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            Work with Claim Financials

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            Work with Claim Financials

            Claims adjusters can get a quick overview of claims and related tasks, and then dive into the management of individual claims.

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            • Open Coverages on a Claim
              Coverages are the financial building blocks of a claim. Claim coverages are opened systematically through product rules that run at the end of the FNOL flow . Claim coverages can also be opened by claim adjusters on existing claims. The Verify Policy Coverage API validates coverage applicability and loss date to ensure compliance and accurate financial management of the claim. After a claim coverage is opened, claims adjusters can actively track losses, payments, and expenses associated with that specific coverage. This enables them to manage the financial aspects of the claim efficiently and ensure accurate record keeping.
            • Claim Financials Dashboard
              Claim adjusters rely on real-time metrics, such as available limits and outstanding claim balances, to improve their decision-making process. When a specific Coverage is selected in the Claim Financials tab, a side panel appears with the overall loss summary and the current standings. This visualization enables adjusters to quickly assess and respond to claims with greater accuracy and efficiency. It streamlines the claims process, reduces errors, and ultimately helps adjusters make informed decisions swiftly.
            • Add Claim Loss Item Payments
              Claims adjusters enter payment details when they intend to issue a payment for an item or injury involved in a claim.
            • Add Claim Expense Item Payments
              A claims adjuster can add new expense payment details to an open claim coverage.
            • Perform Actions on Payment Details
              A claim adjuster can pay, cancel, or delete payment details for a coverage.
            • Manage Claim Financials
              Provide a consolidated view of all financial items in the Claim Financial component.
             
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