Within Group Long-Term Disability (LTD), claim professionals are aware 30-40% of short-term disability claims (STD) will transition into long-term disability claims (LTD).
As this transition occurs, it is essential to reassess the claimant’s functional capacity and overall disability profile early in the LTD claim’s lifecycle to determine if they can perform their ‘Own Occupation.’ If their claim journey progresses, it will become necessary to decide on the claimant’s ability to perform ‘Any Occupation.’ This change in policy definition usually occurs after 24 months of ‘Own Occ’ coverage.
As part of this lifecycle, identifying and risk managing the right claim at the right time can be challenging yet critical to keeping claims staff focused on supporting the claimant–during a difficult time in their life–with securing a meaningful occupation that sustains their livelihood.
Group carriers utilizing FastTrack’s Digital Automaton Technology are collecting critical claim data and building comprehensive disability profiles so claim examiners can efficiently validate a claimant’s disability status according to their carrier’s policy language and risk management guidelines. As part of this process, FastTrack’s proprietary Automated Occupational Matching technology provides occupational adjudication guidance that aligns with the Department of Labor Occupational Libraries (DOT and O*Net). Further, our Automated Claim Triaging Pathways ensure a claim is assigned to the appropriate staff member for handling at the opportune time.
Leveraging FastTrack’s technology leads to:
✅ More efficient claim outcomes (i.e., 30-40% less handling time)
✅ More informed, objective risk management decisions that improve actuarial reserves by 10-20%
✅ A 5-star claimant experience that includes an “opt-in” digital claims journey
Want to learn more about how FastTrack powers over 15 carriers, helping them achieve AUTOMATED “In Good Order (IGO) Claims” by utilizing an agile, low-code, cloud platform?
