Risk Management Software has played an increasing role in supporting the claims management workflow. It provides a disciplined environment for proactive decision-making to assess and mitigates risks. Newer and smarter claims management insurance software solutions are being introduced at a rapid rate.
So, what are the best practices in choosing the best software solution provider? Workflow productivity has become a high commodity so any claims management system solution should deliver customizable, flexible and scalable results. It’s important to pay attention to a few key aspects when making the decision on your claims management system.
Increase Effectiveness of Managing Claims
The claim processing software manages the claim process starting from First Notice of Loss (FNOL) to final settlement. The software can easily capture appropriate claim information, document file activity, and maintain reports and correspondences pertaining to claims. The claims processing software provides faster access to claims data and helps employees to operate with efficiency. The software also allows tracking of claim processes performance resulting in improved process visibility. This increases the effectiveness of managing claims as claims are quickly finalized and decisions made faster. Various analytical tools in the software further increase the effectiveness of claims management.
Browser Based Interface and Internet Accessibility
In today’s times, the emphasis for consuming less man hours can be packaged together in a single risk software solution. SQL database software with a secure VPN and SSL Encryption will provide easy Internet accessibility to your claims management system. Including easy integration to support other software products like Microsoft Word, Excel, and/or Outlook for easy integration of claims data, reports, and correspondence.
Innovative and Intuitive Reporting Structure
Management of several different types of insurance related data can at times result in a high volume of human error. With intuitive business intelligence reporting tools your claims management software will provide a more streamlined and efficient workflow. These innovative software solutions helps manage claims to control your total cost of risk with just clicks of a button. Making sure your risk management software includes leading technology solutions will help companies to analyze, and identify key risks cost drivers.
Improve Workflow Productivity
Streamline your workforce productivity and boost your claims volume by having efficient and accurate workflow automation claims management software. Automating your workflow processing can decrease your excessive administrative costs significantly. This integral part of your claims management system will help with quickly responding to customer queries and improved your customer relations to help you with attracting new clients and retaining old customers.
Documentation Retrieval and Preservation
Easily documenting and maintaining your claim files should be a necessary component in your claims processing software. This feature will allow you to retain all of your reports and correspondence. As you scan in your documents the Optical Character Recognition (OCR) process will convert your printed document into a word processing file and quickly edit and store it. Having this function will provide you the functionality to easily recall a file for future reference. You will also decrease your document handling costs and liabilities, and it’s a common process that should be included in your cost saving initiatives.
Reduces Administration and Errors with Manual Systems
The earlier systems of claims processing included manual systems where paper files were used to document everything. The claim processing software has automated the entire process of claim management reducing the need for administration required in manual systems. Even, as the entire process is automated the chances of occurrence of human error have been significantly reduced. Workflow processes and waypoints are automated.
Saves Time and Money
Empowering claims managers with functional and user-friendly software helps them work more effectively. Fully automated and electronic software significantly reduces the time taken to prepare the reports and also accelerates the claim submission procedures. Reduced work pressure on the employees makes them more productive. Also the requirement for the manpower to work on claim processes decreases and hence saves labor costs for the employer.
Risks are a part of doing business but having the right Claims and Risk Management solution in place makes a difference in how effectively you can deal with them. Your claims management software should provide improved work productivity and results while reducing risks and losses. Insurers and Risk Managers should pay attention to these points during their decision-making process to enhance their quality of claims management service and have a competitive edge over other companies.
About JDi Data
JDi Data Corporation has provided insurance claims software since 1992. Our product suite includes workers compensation software and claims management systems for property and casualty, medical malpractice, and specialty lines to be administered by insurers, risk managers, and third party administrators. JDi Data has built a reputation in quality claims management software with special emphasis on complex litigation.