant data, you may use social media background analytics to affirm other client information. For example, you might compare social media photographs of an abled individual against a medical background check that reports a crippling health condition.
In such a scenario, account managers can potentially root out a discrepancy and possible collusion between the claimant and healthcare practitioner, warranting further research and confirmation.
Additionally, social media background analytics may include the accounts of a claimant’s close relations or contact. For instance, a connected relative might share incriminating evidence of individuals behaving in a way that contradicts declared insurance information, such as “crash for cash” scams where drivers exaggerate injuries for padded medical claims.
Why Traditional Claims Verifications May Not Suffice
Claims processing is a crucial and critical aspect of insurance operations. Additionally, it accounts for a high cost of insurance processing and carries a heavy financial impact on the managing company. Slight improvements in claims management can result in a significant increase in profit margins.
Unfortunately, many modern claims managers face a host of challenges that bog down the verification process.
For example, managers may spend a great deal of time and effort compiling and sorting through multiple data sources, including information from third-party agencies. The tediously consolidated result could lead to even more questions, claims complications, and dead ends.
Secondly, some claims managers may lack the tools and experience to categorize and prioritize collated user data. Data categorization plays a crucial role in justifying claims and driving cost savings. The manual categorization of claimant information could lead to inconsistencies, inaccuracies, and duplications, hampering verification.
Finally, perhaps the root cause of ineffective claims processing is the continuous use of legacy systems. The lack of large-scale infrastructure investments lead insurance companies to stick with old and inflexible systems, making it increasingly challenging to process claimant data in the rapid-paced digital world.
You can boost your current claims processes with updated claimant information, carefully gathered from clearly established online sources through accurate social media intelligence analytics and reporting. You will gain increased visibility on user patterns, trends, and behaviors that often go untracked or misinterpreted by conventional verification methods.
Social Discovery Corp - Accurate Intelligence for Optimal Claims Processing
Social Discovery Corp comprises an innovative team of experts specialized in social media background analytics and reporting. We support your claims verification and risk management process by providing you with the relevant social media data required to authenticate a claim or detect and respond to the earliest sign of fraud.
The complex world of social media holds tons of information that could quickly derail a researcher who lacks the right tools and experience. As such, they may spend hours online, only to arrive at false positives that compromise the entire operation.
Social Discovery Corp provides accurate intelligence through custom solutions that eliminate the risks of false positives by combining human expertise with algorithmic accuracy.
Our dedicated analysts and customer service team have collaborated with some of the most successful insurance companies in the US and the world’s largest third-party administrator. We have a deep understanding of the steps and priorities in data selection based on the context of your claims. Therefore, you can expect accurate social media background search results that drive action without delay.
Contact Social Discovery Corp for a demo on how reliable social media background reporting can benefit your industry and expedite your claims processes for optimal ROI.