Knowledge is power in Insurance Claims Management. In other words information, is the most valuable asset for any company. Losing data whether temporarily or permanently, can be anything from a headache to a lawsuit.
Cloud Technology is an extensive and powerful answer that provides security information especially for sensitive data.
For InsurTech, cloud technology is fixing challenges for storage, dependability, and readiness Granular Analytics and Insights are a byproduct of cloud technology and a mere possibility of what this cloud architecture can accomplish.
In this article, we will learn about cloud technology what it is suitable for, and why you should be more trusting of the cloud than physical records.
What Is Cloud Technology and How is it used in Insurance Claims Management?
Cloud Technology or Cloud Computing refers to a technology that makes IT resources ready on demand. This means “when you need the software, the software will be there.” Cloud computers replace owning and maintaining data centers.
Cloud computers give users access to storage, files, software, and servers through the internet. This means storing and accessing data and programs over the internet instead of a hard drive, therefore anytime, anywhere.
Businesses of any size using cloud technology can become more extensive, leaner, and agile without spending much money.
What Are the Benefits of Cloud Architectures for Insurance?
There are many benefits that come from Cloud computing or Cloud Technology for the Insurance Industry:
1. It’s a More Efficient for Insurance Claims Management
Moving to the cloud makes systems available everywhere there’s an internet connection. That means that no one needs to take care of emailing anything. Everyone sees the same; everyone’s on the same page. Therefore, claim handling can be more organized and end up in faster outcomes.
2. It Saves Money
Moving to the cloud makes systems available everywhere there’s an internet connection. That means that no one needs to take care of emailing anything. Everyone sees the same; everyone’s on the same page. Therefore, claim handling can be more organized and end up in faster outcomes.
3. It’s Instant
Cloud computing reduces the resolution time of claims dramatically since there’s instant access to essential data, like reports and evidence.
4. It’s a Unique Source of Information for Everyone
Instead of wasting time in briefing meetings, claims management Software receives and therefore shows all the information available in each case, claim, or resolution for everyone involved.
5. It Generates Trustable Reports and Insights
An effective claims management software organizes claims related information in easy-to-process dashboards and generate powerful reports. Having everything in the cloud and under the umbrella of one system that centralizes the data, provides the ability to generate granular insights and reports ranging from benchmarking performance to financial operation in claims.
6. It’s Easily Scalable
You add resources and tools as you go and as you need them. So, if you calculate fewer claims than you end up working with, the system is easily adaptable. This is because all resources are already on the internet, and all a developer needs are to expand on them. There’s no need to build the entire thing from scratch.
7. No Hardware Needed
With cloud services, there’s no need to buy hardware. Internet access from a computer, a tablet, or a smartphone will let you access the software or data you need.
8. Creates the Space for Better Customer Service
With cloud services, there’s no need to buy hardware. Internet access from a computer, a tablet, or a smartphone will let you access the software or data you need.
9. There’s better security for insurance claims management
Since the product is in the cloud, security is not up to the client but to the developers. That being the case, cloud architectures have more protection than any architecture for end users. Two-step verification, automated notifications, and messages make everything easier.
10. There are System Backups or Points of Recovery
Cloud services constantly make backups or points of recovery of the data the system has accumulated up to X point in time. If the system were to have some issue where it lost all its information, the backup would be there, and almost nothing would be lost. It’s important to highlight that no backup is 100% bulletproof, but cloud systems are more secure and dependable than a file cabinet or a single file in a personal computer. A backup that’s stored on the internet is potentially everywhere.
Why Is Terra Different Thanks to Cloud Architecture?
Terra is a claims management system that runs benchmarks, reviews claim history and performance, manages policies, and tracks compliance. One thing that makes Terra unique is that it was born in the clouds.
Terra is cloud-native, which was conceived with cloud architecture in mind. So, it’s easy to scale, expand on features, more accessible to update, and easier to get to the end user. Plus, having no legacy system behind it, everything is easier to integrate, and there’s nothing to fix and refix. Terra constantly changes because it’s continually updated, giving users more features and a better experience.
Terra depends on no file cabinet, whether that’s physical documents or digital documents. Terra uses the databases the insurer provides. No hurricane, earthquake, or natural disaster will modify, delete or damage its databases.
Terra also has Ancillary Services available, which resolve Workers’ Compensation claims much easier and faster because the insurer gets a database of health service providers.
But that’s not everything Terra does differently. Find out more!
