BANKING AFFAIRS

Detailed explanation-1: -Claims representatives work for insurance companies to settle claims through the evaluation of facts of a customer’s situation surrounding their claim. They are responsible for determining whether the loss is covered and what compensation should be.

Detailed explanation-2: -An insurance customer service representative manages insurance company inquiries, resolves service problems, documents customer requests, and finalizes policy adjustments. Additionally, they assist insurance agents and sales representatives in resolving customer complaints.

Detailed explanation-3: -Handles routine billing inquiries from patients, third party payors and other hospital staff; Uses computer applications or other automated systems such as spreadsheets, word processing, calendar, e-mail and database software in performing work assignments.

Detailed explanation-4: -The insurance company reviews the claim for its validity and then pays out to the insured or requesting party (on behalf of the insured) once approved. The non-life insurance industry is witnessing shifting trends across policy administration, and claims-the two core functions in insurance.