5 key questions to ask when considering a Claim Management Software
Are you considering moving your time-consuming manual process to an automated system to support faster and more accurate claims processing? If so, you need to choose the right solution that directly addresses your specific claims goals.
Switching from a manual process to a software that helps your company save time and money will depend on a series of factors. Sometimes, users are not familiar with IT (Information Technology) environments and is a challenge to even think moving their current process into a cloud-based automated application.
At TerraClaim we know the huge benefits that digitalization of claims management will bring to any company, so we prepared a quick checklist to help you in the selection process.
There are five fundamental characteristics that any claim management software should have to efficiently manage the entire life cycle of claims. The goal that you should consider is a faster resolution in the claim process that will help in quicker outcomes and reduce cost involved with claim related operations. So let´s get started with 5 key questions you should ask when reviewing a Software:
Question 1. Is It Cloud Based?
Cloud environments are necessary. A cloud-based software allows access anytime, anywhere if there is an internet connection available.
On-line solutions facilitate the whole Claim Management process and simplify the connection between involved parties.
Not only do they guarantee access everywhere but the software has a secure environment that ensures encryption of data, and a backup system to protect valuable information.
Question 2. Can It Store All the Information in One Place?
A fundamental aspect of any claim management software is its ability to store all your information in one place.
Having insureds, vendors and claims data in one unique location, saves you the trouble of going back and forth between documents, having physical storage places that clutter offices. A digital platform will storage certificates of insurance, legal documentation and notifications always brings the option to include filters abilities. Being able to classify information using tabs makes data easier to find it in the future. Also, this information can be channeled into useful reports and dashboards for easy visualization.
Question 3. Are Automations Available?
The ideal software will speed up processes by automating time-consuming daily tasks. Features like Artificial Intelligence allow the user to rely on technology to process and handle claims life cycle. This is especially important when setting up reminders of deadlines and communication between involved parties. An automation capable software will free time for your team to focus on customers and achieve company’s goal.
Automations are win win, while the insurance provider improves productivity and the insured is guaranteed to be updated step by step on the status of their claim.
Question 4. Does It Have a Channel of Communication?
Better communication leads to better relations and faster claims resolutions. Make sure the platform you are looking into allows for streamlined communication. Workflows, attachments for insurance certificates and traceable features for communicational process are necessary if you want to speed up the process and reduce the cost of claims resolutions due to a quick outcome.
Question 5. Can The Software Generate Reports?
The correct analysis of your company data will allow a better understanding of your operation, numbers, client’s behavior and claims process. Reports are the biggest source of knowledge and allows comparisons between periods of time, payments and outcomes. Intuitive dashboards and reports will help you predict the number of claims, money and people involved in recurring occurrences, and how much you will spend on indemnification.
The Final Step for Your Check List
Now that you reviewed the 5 key elements that any Claims Management Software should have, the next step is to try options.
Tested and try any software before your ultimate decision. User friendly and easy to use features are a plus that you always need to search for to make to software easy to adapt and combined with your current process.
At TerraClaim, you can navigate through our platform guided by one of our team members. Contact us here and set up your demonstration today.