InsurTech Leader FastTrack Introduces New Product Offering, PTD (Permanent Total Disability) Auto-Recertification Solution for Long Term Disability (LTD) & Waiver of Premium (WOP) Claims – Benzinga
BEDMINSTER, N.J., Feb. 8, 2022 /PRNewswire/ — FastTrack, a leading provider of Automated Risk Management Solutions and Services tailor made for Life & Disability Insurance Claims Operations, has announced today its New Product Offering to Assist Life & Disability Carriers called “PTD Auto-Recertification Solution.”
FastTrack has designed the PTD Auto-Recertification Solution so Carriers can take advantage of digitized claimant statements with trigger questions and low-code/no-code implementation processes, requiring minimal to no IT Support for the implementation process from Carriers. By providing basic Personal & Disability Information
; FastTrack can quickly transition from implementation to production mode within weeks.
Once operational, FastTrack’s Digital Automation Technology, consisting of Digital Barcoding, OCR/ICR Document Scanning, Robotic Process Automation (RPA), Customized Business Rules Engine, Occupational Matching, Custom Letter Generation and Automated Follow-Up Processes for Missing Information, will eliminate the need for the Carrier’s claims examiners to be active in managing a PTD claim unless a change in the current adjudication decision is required. And, when a claim adjudication decision change is identified, with pre-defined carrier business rules, FastTrack’s Technology can activate Auto-Adjudication within the PTD Auto-Recertification Solution.
FastTrack’s new solution will automatically recertify 90%+ of the PTD claims with no claim examiner involvement. This automated process ensures all PTD claims are recertified consistently and timely, positioning carriers to reallocate PTD claims examiners to other needed claims activities.
Paul Taylor, COO and Industry Subject Matter Expert at FastTrack, shares, “Over the last 12 months we have had the opportunity to assist several Group and Individual carriers with their Permanent Total Disability (PTD) Claims Blocks using our new product offering. In all cases the results have been phenomenal both in terms of improved accuracy of decision-making and limited resources support required by the carrier.
On average, FastTrack’s ‘PTD Auto-Recertification Solution’ has identified 12-15% in incremental recoveries above and beyond the Carriers Current Risk Management Outcomes.”
To Learn More About FastTrack’s PTD Auto-Recertification Solution please contact us at FastTrackRTW.com.
FastTrack is the leading full-service technology platform in the Life & Disability insurance vertical that automates critical elements of the claims adjudication and new business application process, helping Carriers enhance the accuracy of claim and underwriting decisions.
Our suite of products and services helps insurers to triage and fully understand their risk management options, drives process automation, and makes possible comprehensive data collection and analysis to establish best practices for the life and disability administration processes. Our primary goal is to help claims professionals and underwriters make consistent, repeatable, clear, objective, and defensible benefit and employability determinations.
For further information, please contact:
Follow FastTrack on LinkedIn
View original content to download multimedia:https://www.prnewswire.com/news-releases/insurtech-leader-fasttrack-introduces-new-product-offering-ptd-permanent-total-disability-auto-recertification-solution-for-long-term-disability-ltd–waiver-of-premium-wop-claims-301476900.html