Re-Inventing the Insurance Claims Management Process

The number one goal for claim adjusters and risk professionals has been to reduce operational costs and increase overall efficiency. Streamlining the claims management process now includes adopting modern technology to create a more flexible, and scalable operation. Paying attention to your business intelligence and analytics capabilities will be an important aspect in creating an effective claims processing system.

Operate with more efficiency
Insurers are now diving deeper into claims fraud through a closer look into trend analytics and being able to identify a pattern. Having a limited visual across each claim opens the door for fraud and reduces your prevention efforts. Diagnosing fraudulent claims early in the claim processing life cycle is a great cost-saving technique. Effectively reducing indemnity costs includes utilizing sophisticated business intelligence tools, automated processes, and upgraded business practices.

Complete follow through in one solution
Legacy claim systems no longer can compete with 21st century business practices. Modernizing your current systems is where you will receive the most value to improve the productivity of your staff. Claims data generates the majority of information integrated into enterprise reports. Analyze your IT systems to see if your existing business practices have become antiquated.

Enhanced user experience
Consumers are now expecting an “on-demand” experience due to the modernizing of the internet and smartphones. A fully assembled user experience is important to meeting customer expectations. Stepping out of the box to make a customized process enhances the functionality and flexibility for your customer.

The return on investment for claim systems updates is dramatically high. Effective analytics can forecast patterns and trends, to give adjuster critical insights faster. Automating every step in the process helps to reduce human error, and increase response time to claim submissions.

As companies look to either upgrade or rip and replace their current system there are several factors to weigh out. Some of them are:

• Will your new system be prepared to be modified for future regulatory shifts? Today’s, well-designed, SaaS solution based claims management software options should equip the adjuster with an upgrade option to grow with the industry.
• Have all business processes been evaluated for updating or automating? Streamlining and automating each process will help in optimizing your transformation initiatives.

Due to the critical role of insurance claims management, any effort to update or customize the claims workflow will require considerable preparation, commitment, and knowledge. In return, the claims transformation process promotes growth, workflow productivity, and a streamlined operation.

Advantages of Using Claims Processing Software

Behind every successful insurance company is a sophisticated automated claim processing software. The software should help to ensure a timely settlement and build positive rapport with clients. Claims management software eliminates human error by automating the entire process providing complete access to claims data records with the simple click of a mouse. A powerful management tool, claims management software helps to analyze and organize data to deal with complex litigation. There is basic functionality that any sophisticated claims software system should possess. Some basic features should include the following: simplified documentation and maintenance, software integration, and an increase of your claims management efficiency, to name a few.

Increased claims management productivity
In order to increase the speed and efficiency of managing claims, the software will manage the claims process beginning with the First Notice of Loss (FNOL) to final settlement. The software should ensure that employees are working to their full potential, by streamlining the claims tracking process. With advanced organization, reporting, data entry, and analytical focus, the software provides for greater transparency throughout the process ensuring that timely and accurate decisions are made.

Seamless Integration
In addition, highly innovative insurance claims software provides for seamless integration with 3rd party software platforms. Providing for collaboration with software such as Microsoft based office products, imaging software, and other various products is a must in today’s vast software marketplace. Complete cohesion between various software products results in prompt, efficient, and more reliable claims handling processes.

Documentation and Maintenance
Aside from the previously mentioned functionality, buyers should also seek a solution that offers simplified and concise documentation and maintenance. It is absolutely imperative that all insurance claims information be stored in a secure and organized database. A powerful search functionality, perhaps one enhanced by Google should be provided for quick referencing when seeking information quickly.

Advantages of Claims Processing Software
What cutting edge does claims software lend your insurance company? The entire claims process can be properly organized and managed in one central location. A few basic advantages of choosing the proper claims management software are: the reduction of human administration error, increase in your company’s productivity, impervious file security, and remote reliable access to all data.

Reduce Administration and Errors
Antiquated claims processing systems still rely upon manual administration, which includes: filing, scanning, and documenting. By converting to an automated and streamlined system your company can ensure error free claims process.

Increase in Productivity
Another advantage of converting to automation is the increase of productivity and speed with which a claim is processed through your system. Claims processing software decreases the amount of time and labor involved, allowing your employees to focus on your most valuable asset-Your Customers!

Remote Access and Security
Always recommend is “cloud” based claims processing software system allowing remote accessibility and secure confidentiality. Choosing a software program built on the foundation of a secure SQL database allows your company to run insurance claim software through any internet browser. The latest development in software technologies ensures sensitive, personal, and financial data remain secure. Reduce your risk potential by choosing software that stores your data safely with encrypted data and multi-level access password techniques. Records can only be accessed by those with the appropriate user id and password, eliminating the risk of unauthorized access.

In conclusion when choosing the appropriate insurance claim software, know that the best software options will reduce the risk of exposure, increase corporate productivity, develop preferred customer service relationships, and reduce claims processing time. The choice is more than just software, as your decisions could potentially differentiate your company over that of the competition.

Selecting the Right Claims Processing System to Reduce Claim Costs

Driving technology into the heart of the process has significantly been brought to the forefront in the insurance software industry. There is now a clear recognition that a modern claims management system can considerably increase the effectiveness of managing claims, reduce time for labor intensive tasks, and increase satisfaction for employees, and claims staff. Selecting the right claims processing system is important to make effective decisions.

The growing demand for quality reporting and a smoother integrated claims processing system is pushing technology within claims departments into focus. Concise and timely data has increased the need for claims staff to forego the traditional spreadsheet approach. A light has now been shined on the traditional administration system to ramp up their functionality needed to manage a claim through its life cycle and to deliver extensive and more robust claim reporting.

With companies now going full speed to improve their workflow process and more effectively manage claims, it has also resulted in claims management system performances to become more intuitive, responsive, and flexible. In this time of rapid change, both in the risks and claims faced, implementing an updated claims processing system has become an important task that requires focus.

There are several factors to consider when selecting suitable claims management software that will increase your productivity and give claims staff the ability to analyze patterns to prevent future accidents. For example claims adjusters will spend most of their day working on the system, reviewing claims, entering data and notes, approving payments and running reports, so the system needs to be user friendly and simple to navigate.

Recognizing that a good insurance claim tracking system can change the landscape and the potential to present inaccurate facts and figures due to manual human error has given an even greater importance to revolutionizing the process.

Key questions to keep in mind during your search are:

• Does their system meets the guidelines?
• Do they focus on streamlining each process?
• Do they display requisite knowledge and have a commitment to research and development moving forward?

Creating an effective process will help to improve accuracy of information entered into the system, that will reduce the amount of manual human error submissions. Creating robust reports and analyzing facts to create a safe working atmosphere will build a safe working atmosphere for employees. Proactive organizations need to be sure they are equipping themselves with the right technology to manage claims process with efficiency.