FastTrack launches new PTD Auto-Recertification Solution
The US-based Life & Disability insurance solutions provider, FastTrack has announced its latest product offering which will assist carriers and providers in the marketplace.
Called the PTD Auto-Recertification Solution, the new product enables carriers to take advantage of digitised claimant statements with trigger questions and low-code/no-code implementation processes. The service requires minimal to zero IT support for the implementation process from carriers. But by providing basic Personal & Disability Information (PDI); the insurtech’s solution can swiftly transition from implementation to production mode within weeks.
Founded in 2014, FastTrack’s offerings include digitisation, automated claim document collection, administrative pathways, and occupational matching processes. It delivers these solutions via its innovative technology platform that uses next-gen Robotics Process Automation (RPA), Intelligent Barcoding/OCR, and Artificial Intelligence (AI)
Currently, the New Jersey-based insurtech is an industry-leading full-service technology platform in the Life & Disability insurance vertical. It automates critical elements of the claims adjudication and new business application process, helping carriers improve the accuracy of claims and underwriting decisions.
FastTrack has designed PTD Auto-Recertification Solution to enhance its automation services
According to reports, once operational, FastTrack's Digital Automation technology, consisting of Digital Barcoding, OCR/ICR document scanning, RPA, Customised Business Rules Engine, Occupational Matching, custom letter generation and automated follow-up 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.
Once a claim adjudication decision change is identified, with pre-defined carrier business rules, FastTrack's technology can then activate auto-adjudication within the PTD Auto-Recertification Solution.
Data suggests the new PTD solution will automatically recertify over 90% of the PTD claims with no claim examiner involvement. This automated process ensures all PTD claims are recertified consistently, positioning carriers to reallocate PTD claims examiners to other needed claims activities.
Speaking about the new product launch, Paul Taylor, COO and Industry Subject Matter Expert at FastTrack, explained, "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.”
He continued, “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.”
Taylor added, “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."