What is claims management process?

Any company that leverages a distributor network to operate multiple trade portfolios have policies and measures for distributors to get reimbursed for all their brand-related expenditure. The distributors submit their claims to the companies every month for settlements. Given these are high-value tickets, they require comprehensive verification, validation, and timely processing for settlement. This entire value chain falls under claim management.

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Why is claims management important?

The claims have to be settled on time, otherwise, the channel partners may find their working capital blocked for no reason leading to business implications. Furthermore, the correctness of the lodged claims has to be verified before settlement and proper documentation has to be in place for audit trails.

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Why should companies outsource claims management?

The outsourced model is effective as it ensures business process continuity. Furthermore, the outsourced company can be expected to carry deep expertise in the domain to scale and handle all touchpoints of the value chain. The vendor/service provider will add value by simplifying processes, deploying relevant technology to automate, minimise errors and efforts, and improve the productivity of the whole system.

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