The insurance industry is an extremely competitive market that is composed of hundreds of companies competing with each other for our business. This, along with intense government scrutiny and ever-growing customer expectations has made it especially difficult for insurance companies to gain the upper hand. To stay ahead, businesses have to constantly be on the lookout for new and innovative cost-efficient options for handling their daily affairs. By optimizing company processes, insurance businesses can offer customers greater savings and superior service.
The use of the state-of-the-art software is the best choice for insurance companies who are looking to optimize their processes. It quickly cuts down on expenses, mitigates the risk of fraud, and accelerates the necessary steps for clearing claims. By using software, insurance businesses can enhance their traditional methods of creating and settling claims by using automation to eliminate redundant tasks. This results in more time for employees to dedicate to more demanding duties like customer service and claim completion. Thankfully, insurance software provides other optimization benefits, like the increased ability to identify and eliminate fraudulent claims.
Unfortunately, fraudulent claims are responsible for many unnecessary costs that are regrettably passed along to the customer in the form of higher premiums. Because the traditional processes for handling insurance claims required an excessive attention to detail, fraudulent claims would regularly make it through completion without being detected. Luckily, claim based insurance software can rectify this issue by making it easier to spot signs of fraudulent claims by analyzing payment history against an individual’s claim history. To make it even sweeter, this is all done completely hands-free without any additional demand of employee time.
Still, a dramatic reduction in company costs is the most beneficial improvement to be offered by insurance software. The snail-like progress of old-school manual processes resulted in increased administrative costs that customers were eventually responsible for paying. Fortunately, software automation significantly reduces the amount of time required for claims and lowers the overall cost required for claim completion. But, it’s important to note that if a company wants to see the numerous benefits found in insurance software, they must successfully implement the product into their current workflow. This will enable the software to work in complete harmony with your company’s previously established steps.
Traditionally, these steps include:
A) An incident occurs in which an insured person or property is damaged or injured and has thereby resulted in a loss.
B) The policyholder subsequently contacts their insurance agency to jumpstart the claims process. Typically, the policyholder has a myriad of available options to help them achieve this step. These include placing a direct phone call to customer service or even filing the claim through the insurer’s website or mobile app.
C) Proof of damage must be supplied to the insurance companies to fully protect against fraud and ensure that the necessary parties will be adequately reimbursed. (Insurance software provides convenient customer portals so that policyholders can effortlessly attach supporting photos and videos to their policy.)
D) After a claim has been received, the claim and any additional evidence will be examined in order to determine the next step.
E) In the case that further damage may occur, insurance agencies may deploy an emergency response team to help mitigate further losses.
F) Once the claim has been examined, the total damage incurred must be assessed on-site by a certified claim adjuster.
G) The claim adjuster must then pass their findings onto a claim examiner so that they can adequately determine the extent of coverage that the insurance company is liable for. After review, the policyholder will be sent a report on the estimate and the accompanying steps for compensation.
H) Finally, based on the extent of damage, the insurer may opt to either repair the affected property/persons to its previous condition or pay out the policyholder in entire for the property question.
Claims Manager® is an insurance claim management software that provides comprehensive optimization for the entire claim process. It’s unique ability to automate everything from underwriting all the way to claim completion will save countless employee hours while generating higher returns. Plus, the addition of pre-made email templates and an easy-to-use dashboard are guaranteed to streamline the work day with quicker claim turnaround. Please visit our Claims Manager® website for more information.
