Processing insurance claims has always been paper-intensive with multiple entities requiring access to the information. RiskVault eliminates the hassle, speeds the process and reduces costs significantly.

The Problem
New technologies have made communication faster, data entry quicker and the workflow less people-intensive. But even computers have not made a true reduction in the amount of paper documentation that needs to be secured, transported, updated, duplicated and shared for each claim file. This problem is magnified when claims are outsourced to multiple TPAs or Independent Adjusters.

Moreover, the claims process itself has remained virtually unchanged.

The result? A patchwork of automated claims processes and manual procedures that cannot keep pace, and even limits the exchange of information. The cost of the resulting bottleneck can be immense.

Based on the number of entities involved, a block of 10,000 claim files can easily become 170,000 duplicated documents by the time the claims are settled. In fact, it is estimated that the cost to process and move the paperwork for these claims is approximately $2,000,000.

The MFX RiskVault Solution
RiskVault is an independent Web-based paperless claim file system that consolidates all documents and data associated with a claim in a single, secure location—the VaultPacket. Through the VaultPacket, claim file documentation is available on-line and easily obtainable.

The result is an instantly streamlined process that drops the cost to manage the “paperwork” for 10,000 claims from $2,000,000 to just hundreds of thousands...a potential savings of well over $1 million dollars.

RiskVault requires little more than a computer with Internet hook-up. Files are easily accessed and the need for training is minimal. It accepts and catalogs all documentation associated with a claim, including photos, sound and video files. All participants, however, are not entitled to view all parts of the paperless VaultPacket file. A powerful, unique feature of RiskVault is the ability to limit the type of information to which the different parties working on the file have access. We utilize multi-tiered security nodes to allow the originator of a VaultPacket to limit access to the file based on the party’s need-to-know basis.

Who Uses RiskVault
RiskVault participants range from major insurance carriers, risk managers and brokers who already utilize sophisticated information technology (IT) systems, to claims service providers and other vendors who may be sole proprietors with little or no IT capabilities. In between are a myriad of participants including claims service companies, lawyers, agents, contractors, etc., each with varying IT sophistication. For those service providers without systems, RiskVault becomes their on-line claims file system — instantly.

With RiskVault, claims move through faster so indemnity payouts are potentially lower. Document duplication is eliminated. And staff is freed to manage claims, not paperwork.

Tech Basics and Support
RiskVault is a standardized solution that can be quickly and economically implemented. Built to ACORD XML standards, it features the ability to import/export files to and from legacy systems and delivers seamless data transfer resulting in leaner, faster, more accurate claims management.

A secure Internet connection is assured. Each MFX product has its own specific security system to secure information and transactions against unauthorized access. A 24/7 help desk and knowledgeable Account Executive further support your RiskVault users.

In the unlikely event that the MFX processing facility is impaired, our disaster recovery plan targets having all client sites available within 48-hours. Daily backup and recovery is provided, along with a weekly full-system dump with all tapes sent offsite to MFX’s storage facility.

Customization
RiskVault deploys an 80:20 strategy — 80% of the solution is generic and the remaining 20% is customized to specific needs, including integration with legacy systems. This allows you to take advantage of eBusiness technologies quickly without the cost of doing your own development.

We also offer specialized customization services that allow you to “white label” RiskVault to your company’s requirements.

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