You can find a variety of claims management software systems on the market, but how do you decide which one is the best one for your organization?
Tips for Choosing the Right Claims System
Whether you are self-insured, a third-party administrator, an insurance broker, or a regional insurer, here are a few tips to help you as you explore vendors offering claims management systems.
- How long has the vendor been in business? Software developers frequently enter the lucrative insurance marketplace, so be sure your vendor has been in business long enough to ensure their software is client tested.
- Is the vendor servicing other system users in your niche? For example, if you are a self-insured group, you may need different data and indicators than you would as a worldwide insurance broker. Be sure your vendor can provide the specific types of data you need to appropriately manage your risks.
- Will your claims data system integrate with underwriting and allow access by other departments? Data integration across departments and when adding lines of business is critical in claims management.
- Does the system feature all the data categories you need? The ability to build your own data fields is a necessity as your organization grows and risk becomes more complex. If you venture into a new line of business, can the claims system provide support for that endeavor?
- How easy is the data to review and manipulate? Can you track your data in one single snapshot yet also pull data into a spreadsheet for more concentrated analysis?
- How effective are the vendor’s documentation and customer support? In today’s 24/7 world, risk management and claims professionals often need specific data in minutes. If you need data beyond your normal reporting needs, can your vendor respond quickly?
- Is your software cloud-based and easily viewed on a browser? Effective data retrieval and customizable reports allow your team to make superior real-time decisions. Search for software-as-a-service (SaaS) architecture, which provides state-of-the-art, browser-based access to your data.
- Will your vendors help you survive the data conversion process? From initial bid design to final implementation, changing your RMIS system is a very time-consuming process. How effective is your vendor at ensuring the conversion process goes smoothly no matter what data conversion issues you face?
- Can your Claims Management System provide expert litigation management support? Managing today’s complex litigation projects requires extensive expertise and increasing sophistication.
- What will your system cost? These costs include first-year costs, annual use costs, any “per-user” costs, data storage costs, and charges for custom reporting. You do not want to lock into a system and then find additional charges that are not in your budget.
- How secure is your data? With frequent data breaches, how safe is your data? What additional steps does your vendor take besides passwords and encryption to ensure your data remains in the hands of authorized users only?
Why Use The Risk Management System?
The task of choosing the risk management system that best fits your needs is important. Choosing the wrong RMIS will be costly. In addition, you may not be able to provide your clients with the best possible service or have the instant access you often need to effectively manage your risks. You will be living with the system for a long while, so make sure the vendor you choose can provide flexibility, scalability, and stellar customer service.