Technology is a key driver to the insurance claims industry—at least for companies like Fourseventy Claims, who embrace technology and adapt to its always-changing standards. Today, every aspect of the claims management business revolves around and requires engaging some sort of technology—both old and new. And those who are experienced enough to accurately weigh the risks and benefits of new bleeding edge advancements will be rewarded by setting themselves ahead of the competition. 470 Claims prides itself on being able to expertly navigate new technology trends to be on the brink of each cutting edge process.
For Fourseventy Claims, we rely on new technology to impart time savings and reduce redundancy in our business. Customer interaction and involvement in the claims process is a new key focus in our industry. This has led to advancements in handheld video and voice communication technology. It is now being heavily utilized to streamline the claim process with the Insured and the Carrier—ensuring that all parties involved are on the same page. Business intelligence and data visualization have also greatly improved our ability to proactively modify our processes and workflows. Without these tools, we would be forced to make myopic decisions based on historical events, rather than seeing issues before they arise.
As the insurance industry continues to evolve, we have begun empowering adjusters and field staff with handheld devices and software that will automate the claims handling process. One of the biggest hurdles we face as an IA service provider revolves around the amount of time it takes to complete a claim. With the aforementioned devices and software, we can drastically reduce this time by 40-50%—and it shows. 470 Claims already has cycle times as short as 5 days—that’s days faster than our competitors. It’s just one way we are leading out with the technology our industry uses.
So go ahead, you can call us techies—we don’t mind, because we know the power of technology. And if you give us the chance to show you the 470 Claims difference, we have a feeling you just might want to be called a “techie” too.