The life claim process supports individual and group whole life, and term life claims to assist in managing the activities and payment options required to process a claim. In any life claim there is a list of documents that needs to be collected and validated before payment is completed. The ClaimVantage Solution uses business rules to identify required documents, and create activities to ensure that all documents are collected in advance of any settlement.
The ClaimVantage Solution supports multiple payments, interest rates, deductions and adjustments required to manage the payment process. All of these payment calculations are processed using rules defined by the carrier and are implemented by the Administrator.