TPAs feel frustrated because often the insurance claims process for emergency medical lacks support from family doctors and destination hospitals, insufficient information to finalize the claim.
The Current Travel Claim Experience Pain Points
Claims processes are often characterized by delays, manual input and human error.
Expectations regarding speed of service are increasing due to the rapid advancement of consumer technology.
How to leverage blockchain technology to streamline the claims process by automating touchpoints from FNOL to claims payment.
Swift Portal is a centralized platform that addresses areas where a TPA would experience the most friction in the journey of processing a new claim.
In this project, representatives from 4 insurance companies collaborated to understand the current medical travel insurance claim process, identify the pain/delay points within the process, and co-created a TPA Portal MVP called "Swift Portal" by leveraging blockchain technology.
The Balsamic app was then used to create the initial wireframes used as reference for the atomic prototype.
When the 911 operator enters the policy number in their search, it will kickoff the claims chain by notifying the insurance company that a new claim has been started. Status initially set as N – in transit.
All claims records in the swift system can be seen by the insurance company and the hospital.
On his arrival at the hospital, the patient’s identity is verified in triage.
His policy details and treatment guidelines are viewable by hospital staff.
TPA can continue to monitor the claim and upon close automatically authorize and send payment.
Brings improved data quality through new digital tools
Immutable data, ensuring trust between parties
Launches a digital process that reduced cycle times by up to 50%
Increases profitability for all the stakeholders
During a 4 weeks period, representatives from 4 insurance companies collaborated to understand the current medical travel Insurance claim process