By Brynne Ramella, Marketing Manager, ProNavigator –
Claims reimbursement is very important to your insurers. This puts a lot of pressure on your editor. Traditional insurance claims processing involves adjusters working on a lot of paper. Relying on manual methods or identified software can lead to incorrect reporting, incorrect wording, or missing documents.
If your organization is starting to experience these issues, it’s time to upgrade your claims management program. In this article, we will outline the business needs you should consider and what you should prioritize before purchasing a new system.
Things to Consider Before Buying Application Management Software
Claims management solutions are not a complete technology. You need to make sure that you choose a tool that fits the unique needs of your business. Before you start searching for software solutions, ask the content of the following questions. The answers you get can help you order the content management software you’re looking for.
Do you need on-premise or cloud software?
Home software is installed directly into your internal IT system. Cloud applications are stored, managed, and accessed through the cloud. There are advantages to both options.
Home systems are often flexible and cloud-based applications require minimal IT infrastructure. Talk to your IT department and determine which option best fits your current application.
Which systems should you include?
Consider adding additional software that your claims department uses on a daily basis, such as your insurance information management system. Make sure your new solution is compatible with existing tools. A complaint management tool may look good on paper. But if it doesn’t integrate with the tools that editors use, you’re making their jobs harder.
What are your growth goals?
Make sure you are aware of any plans to expand the lending department in the coming months. If your department plans to hire additional staff, choose a software solution that can accommodate more users.
What kind of insurance plans do you offer?
The lines of insurance you offer may depend on the claims process you take. Some vendors will offer customized solutions, but others may focus on specific lines. Talk to the vendors you are considering and make sure they are compatible with your company’s insurance offerings.
What Things Should You Look For in a Claims Management Program?
Considering your business goals and needs is the first step to finding the right way to run your business. The next step is to make sure that the tool you choose can work the way you want it to. Here are some of the things you should look for in the litigation process.
Full Notice of Loss (FNOL)
The goal of the claims management system is to make all claims process as quick and smooth as possible. One way to speed up the process is to choose a solution that has the FNOL feature. These solutions can determine the total loss in FNOL with images only. Moderators can quickly determine the next steps in a negotiation with something like this.
Easy Application Submission Process
Customers expect digital experiences – the insurance customer experience is no different. Your insurers want to be able to file their claims easily. Look to choose a tool with a simple and mobile-friendly customer site that makes the process easy for users.
Risk Assessment & Fraud Detection
This is a very important function in the complaint resolution process. A risk assessment and fraud detection feature help developers better assess potential incidents and manage fraud claims by verifying information from a variety of sources. This will allow your customers to be reimbursed faster.
Go with a solution that uses spreadsheets and the manual work associated with traditional claims. An automated complaint resolution system powered by artificial intelligence can speed up the processing time for existing cases. Moderators will also be able to review information about past claims all in one secure location.
Managing complaints is a burdensome process for your editors. But with the right software, you can use that knowledge to your advantage. Choose a tool that provides comprehensive reporting and analytics that you can use to improve your turnaround time, customer service, and business policy.
The claim tracking service allows you to manage data management for all incoming claims. You will be able to track losses, explain types of claims, and provide customer-specific data. When you have a solid understanding of what’s said, you’ll better understand the threat your team is facing.
While insurance companies are facing pressure to go digital, no department is more affected than claims. Insurers want to be able to be reimbursed for their claims digitally. Look for a plan that offers multiple payment options and has the highest level of security. Train your call agents on the platform so they can provide a personal connection to those who want to take action.
Improve employee efficiency and customer satisfaction through the use of a Claims Management software
Visit our blog to learn more about the benefits of technology optimization for your company.
ProNavigator provides an information sharing platform, Ask Sage, used by the largest insurance companies in North America to save time, provide superior service, and capitalize on revenue opportunities. The platform leverages the latest advances in artificial intelligence and natural language understanding to find answers to employee questions instantly, quickly, and accurately. For more information, please visit pronavigator.ai.