How to Capitalize on Emerging Insurance Claims Management Technology?

Is your current core claims system constraining your business? Small modifications and changes can begin to amount to large dollars being spent in IT on claims system adjustments, because completely replacing a legacy product is trying to be avoided. However, not completely diving into modernizing your claims management platform can be causing insurers to begin to waste company dollars, rather than grow the business. Replacing a claims management system can be looked at as a daunting process, but to ease the software selection process it is critical to be meticulous in the decision making process.

Your goal should be to deliver an agile yet simple technology solution for your adjusters, and customers. A system that brings efficiency and effectiveness not only helps with the bottom line but keeps adjusters providing optimal customer service.

Prepare a detailed prioritized list of what are the most important items that need to be addressed. Your list should include enhancements such as:

Manage Claims Efficiently/Updated Workflows

Improve Customer Service

Business Intelligence

Reduce Claim Costs

Improve Fraud Detection

Compliance and Regulation Guidelines

What is your success criterion?
Knowing the ‘why’ is just as important as calculating the ‘how’. This knowledge will help you guide the search. A uniformed goal will assist in providing a practical approach. If your success criterion is to be able to better identify trends, then it’s clear that business intelligence, and capabilities to access detailed data to make informed decisions should be numbers one or two on your priority list.

What is your commitment level?
Are you mapping out a full workflow starting with the frontline, all the components, and players that take part in each claim? Have you fully reviewed the IT resources needed to maximize your IT support without increasing requirements on your existing IT department? Modernizing an antiquated claims process is no easy fete and all areas should be fully assessed with a multi-functional perspective that takes a strong commitment to making a major system change.

The union of a very mature vendor landscape, and antiquated legacy has created an environment where insurers view claims management system transformations as an essential and accessible initiative. Most insurers have inflexible systems that constrain their ability to respond to market changes and new business needs. A practical approach with a detailed outline will help in creating the right business technology partnership, and maximize your ability to respond to business changes effectively.