What are the benefits of using Claim Management Software?
In the insurance industry, success in Claim Management is as important as having the right ingredients when you are cooking.
Regardless of the type of insurance, managing claims is unavoidable. When the insured files a claim, it must go through the complex process that involves evidence gathering, coverage analysis and, finally, restitution.
There is a way to make this process fast, cost effective, and even automated. Therefore, liberating insurers to focus on bigger tasks! The best way to achieve this streamlined solution is by using Claim Management Software.
Keep reading and find out how you can benefit from automating your Claim Management and how you can easily implement a software solution to your current process.
What is Claim Management Software?
Let´s start from the basics, a Claim Management software is a digital platform tailored to the insurer’s needs. Its primary purpose is to streamline claims to have a fast and efficient outcome.
One of its most notable features is the offering of cloud-based solutions that enable access to the software on any computer with an internet connection. Any insurance company that uses Claim Management Software will benefit from its ability to manage the entire Claim lifecycle, from its first filing until it is closed in one centralized location.
Claim Management Software is developed with efficiency in mind, automating substantial portions of the workflow process. The result? Faster resolution times for Claims, less expensive Claims outcomes. What users immediately report is a constant reduction in operational burdens associated with managing claims with paper. By providing clear information to policyholders, ensuring key documents are processed and filed, and expediting any claim assessment procedures, efficiency is present all the way.
What are the Benefits of Claim Management Software?
As we have seen, some of the main benefits of this digital solution is the ability to organize and see patterns in types of claims, filling, status, locations, and build comprehensive reports on these variables. To sum up its main capacities, there are 6 key improvements that come from implementing Claim Management Software:
- Fraud Prevention: Claim Management Software allows for a comprehensive view of claims, making it easier to spot inconsistencies and an early detection of potential fraud.
- Improve Processing Efficiency: Automations play a significant role in efficiency. By automating notifications, reminders, and document request, the time spent on a claim is reduced considerably.
- Reduce Costs: Comes because of improved efficiency. The faster a claim is solved, the less it costs.
- Improve Customer Experience: Having a unique channel to upload documents and communicate with insurers makes the entire process easier within the communicational workflow.
- Centralized data: Having Claims, vendors, insureds and all their documents in one place, avoids the time-consuming task of going back and forth manually, saving time and money in the process.
- Accuracy: A software can detect errors much more easily than the human eye. This is due to integrated Machine Learning and Artificial Intelligence that present accurate information to easily run reports and complete views of status situations.
How does Claims Management Software work?
The ultimate purpose of any Claim Management Software is to help speed up the process of a claim and indemnify the insured as quickly as possible. For that to happen, there is a series of steps that must be followed.
At TerraClaim for example, we make sure that these 3 golden rules are met:
- Speed-Up Communications: After the insured has filed a Claim, it reaches the insurer. That is when Claim Management Software comes into play. The insurer logs the Claim into the software and can communicate with the insured in a unique channel, where all the information can be stored in the same place.
- Upload evidence to have information centralized: The insurer must gather the evidence supporting the claim. In this stage, they will upload all the documents with the evidence within the software. The platform will set up automatic reminders and notifications if more documents need to be uploaded or updated.
- Manage the Claim Lifecycle: Lastly, the insurer must settle the claim with the insured. Insurers can easily achieve this by consulting all the documents in the centralized storage of the software. Because of having added this information, the insurance claim management software will allow the insurer to generate comprehensive reports. Thus, he will be able to analyze how claims behave during prolonged periods of time and arrive at conclusions that help further optimize management.
Claim Management Software like no other
In today’s complex business world, it has become more important that Insurance Companies handle their process with some form of technological solution to avoid mistakes and risks.
Their goal is to help organizations become more efficient and organized. If properly executed, these features will allow companies to offer a higher level of service with less overhead.
TerraClaim is the claim management solution that provides a world class service while keeping things simple in the office. You bring in the claims, TerraClaim does the heavy lifting and process workflows.
Request a demo today and see it for yourself!