Insurance Claims Management Software: What to Look For
Effective claims handling is crucial in the insurance sector. Every claim requires diligent storage, management and processing of important policies, documents and contracts. Agents must be able to quickly retrieve documents and track a client’s history, enabling them to collaborate efficiently with colleagues.
Whether you’re an insurance carrier, broker, provider or agent, the right insurance claims management software can dramatically improve time and cost efficiencies. By streamlining and automating the claims management process, your company can deliver the highest standards of service, helping you to attract new customers and establish a strong brand reputation.
Companies that replace manual, paper-based processes with advanced technology will be more productive and competitive. Claims management software can efficiently manage a high volume of claims, providing a company with the capacity to onboard more clients and achieve optimum profit levels.
In this guide, our team of financial experts will review the benefits of insurance claims management software and share their top tips on what to look for when choosing the right system for your business.
The Benefits of Insurance Claims Management Software
- Improved Document Management. Insurance claims require the collection, storage and effective management of legal documentation, policies and confidential client data. Some insurance claims take months or even years to resolve and involve collaboration between multiple organisations. There are often strict deadlines to adhere to and numerous regulations to abide by.
Our claims management software offers advanced document management capabilities that save time, cut costs, minimise errors and improve the customer experience. By automating key processes, the risk of human error is eradicated and employee hours dramatically reduced. The highest standards of data security are achieved by setting access permissions for different groups or individuals. Insurance agents can quickly and easily search for documents and share these with colleagues or clients, ensuring effective collaboration and the provision of a consistent level of customer service. Centrally stored data can easily be organised into client files and retrieved when needed.
- Enhanced Customer Satisfaction. The insurance industry is highly competitive. Companies that offer exceptional levels of service have a much greater chance of success. The right claims management solution enables a business to provide customers with the seamless, hassle-free service they expect
Advanced document management ensures the customer receives a consistent level of service. There’s no need to repeat information or wait while an agent struggles to find a colleague’s notes. The client’s history of interactions is easy to track in one centralised system. Self-serve options, such as a client portal, makes onboarding and monitoring the progress of claims easy and accessible.
- Remain Competitive. Choosing the right claims management system can enhance efficiencies, cut costs and provide the data necessary to improve the customer experience. By keeping costs down and staying in touch with customer expectations, companies can offer competitive premiums that make their business stand out.
Only companies that embrace technological advances and keep one step ahead of the competition will succeed in the crowded insurance market.
- Reduce Costs. Automating the insurance claim management process reduces the need for human resources, and leads to more efficient task management resulting in considerable savings. Furthermore, claims management solutions can minimise the expense of human error and fraudulent claims.
- Improve Data Security. Effective claims management software makes it easier for insurance companies to comply with GDPR (General Data Protection Regulation). Control customer claims data by setting access permissions for different departments, groups or individual employees.
What to Look for in Insurance Claims Management Software
What are the key features to look for when choosing claims management software and how do you decide which provider to go with?
- An Established Provider. Investing in a new claims software system is a considerable commitment of time and finances for any business. Take the time to research vendors before making a purchase. How long have they been in business? What expertise do they have to offer? Can you trust them to provide what your business needs?
Logican has an exceptional team of more than 30 experienced software and business experts. We have been providing SMEs (Small to Mid-Size Enterprises) with efficiency-enhancing solutions since 2005. Our software has been used by claims management companies to process well over 3 million unique claims.
- Integration with Existing Systems. To ensure a seamless, efficient process for customers, claims software must integrate with existing key systems and departments such as underwriting. Check with the software provider what the possibilities for integration are and if there is the option to customise or extend “off-the-shelf” products. Logican can offer a truly unique solution to those requiring a bespoke system.
- Advanced Features. Not all claims management software is created equal. Devise a checklist of must-have features and functionality to take to your new provider. Does their product offer what you need? If not, can the software be customised, or is there the option to work with the provider and develop a bespoke solution? You should be able to create your own data fields and adapt the software as your business grows. Starting again with a new system when you outgrow the software would be time-consuming and expensive.
LogiClaim claims management software is designed to process a wide variety of claims. The mobile client app simplifies onboarding while progress-oriented workflows streamline the claims process. Our powerful, feature-rich software can effortlessly handle high-volumes of insurance claims. The software is fully customisable, allowing you to create a system that works for your business.
- Remote Access. Modern software products are about convenience and ease of access. In the 21st-century, remote work is prevalent, and you need solutions that allow for the flexibility and versatility demanded of the modern working environment. Cloud-based online services are essential, and if your claims management software doesn’t offer this, you’ll be compromising in an area where you need not compromise. Logican Solutions can be accessed remotely, which ensures your workforce can complete tasks, wherever they are.
- Excellent Support. There’s no use implementing an advanced new software system if nobody in the organisation can use it and there is no support available. Request a free demo to ascertain how user-friendly the software is. Find out if the provider offers training and ongoing support. Remember your business needs may change and you’re likely to need assistance to make sure the software can be adapted.
Logican offers a dedicated support team to help with any product queries you may have. We want you to get the most out of our software and are always happy to help resolve any issues or discuss options for customisation and product extension.
- Data Security. Insurance companies hold a large volume of sensitive customer data they are legally obligated to protect. The solution you choose should support compliance with GDPR and any other regulations relevant to your business or industry.
We have developed LogiClaim to ensure data is well protected. Users have complete control over accessibility — assign and manage permissions for different groups of employees as required.
- Fair Pricing. The best option is not necessarily the cheapest. Consider what you hope to achieve with the software, the cost savings it will deliver and what the provider’s offer includes. A system that can be customised and developed to meet changing needs offers better value for money in the long-run than a budget, out-of-the-box solution you’ll outgrow and need to replace in a few years.
Logican offers years of experience and expertise, helping businesses streamline their claims handling processes and enhance efficiencies. If you have a unique business requirement, our developers will work with you to tweak and customise our existing products. Alternatively, talk to us about bespoke development. Book a free consultation to discuss your business requirements today.