Are you considering moving your time-consuming manual claims process to an automated system? If so, you need to choose the right solution that directly addresses your specific claims goals.
Switching to software, that helps your company save time and money, will depend on a series of factors. However, sometimes users are not familiar with IT environments and it is a challenge to think about moving their current process into a cloud-based application.
In addition, 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 manage the entire life cycle of claims.
The goal is a faster resolution. 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 any software:
Question 1. Is It Cloud Based?
In the first place, cloud environments are necessary. A cloud-based software allows access anytime, anywhere if there is an internet connection available.
On-line solutions especially facilitate the whole Claim Management process and simplify 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 location, saves you the trouble of going back and forth between documents and needing physical storage places that clutter offices.
In addition, A digital platform will store certificates of insurance and legal documentation, as well as providing notifications and filter options to help find what you are looking for more easily. Being able to classify information using tabs makes data easier to find 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 additionally 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 lifecycle. This is especially important when setting up reminders of deadlines and communication between involved parties. Automation capable software will free time for your team to focus on customers and achieve your company’s goal.
Automations are win-win, while the insurance provider improves productivity, 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. Furthermore, workflows, attachments for insurance certificates and traceable features for the communication process are necessary if you want to speed up the process and reduce the cost of claims resolutions because of 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 our biggest source of knowledge and allow comparisons between periods of time, payments, and outcomes. Intuitive dashboards and reports will consequently help you predict the number of claims, money, and people involved in occurrences, and how much you will spend on indemnification.
The Final Step for Your Check List
In conclusion, now that you reviewed the 5 key elements that any Claims Management Software should have, the next step is to try different options.
Test any software before your ultimate decision. In other words, user friendly features are a plus that you always need to search for to make software easy to adapt and combine with your current process.
In fact, you can navigate through our platform guided by one of our team members. Contact us here and set up your demonstration today.