Modern claims administration software is designed to move every claim through the system with maximum efficiency to resolve even the most complex claims quickly, easily, consistently, and fairly. The latest software platforms support the entire claims lifecycle – first notice of loss, claims setup, assignment, investigation, reserves, litigation, settlement, regulatory compliance, and reporting – within a single system. Sounds great, right? Well beyond creating efficiencies and automating much of the claims lifecycle, there is actually much more that Claims Administration software can do for your organization.
Here are 9 additional ways Claims Administration software can help your organization:
1. Better visibility. Consolidating people, systems, and claims data from multiple sources into one location makes it easier and faster to uncover trends and relationships between disparate pieces of information.
2. Improved accuracy. Intuitive mobile forms, automatic alerts, real-time access to data, integration with third-party systems, and instant data validation boost both efficiency and accuracy.
3. Earlier intervention. Automated processes can easily analyze huge amounts of data to identify potential problems claims early on before a seemingly simple claim spirals out of control.
4. Reduced fraud potential. Current technology is much more sophisticated than humans at detecting a claim’s potential for fraud.
5. Wiser use of resources. Software can automatically route the most complex claims to seasoned adjusters for investigation and management, while routing routine claims to less experienced handlers.
6. Reduced leakage. Increased jurisdiction acceptance rates can avoid fines and penalties.
7. Increased productivity. Advanced reporting and analytics can track both individual adjuster performance and overall claims handling efficiency, and benchmarking alerts can notify you when a claim deviates from the expected path.
8. Stronger customer connections. Customers who feel their claims were handled fairly and efficiently are more likely to remain loyal to your organization.
9. Smarter decisions. An integrated system leverages all relevant data so you can make educated decisions faster – the impact of which becomes even more profound over time.
Interested in learning more about Claims Administration Software, including key components and processes it supports? Check out our free Complete Guide to Claims Administration Software and also be on the lookout for further blogs in this series.