3 Steps to Establishing a Centralized Claims Management Software System
It is essential to use smart software to speed up the insurance claims handling process to increase customer satisfaction, help retain clients that are expensive to recruit and reduce the costs of handling each claim.
It’s a common sight at many insurance brokerages, with claims team members logging into multiple systems to manually document claims. This process is challenging and inefficient: Claims teams must search for and provide the right information in different systems. Claims management software can streamline this process by centralizing all relevant data in one place. This article identifies three key steps you can take to establish a centralized claims management software system.
Set your goals when establishing a centralized claims management software system
Your goals should be threefold: To improve the efficiency of your claims team, speed up the time it takes to enter claims, and reduce the operational risk of claims. When establishing a centralized claims management software solution, you’ll first want to answer these questions: What are your claims management goals? Which metrics should you track? What’s more important to you? Once you answer these questions, you can then assess your firm’s current state to better target your solution.
Define your requirements
Before you start implementing a solution, you need to clearly define your requirements. This will help you narrow down the best candidates and understand their key strengths and weaknesses. You’ll want to define the following key requirements for your claims management software: - Data collection - Collect accurate data across all claims types, formats, and channels. - Search and discovery - Make it easier for team members to find the relevant information. - Enter and verify data accuracy - Eliminate manual data entry. - Data management - Keep track of all claims data in one place.
Establish a baseline for data collection and entry
Before implementing a claims management software solution, you’ll want to establish a baseline for data collection and entry. This will help you better understand the current state of your firm’s processes and identify improvements. You can perform a process mapping to better understand your firm’s current state and baseline. You’ll want to map the various stages of claims processing, including: incoming claims data, documentation of the claim, and resolution.
Automate processes with an AI-based solution
Automating processes can help improve efficiency and reduce operational risk. Once you’ve successfully automated claims processes, you’ll want to expand your solution to include an AI-based solution. This can help automate even more processes and increase efficiency across your claims management software solution. In order to seamlessly integrate AI across your claims management software, you’ll want to ensure your solution has the following capabilities: - AI-based workflow - A claims engine that supports dynamic workflow. - Data ingestion - A data management layer that makes it easy to ingest data. - Data curation - A data enrichment layer for making it easier to search and find information. - Visualization - A reporting layer that enables you to view claims information.
Meaningful, relevant data can go a long way in helping you better predict and manage risks. With a centralized claims management software solution, you can reduce the time it takes to enter claims and speed up the process of documenting them. This can help reduce operational risk while improving efficiency and increasing customer satisfaction. Having accurate data across your claims management software will also help you make more informed decisions. Next-generation technology can also help automate many repetitive processes, further enhancing your claims management software’s capabilities.
FloQuote can help you on your journey of providing an efficient and robust insurance claims handling software package.