Starting from the top, insurance claim management is a term used to describe the process that takes place once a claim is filed. It involves guiding the insured from point A (claim) to point B (resolution) whether that includes payment, or if the claim is approved or denied.
Process is everything when it comes to managing claims. If an excel sheet is a vital part of your system, that is a big red flag!
Excel limits users from fully analyzing data and often forces people to work on a split screen or in multiple tabs. This reduces response time and is a constant distraction.
Claim management software exists to solve all these problems and more!
How can you get started with Claim Management software?
If you are the kind of person who needs reminders, calendar notifications, or has notes all around your monitor, you will want to start with setting up automations!
Automations are programmed once, and they are executed as soon as the conditions are met. For example: “Notify inexperienced users” can be an automation. Whenever you sign up, you get that notification because the conditions set are met.
This saves time and allows you to focus more on other tasks and less on reminders. It also gets rid of distractions and lets you concentrate on clients.
Next, artificial intelligence and machine learning work to gather information about your claims.
- What kind of claim is most common?
- How does it usually get solved?
- How much do claims of the same type typically cost?
Easy access to information saves time and helps you make smart decisions based on actual data. Pair this with easy reporting and your claim management system will be unstoppable!
The best tool for the job
Terra is a claim management software that will help you and your company to be more organized and efficient. Provide your clients world class service while keeping things simple in the office. You bring in the claims, Terra does the heavy lifting and process workflows.