How to Buy Claims Management Software
All claims management companies (CMCs) and many other businesses across a range of sectors — such as insurance claims management — require effective in-house software to keep things running smoothly. What options are available to buy and how do you choose between them?
Powerful and practical software is a necessity for every company. Using the best software can ease everyday tasks, improve the workflow and reduce the number of manual tasks required by employees.
Claims management software is essential for claims firms and is increasingly in demand by companies operating in industries as diverse as hospitality and company vehicle management. Any company that must process entire claims cannot compete in the market if they rely on paper processing or inadequate software to record each case. Advanced claims management technology can help businesses to efficiently manage the high volume of claims in the current economy. Whether a company is handling mis-sold mortgages or flight delays, claims software can transform the entire claims process.
Since the PPI deadline on 29th August 2019, CMCs have seen a rise in other types of claim such as those for payday loans. Wonga, the UK’s largest payday lender, hit the headlines in August 2018 when it collapsed under the weight of thousands of customer complaints. Many UK consumers believe they should not have been accepted for a payday loan as it resulted in more debt.
If you are a claims company or an SME (small and medium-sized business) in the travel, insurance or hospitality sector, you might be looking for an improvement to your current claims handling software. Alternatively, if you are entering the claims management market, you will require software to start the business and ensure you provide the highest standard for clients.
The Business Benefits of Claims Management Software
Why should you invest in claims management software — especially if claims management is not your sole business?
Automating the claims process can benefit a business in numerous ways. It can drastically reduce the time spent on claims processing while removing the risk of human error. Let your software manage end-to-end claims, leaving employees free to focus on the aspects of the process that require human interaction. Data entry is one of the highest costs for a business. Purchasing claims software costs significantly less than hiring a team of data entry staff when considered in terms of the return on investment (ROI) achieved.
Claims management software can track and record all activities and store this data centrally in a designated client file. This makes file retrieval and auditing simple and efficient. It also results in enhanced customer service as agents can quickly locate the information required to respond to enquiries.
Additionally, managing client information digitally offers a far higher level of data security than that provided by paper records. Since the introduction of GDPR (General Data Protection Regulations) there has been a growing business and consumer focus on the protection of client data, which companies cannot afford to ignore.
Buying Claims Management Software
Claims management software requires an upfront fee for installation and/or configuration. The licence to run the software is monthly or annual (usually the annual license fee includes a discount). Always find out what else is included with the annual fee. Good claims software providers should consist of the following:
- System support in working hours
- Training for how to use the software
- Software extensions
- Bespoke preferences
LogiClaim is the claims management software from Logican. A wide variety of companies uses our software. We fully trained businesses in using LogiClaim, so they get the most out of it.
Before Buying Claims Management Software
The right software can have a huge impact on a company’s success and profitability. Finding the best software is critical. When researching claims management solutions, always check the following:
- Is a free consultation available? — Understanding the features and scope of claims management software is the key to choosing the best product for your business needs. A consultation provides the opportunity to understand what the needs of your company are and how the software can address them.
- Client testimonials and reviews — Does the software have viable reviews from others in your claims industry? If your competitors are using the software and doing well, it could be a good choice for your business too.
- Ease of use — Consider who will be using the software. If everyone in the company needs to be able to access the system, it needs to be user-friendly for staff in a variety of roles and at all levels.
- Intelligent workflow — This feature can automatically drive claims based on historical events or current status making processes more efficient and improving the customer experience.
- Ability to customise — Can the end user amend workflows and the document library without the need to contact the provider for back-end code changes?
- Configurable questionnaires — This feature ensures that relevant information is gathered and further detail is requested where appropriate. The software asks a client questions based on the answers provided to previous questions.
- Document management & valuation — Can the software handle, vet and validate documents uploaded by the client without the need for employee intervention?
- Electronic signatures — Is the software capable of handling electronic client signatures, an increasingly common way to authorise documents.
- Self-serve options — A client mobile portal that allows clients to onboard and track their claim can reduce staff costs.
It’s important to ask as many questions as possible when deciding on the software. Find out which other companies use it. Most companies will be forthcoming with as much information as possible. The important thing is to find claims management software that allows you to process claims effectively and reduce the need for manual work. If the software can enhance your work processes, it’s the right choice.
Numerous PPI claims companies praise Logican’s claims management software. If you’re looking for a reputable and efficient claims software for your business, contact Logican today.