When to Switch to Intelligent Claims Management Software
Making the change to intelligent claims management software can revolutionise your business. Whether you’re starting a new business or growing your existing claims management company, taking your claim process online will help optimise your business. But how do you know when to switch to intelligent claims management software? Here we consider why you should make the switch and how you know when to take the plunge.
Why Switch to Intelligent Claims Software?
Before asking yourself when to switch to intelligent claims software, consider the benefits of making that change. We’ve previously explored key features of the best claims management software and the more specific benefits of automated onboarding, and the following are just some of the reasons you should make the switch.
Intelligent Claims Save Time for Both You and Your Customers
If you currently process claims manually or have a reasonably basic claims software, it may feel impossible to go any quicker. Staff can only process claims as quickly as they are physically able. But as the speed of process forms part of your customer service experience, it may be time to consider how you can save time.
Speeding up the claims process gives your client a better experience of making a claim, increasing the chances they’ll return with any future claims. It also speeds up your processes in-house, freeing up time for your staff to invest in generating new business.
How Intelligent Claims Management Software Increases Profit Margins
Saving time, as mentioned above, means you can redirect time and energy previously used for manual claims processing. Automating vast parts of the claims process reduces costs, so this area of your business becomes immediately more cost-effective. By reinvesting the time saved into taking on more claims, productivity is optimised, thus maximising profits.
Reduce the Number of Errors in the Claims Process
Human error is inevitable when staff are processing claims manually. Automating much of this process will help reduce the number of errors, saving both time and money. In claims management companies, mistakes can be costly but you can feel reassured that intelligent claims management software won’t make those same mistakes. Whereas previously you may have encountered mislaid files, errors in taking client details or gaps in claim information, you can tailor your claims software to ensure all data is input at every stage of the process.
When to Switch to Intelligent Claims Management Software
For those starting a new claims management company (CMC), beginning that journey with an intelligent claims management software is an excellent opportunity to get the process in place from the get-go. Not only does this start the company off with the most efficient process, but it also saves time transitioning to new software further down the line.
For existing companies, here are some indications of when to switch to intelligent claims management software.
You Need More Resources for Administrative Tasks
If there are shortfalls in your administrative tasks, you need to address that right away. Perhaps you anticipate an increase in admin as you increase your service offering and need to pull resources to accommodate that. The benefit when you switch to intelligent claims management software is that it frees up those resources.
Not only does intelligent claims management reduce the number of workers you need to assign to the phones, manually processing claims, but also it streamlines your whole process. The customer portal feature of intelligent claims software will negate wasted time spent looking for customer information, which provides an opportunity to invest time and money into other areas of the business to help grow your claims management company.
Your File Management System Could Be Improved
For lots of smaller claims management companies, when starting up a paper-based filing system was sufficient as a file management system. As companies grow, however, the need for a more efficient system becomes evident. Even companies relying on basic software may see the need for a more effective, intuitive claims software system.
As claims become increasingly complex, the amount of data in each request can prove overwhelming or a paper system. For clients with multiple claims especially, having a specialist intelligent claims management software makes it easier for you to categorise claims and ultimately lay your hands on whatever information you need. Having a portfolio for each client and being able to create as many as you need means all data is easily accessible whenever necessary.
You Require More Useful Reports
One major benefit of a bespoke claims management software is that you can tailor it to give you specific reports based on the insights you would find most useful. If accessing information is currently an arduous task, that is a sign you need to make the switch. Instead of assigning staff hours to sift through files to get insights for your company reports, intelligent claims software allows you to pull that data straight from the system. Not only can this be tailored to suit your needs, but as your company changes if your report requirements change to you can amend your reporting process to keep giving you access to the information most useful to your company.
Customer Feedback Indicates It Is Time to Improve
Customer feedback is an essential part of running a business. Asking your customers about their experience provides useful insights into not anywhere you need to improve, but also what you’re getting right.
Customer feedback for claims management companies may indicate that your process is complex or too slow. You can use this information to optimise your claims process, and this can be a motivating factor of when to switch to claims management software. For example, if customer feedback shows frustration at the claims process being long and slow, utilise intelligent claims management software to ensure faster processing. Making the switch can improve the speed with which your company can process their claim, so their experience is enhanced not only by the reduced processing time but also by you responding to client feedback and reacting to that.
Ensuring a Smooth Transition When You Make the Switch to Intelligent Claims Management Software
If you are ready to make the switch to an intelligent claims management system, you want to make the process as smooth as possible. Staff training will be necessary to train everyone in using the new software, so you want a service that includes training. If you’re hoping to reduce human error in claims processing, the staff using the system will need to be familiar with the new process.
If you’re unfamiliar with these kinds of intelligent claims management software, why not request a free demo to see how the process would fit for your business?