Claims Management Software 101: Here’s What It’s All About
Business executives looking to do more and increase revenues stand to benefit from claims management software. Here’s a rundown of how it helps to make firms sleeker and more profitable.
Companies in many sectors now realise the importance of having an effective system in place to handle claims. The can either deal with it themselves manually or by using claims management software, or they can outsource the entire operation to reduce costs further while gaining even more efficiencies.
The best claims management companies in the UK today typically handle large volumes of cases, so they rely on sophisticated claims software to get the job done. Mountains of paperwork and many personnel assigned to the laborious task can make a company uncompetitive and even drag it down. But what is claims management software, what does it do, and is it really necessary for companies involved in any kind of claim?
In this latest blog from Logican Solutions, developers of leading business-enhancing software, including for handling claims, we are going to take a look at the workings of claims management software. We will explore the advantages of using this kind of automated system over manual labour and examine ways in which it can help propel companies handling claims forward.
Why the Need for Claims Management Software?
Handling claims is not, of course, a straightforward business. There are many risks in the processing of cases, including the perennial and widespread problem of fraud. Is a client really entitled to a payout, or are they engaged in a scam? Such is the scale of fraudulent insurance claims in the UK, it’s estimated to cost well over a billion pounds a year in made-up cases.
At the very least, each individual claim needs to be heavily scrutinised, or associated companies may be financially hit and see their profits slump. That is where claims management software comes in. It helps to weed out bogus claims by properly analysing and keeping track of all the pertinent information and data related to a claim. Possible warning signs that might be missed if staff handle claims manually include the frequency of claims from one person. The best claims software can easily pick this up and flag it for the attention of managers.
Since it emerged as an indispensable tool for business, claims software has not only allowed firms to do a lot more with less human input, making them far more efficient. At the same time, it has also drastically driven down costs. That means ever-higher profits — and claims management software is no different. While it handles the claims workloads, employees are engaged in activities that help grow the company. That is a real recipe for business success.
Claims Software: Designed with You in Mind
Here at Logican, we have designed our own claims management software based on the needs of the respective industries involved in the claims sector. This includes claims management companies and others dealing with PPI, mortgage mis-selling and packaged bank account claims.
However, we know that some companies can have specific requirements regarding their operations. That is why we are also able to tailor our claims software for individual firms. We can also create bespoke software for our clients, providing them with a unique package just for them. But even out of the box, our claims software is highly configurable to the way you are running your business.
With claims management software such as ours, you can easily set up claims portfolios and keep track of them. Our software is also created with simplicity of use in mind, so there is no need for ongoing training or support, although it is available if required.
Claims software also lets management companies and others automatically generate important documents that contain relevant claims data, create payment plans that can easily be edited and schedule chasing letters, as well as generate regular invoices. You will have total peace of mind in knowing that the entire system is fully secure at all times, with different levels of permission access — from administration up to management.
If you are looking to stake your claim to business success, you really do not have to look any further than claims management software.