Insurance Claims Tracking System

Understand and predict claim trends

Whether you self-administer claims or use a third-party claims administrator, Ventiv's claims tracking system gives you control over critical priorities: incident intake, claims consolidation and administration, supervision, and legal risk and litigation management.

Consolidating claims information from various sources provides standardized data for better insight and understanding of the risk your organization faces.

Ventiv's system allows you to track all claim details, including description and causes of the loss, through to the financials. Define your claim types as well as payment buckets, transactional values, and claim payment details. In addition to commonly used claims management fields, client-specific custom data fields are available.

With more accurate, complete, and reliable data you can:

• Monitor claim trends and identify key loss drivers
• Determine the best split between retention and transfer of risk
• Establish optimal reserves and avoid under-reserving
• Promote successful coverage outcomes, including prompt claim payments
• Provide accurate loss history and loss triangles to your actuary for optimal risk placement

Improve incident reporting while reducing costs

With an efficient incident intake process, you can quickly get your incidents and claims notified, which is a key factor in reducing the closed lag time and overall claim costs. Quick reporting also allows for more accurate analysis of trends and root causes. Ventiv captures the information you need with dynamic question sets to ensure maximum accuracy of the submission.

Since incidents are immediately available for investigation, administration, reporting and analytics, you can make corrective actions faster to prevent similar incidents and reduce costs.

Increase the impact of your legal and service provider

Create a single system for analysis and risk reporting by linking litigation information with incident, claim, safety, policy, and exposure data. Our claims tracking system provides an enterprise-wide view of critical legal data and improve high-level decision making.

With our insurance claims tracking system, all of your legal and litigation data in one platform, you can segment and evaluate information from virtually every angle. Now you can analyze data by business unit, product, exposure, law firm, or matter type.

Monitor a range of key performance indicators regarding your legal resources, TPAs, and service providers to improve your organization’s profile and drive down costs.

Identify “jumper” claims early and mitigate costs with preventive action

“Jumper” or “sleeper” claims account for 40% of the $60 billion paid each year for workers’ compensation benefits. With Ventiv's insurance claims tracking system and AI-powered, predictive analytics, you can now integrate multiple sources of both internal and third-party data to predict how a claim is likely to unfold.