What Is Claims Management Software?
Are you a claims company looking for software to aid your day-to-day tasks?
If you work in the claims management business, processing claims quickly and efficiently is a must. Using the best claims management software is the easiest way to streamline your everyday tasks and improve claims handling.
The claims market is competitive and the Financial Conduct Authority (FCA) is looking at these companies and tightening regulations. As of April 2019, the FCA assumed responsibility for regulating claims companies and imposing guidelines on how businesses need to conduct their services.
It’s not just claims management companies that can benefit from powerful, feature-rich claims software. An increasing number of companies across a variety of sectors, from insurance and travel to retail, mortgage finance and payday loans are realising the value of automating the claims processing. Any company that processes a large volume of claims as an essential element of their business will quickly fall behind the competition without the right technology in place.
Below, we explain what claims management software is and how it can benefit your business in terms of efficiency and profitability.
What Is Claims Software?
Claims software is created for businesses operating in the claims management market and any company that processes a large volume of claims. The software is designed to hold all the information required to process a claim on behalf of a client. This information includes documents from both the client and third-parties. The right software can turbo-charge your claims management system and dramatically improve efficiency.
What Are Some of the Features of Claims Software?
LogiClaim is the claims software created by Logican. The following features of our claims management software enable companies to work efficiently:
- Creating a file for each client — All data and documents from the client can be kept in a single portfolio. This is particularly important for those dealing with mis-sold mortgages, as these cases require documents from several different businesses, as well as from the client.
- Document management — The facility to create and edit a document from our library. Users are free to edit the library as required. Word documents, emails, and scanned documents are all integrated.
- Automated tasks — The software will automatically update cases based on incoming and outbound communication. Users can configure the automation to suit their particular needs.
- Integrated direct debit system — Payment plans can be easily set up and invoices automatically sent when necessary.
- User-friendly software — No business needs complicated software. Our easy-to-use system means employees can quickly check the status of a claim if a client enquires.
- Easier client onboarding — Streamline and simplify the questionnaire and document submission process. Our software makes onboarding quick and easy, reducing staff costs and improving customer service.
Every claims business is different and LogiClaim can be customised for each company’s specific needs and requirements.
How Can Claims Software Benefit Your Business?
Enhanced Data Security. When choosing claims software, a key consideration for all businesses is the software’s ability to keep data safe and secure under the new GDPR. Efficient claims management software keeps data secure, especially sensitive information about personal finances.
File Management. Claims are becoming increasingly complex and typically require a large amount of information from numerous sources. Relying on basic software or a paper-based filing system is likely to result in misplaced files and wasted time spent trying to locate information. Having a portfolio for each client and being able to create as many as you need means all information is easily accessible by those who need it.
Time and Cost Savings. Automated features take out the need for time-consuming administrative tasks such as communicating with clients and following up on payments. The customer portal drastically reduces the number of employees required to process claims. Automation allows employees to focus on other tasks and for money to be spent on generating custom. In turn, this will improve the profitability of the business. Furthermore, an expedited claims process will result in much better customer experience.
Fewer Errors. Reliance on manual processes, such as data entry, leaves a company open to a high risk of human error. Mistakes can result in lost claims, poor customer satisfaction and expense, for example, if an invoice is misplaced. Claims management software can automate many key processes and eradicate errors.
Why Choose Logiclaim?
There are a variety of claims management solutions available — why choose us? Logiclaim claims management software by Logican offers advanced functionality that will transform the way you manage and process claims. Logican has provided unique solutions for hundreds of businesses since 2005. We create bespoke software for a variety of claims companies. We will take the time to understand what functionality your software needs and offer the best solution based on our extensive industry experience. Our exceptional team of experts are dedicated to adding value every step of the way and delivering outstanding service. Request your free demo or call us today for more information on 0800 084 2724.