Many people often see these three terms as identical. Although they may be related, there is still a fine line between incidents, claims, and losses. These terms may be confusing and interchangeable; however, for people who have knowledge like those in the insurance industry, these terms are very distinctive.

Incidents to Claims

An incident is an event that may result in a loss of property or damage to property. This could even apply to a person. A good example is when someone got hit by a car due to car speeding or an employee got injured on the site due to equipment damaged by lack of timely maintenance. Normally, the first thing you do is contact 911 or the nearest hospital. Once you get to the hospital and settled in, the next to contact is your insurance provider or your healthcare provider. It is important that when notifying these companies, you provide them with necessary details related to the incident. Although this is not yet considered as a claim for you are just informing your provider on the accident that caused harm to you or your company’s property.

Claims is identifying, controlling, and resolving demand by a person or company to recover losses. The filing is done manually by the boss, the spouse, or the hospital. At this stage, the policy owner would be writing forms and filling them out with repetitive details or information. With the advancement of technology and the ingenuity of software programmers, online tools are now available for end-users to file their claims anywhere in the world. This allows the insurance company or your healthcare provider to cover your payments and costs at its most convenience depending on the agreed policy.

Losses from Injuries

Loss usually comes from injuries and damages. The difference between a loss and an incident is that the former leads to an actual financial loss.

Normally, incidents affect the physical state of the parties involved. As compared to loss which is more of an operational matter and usually attached to business or income. Business owners pay for insurance in order to help with their cash flow. As the economy is unpredictable, owners would rely on insurance in order to have a safety net.

The world has continuously evolved thus much easier to file claims, whether it be an injury-related claim or a loss claim. It can now be done at its most convenience.

Laptops, tablets, and even smartphones now have the capability to file claims which makes the process much easier. A1 Enterprise has helped hundreds of companies by providing better user experience for them. This is especially when it comes to information gathering.

To learn more about filing claims on our software, contact us to schedule a demo!