Claim management and how you make it work are two critical components of any insurance claim.
For the insurer, when a claim arises, it is important to have a hands-on approach to make claim handling as effective as possible. For the insured, how claim management performs often means the difference between a successful claim and an unsuccessful claim.
This article is about the importance of innovations in insurance claim management to provide customers with the best experience.
How to Improve Claim Management in Two Steps
1. Invest in InsureTech
First, technology offers the best answers and solutions. Insurance claims management greatly benefited from the use of insurance technology, or InsureTech.
Examples of InsureTech include:
Solutions that automatically execute the claim processes and improve the time it takes to solve a claim. The range of automation is endless. Examples of automations for claims include a notification via a wearable device of damage to the insured’s property, an email reminder, or auto-notifications.
- Centralized Communications
Centralized Communication brings every piece of information exchanged between agent and policyholder to one location. ‘Centralized Communications’ include any channel that assures effective message delivery between two-parties without requiring several other apps or methods to communicate. A single portal for communication makes the claims process much easier, for both the insurer and the insured.
- Centralized Databases
Centralized Databases speed up the overall process and improve reporting. Because of having all the information in one location, information gathering is faster, and reporting is easier, and the quality of the information is better.
- Client Portals
Client portals improve user retention by allowing employees toggle back and forth to review historical data and past notes on a client.
2. Use Proactive Claim Management
A proactive approach to claim management makes all the difference, by giving the insurer tools to actively reduce the time it takes to solve a claim!
Automation and Artificial Intelligence technology can do wonders for proactive problem-solving. These technologies allow automated answers to solve problems without involving a human.
However, without the correct execution, even the best tools fall short.
A proactive approach depends on the insurer using tools correctly to spot inefficiencies. At the same time, the insurer must have the correct mindset to visualize the future and decide if more complex platforms are necessary. A proactive approach to problem-solving significantly reduces the chances of the claim ending up in a legal battle.
Innovation in claims management
Technology offers a wide range of solutions to improve claim handling. The digital revolution is changing the world of insurance, particularly in claim management.
There is a lot of room for disruption, although InsureTech is currently on a problem-solving path. Evidence gathering, communication, and databases can all be enhanced with automation and artificial intelligence.
Technology keeps improving and showcasing innovative solutions for new problems every day.
Find out how to improve the claim management process by booking a demo.