How Cognizant Open Claims Audit Can Help Reduce Financial Leakage Video

Did you know that up to 15% of claim dollars a property and casualty insurer pays out are paid in error? Today, the cause of these mistaken payments, human or process errors, are only identified by audits after the payment is made. Imagine you are responsible for the claim adjustment process, and your only recourse to stop financial leakage is to perform spot checks of paid claims and hold training sessions to change the behaviors of your people – that’s a long cycle to move the needle on improvement. Cognizant Open Claims Audit enables claim managers to evaluate a claim prior to closure and correct errors that could lead to financial losses for the carrier. Claims managers can now shift from a post-payment sampling of claim files to a near real-time review of files pre-screened against best practices and carrier policies. By reviewing files flagged with an alert, carriers can reduce financial leakage and have a more comprehensive view of adjuster behaviors in order to drive continuous process improvements over time.

Learn more: https://www.cognizant.com/open-claims-audit
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