FastTrack, a US-based provider of life and disability insurance solutions, has unveiled its newest product offering, which will help carriers and providers in the marketplace.
The new PTD Auto-Recertification Solution allows carriers to benefit from digitised claimant statements with trigger questions and low-code/no-code implementation methods. The service requires little to no IT support from carriers during the implementation process. The insurtech’s solution, on the other hand, may quickly transition from implementation to production mode by providing basic Personal & Disability Information (PDI).
FastTrack, which was launched in 2014, offers digitisation, automated claim document collection, administrative pathways, and occupational matching among other services. It accomplishes this with its cutting-edge technological platform, which combines next-generation robotics process automation (RPA), intelligent barcoding/OCR, and artificial intelligence (AI)
The New Jersey-based insurtech is currently the industry’s premier full-service technology platform in the Life & Disability insurance vertical.
FastTrack has designed PTD Auto-Recertification Solution to enhance its automation services
FastTrack’s Digital Automation technology, which includes Digital Barcoding, OCR/ICR document scanning, RPA, Customised Business Rules Engine, Occupational Matching, custom letter generation, and automated follow-up information.
FastTrack’s technology can trigger auto-adjudication within the PTD Auto-Recertification Solution once a claim adjudication decision change is discovered using pre-defined carrier business criteria.
According to data, the new PTD solution will automatically recertify over 90% of PTD claims without the assistance of a claim examiner. This automated procedure ensures that all PTD claims are recertified in a uniform manner.
“Our suite of products and services helps insurers triage and fully understand their risk management options, drives process automation, and makes possible comprehensive data collection and analysis to establish best practises for the life and disability administration processes,” said Paul Taylor, COO and Industry Subject Matter Expert at FastTrack, speaking about the new product launch. Our main purpose is to assist claims adjusters and underwriters in making consistent, repeatable, straightforward, objective, and defensible benefit and employability decisions.”
“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 over the previous 12 months,” he stated.
“In every case,” Taylor continued, “the outcomes have been spectacular, both in terms of increased decision-making precision and the carrier’s limited resources support.” FastTrack’s ‘PTD Auto-Recertification Solution’ has uncovered 12-15 percent incremental recoveries over and above the Carriers Current Risk Management Outcomes on average.”