Insurance Claims Management is one of the most crucial function the industry performs. However, the complexity of managing a claims environment with multiple systems and manual hand-offs can cause multiple errors and delays that can cause irreparable harm to customer relationships.
Claims Management Software simplifies the claims process and helps insurance organizations in providing a better experience to customers, employees, agents and third parties. It presents an innovative solution to meet common industry problem such as improving claims service while reducing costs. Claims Processing Software combines multiple types of claims settlement in a single system. It focuses on empowering financial services companies to increase productivity and reduce operational costs. The software ensures accurate and consistent claims decisions, improve service levels and reduce backlogs.
It allows receiving initial notification from a variety of sources, including mail, fax, email and call centre. It records notification details and can vary by type of claim. This provides insurers with a complete list of policies linked with the claims and also claims history. Claims Management Software automates or manually route the claims application to an examiner or other claims professional based on configurable business rules.
The insurance claims management offers support for defining parties and designations, information requirements ordering and tracking. It comprises business process management capabilities that allow companies to manage workflows easily and respond to changing business dynamics.
The claims processing software support all claim types in a single system providing companies with the opportunity to improve productivity, reduce training time and access consolidated claims data for better management reporting and fraud detection.
Further, it facilitates multiple industry functions making the entire cycle smooth and quick.
Functions of Insurance Claim Management Software
The key functions of insurance claim management software are:
Comprehensive Dashboard – A comprehensive dashboard saves a lot of processing time. On a single dashboard, claim handlers can see all the relevant information. It makes it easy for the insurers to figure the products a customer does not have, making cross-selling simple.
Grants Control of On-Boarding – Using Claims Processing Software, the claims handling team can make a questionnaire with a feedback form for each product. This will assist them to have control of the onboarding process and enable them to monitor the customer's claim journey. The user-friendly tool also allows users to evaluate how clients and customers receive the claims process and provide opportunities to further streamline things.
Reminder Function – The reminder function enabled in the insurance claim management software display designated notifications to help claim handlers process claim cases smoothly. The timely reminder alerts the user and helps them meet important deadlines and achieve the targets.
Swift Dialler Integration System – The swift dialler integration system saves processing time on each call. This allows dealers to manage more claims in less time. It even enables them to access multiple claims from the dialler system.
Automated Correspondence Generator – The auto-generator feature increases the work efficiency by automatically generating all the correspondence including SMS, emails and chaser letters. It automates messages and schedules follow-on-actions without requiring any manual input from the users. It provides an integrated platform that helps in maintaining effective communication and task-completion.
Easy to Search – A claim management software provides users with a comprehensive search tool that facilitates searching any piece of information or data within the entire claim. It presents all the details such as names, addresses, policy numbers, contact details, instantly. The search function saves a considerable amount of time by speedily and easily finding claims data.
Central Database – All the files and information are stored in a centralized database. Using claims processing software the claim handlers can gain spontaneous feedback and communication by obtaining files and documents via a shared platform.
Advanced Reporting – The claim management system generates reports using which the insurers can monitor performance and assess progress. An authentic reporting tool provides all the relevant information. It even assists users to take actions on the feedback. It helps to determine the corrective steps necessary to maximize productivity and profitability.