Hurdles to Efficient Claims Management

Griffin McGahey is the VP of HC3, a tech company in Birmingham, AL, focused on streamlining and improving customer communications for its clients. Additionally, Griffin McGahey is the CEO of pay.claims, a service company that provides claims payment technology for the insurance industry.

Claims payment is a challenge for all insurance companies, as it can be difficult to manage efficiently. One of the biggest hurdles in claims management is high operational costs. Cases of fraud, manual processing, and claims leakage all contribute to these high costs.

Another challenge is the complexity of the tech frameworks that many insurers use. The sheer size and scope of their systems aren’t conducive to fast and coherent upgrades in a world that’s changing very quickly.

Last, a constantly evolving regulatory climate is difficult to adapt to for big organizations. There are complex legal processes that, once established, are difficult to reorganize if they become obsolete overnight.