How to Process Reinsurance

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Reinsurance is a complicated arrangement between insurance companies that share the responsibility of paying for claims. These companies also share the money coming in for premium payments. This often makes it difficult to assess which company will be paying for the policies when it's time to process these claims.

  • Get all of the available information about which insurance companies have an agreement for sharing policies. Copies of the specific agreements can be beneficial.

  • Organize the policies by the type of policy. This will make it easier to process each type all at once.

  • Look at the reinsurance policies to determine what the rates are. These are often decided by several factors, including whether the provider is within a preferred network and the age and smoking status of the patient. After determining the rates, read the treaties of each policy. This will outline what procedure is required to bill each policy.

  • Use a spreadsheet or another form of organization to make it easier to see which reinsurance policies have been processed and which ones have not. Some companies have their own software to organize the policy information. There are also programs and software available for comparing the policies.

  • Keep everything organized and create a regular report on how the processing is proceeding. Many offices do this on a monthly basis. This report can then be compared to the reports from other months to let you know how well your system is working.

Tips & Warnings

  • If the policies are not getting settled in a reasonable amount of time or if some are not getting filed at all, the organizational system will need further work.
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