In the last decade there have been many important changes in Insurance Claims Management software that have improved predictability, the integration of data and added the convenience of mobility to increase processing speed. In fact, the industry has experienced far too many changes to attempt to enumerate them in a single post. Four of the most significant transformations include:
1.The optimization of processes achieved through integrated systems makes claims management more intelligent, predictive and proactive. Fragmented customer benefits, claims and transactional data are thankfully a thing of the past. The benefits of an integrated system are tangible. Loss predictability is more refined. Claim file information is entered once and shared in accordance with established rules, helping to eliminate the chance of duplication in data entry and thus reducing costs.
2. Enhanced customer service and reduced claims costs are not only possible but very achievable due to the upgraded ability to identify risks, which can lead to improved fact-based decision making and an increased business understanding of the risk of exposure and the value of case load capacity. This information can be used to improve processes, helping to achieve claim resolution more quickly by eliminating administrative delays and reducing errors. Quicker claims resolution and more accurate settlements can also lead to higher revenues as a result of positive brand equity.
3. More Information is available today than ever before. The explosion of Information available from web pages, social media, content repositories and document sharing file systems is remarkable. Clearly, there is a rapidly growing variety of digital content, including digitized voice, pictures, video, as well as adjuster notes, reports from investigators or first responders and even claim forms. Accessing this wealth of information, analyzing its relevance and integrating pertinent data into a single database has become much more sophisticated.
4. Mobile applications provide immediate accessibility to information as well as the ability to interact with collaborators on a wherever, whenever basis. Claims management is no longer restricted by time and geographic distance. Increasingly, insurance claim content is digital or existing content is almost immediately digitized including hard copy documents and telephone call reports from an insured with first notice of loss. Once the information is digitized, it flows to and from claims stakeholders’ through web-enabled mobile communication devices achieving increased interaction speed and more intelligent collaboration.
Claims expenditure represents nearly 70% of premium for most insurers. Thus, one cannot overestimate the value of these four improvements to the claim management process. Increases in the use of available information, the integration of systems and new tools have enhanced our ability to communicate and collaborate with more speed and accuracy. The result is a streamlined claims management process that simultaneously improves the experience for claimants and the claims management professionals involved in deciding and resolving the loss events.