6 Reasons Why it’s High-Time to UpgradeYour Insurance Claims Management Software
Author:
Neutrinos
Claims processing is a crucial (if not the most crucial) customer touch point,for an insurance provider. It helps in building loyal and lasting relationships withcustomers and significantly enhances reselling opportunities for insurers.
According to a study by KPMG, over 22% of business insurance policyholdersprefer fully digital claims processing when buying insurance. As per McKinsey,close to 50% of all claims processing by 2030 will be fully digitalized.
Therefore, building a customised claims processing system focused aroundenhancing customer experiences is becoming the norm within the industry.
If you are still on the fence about whether you need a digitalized claimsprocessing system or not?
This blog will help you make your decision.
Read till the end to learn about 6 reasons why it is high time to update yourInsurance Claims Management Systems.
What is an Insurance Claims Management Software?
An Insurance Claims Management Software helps in managing, monitoring, and streamliningend-to-end claims processing workflows. An insurance claims management softwareautomates, simplifies, and bring together all the operations and workflows involved in claimsprocessing and gives you a bird’s eye view of all processes through a unified dashboard, withsynchronized data and real-time analytics.
The insurance claims management process involves several steps before the customer (or theclaimant), receives the final claim settlement notification. The various steps involved in anyclaims process include:
Each of these processes involve multiple workflows and sub-processes that need to be completed to move forward in theclaim settlement processing. Traditionally all these processes happen in stages i.e. one after the other which leads tounnecessary delays.
Digital claim processing on the other hand, allows all these processes to occur simultaneously which helps in settlingclaims significantly faster. And your Insurance Claims Management Software plays a key role in it!
6 Reasons Why You Should Upgrade YourInsurance Claims Management Software
An Insurance claims management system is an essential part of the value chainfor any insurance provider. A good insurance management system playsa deciding role in how good or bad the claim settlement process is, for anyinsurance provider.
Here are 6 reasons why its high time to upgrade your insurance claimsmanagement software:
To Stay Relevant
With the global claims processing software market size projectedto reach $73 Billion by 2030, insurance providers across the globeare prioritizing fully digital claims processing. Therefore, a digitalclaims processing environment is going to play a discerning rolein an already competitive insurance ecosystem. Insurers witha technology driven digital landscape will gain priority over theircounterparts when customers are selecting their insuranceprovider.
To Limit Fraud Related Losses
Losses due to fraudulent claims are a major cause of concern forinsurers as well as customers. As per a report by The CoalitionAgainst Insurance Fraud, businesses and consumers lose over$308.6 Billion every year due to fraud. Whereas an average familyin the US has to pay $400 to $700 more in premiums owing toinsurance fraud. With AI driven predictive analysis and patternrecognition capabilities, an insurance claims managementsoftware can limit fraud related losses for insurance companies.
To Improve Workflows
An insurance claims management software offers workflowmanagement and monitoring capabilities using which insurers canstreamline key business operations. With a bird’s eye view of allclaim’s operations at your fingertips, insurance providers canimprove and optimize their workflows in real-time and managecases more efficiently.
To Save More Money
For an insurer, efficient workflows and automated processesreduce operational costs. As repetitive and redundant tasks areautomated with the help of AI-driven technology, insurers canfree up resources and allocate them more effectively to reduceoperational expenses. Insurance claims management softwareoffer automation via modern technologies that improve overallbusiness workflow monitoring.
To Get Rid of Technical Debt
As business automation with the help of AI-driven technologytakes the centre stage across industries, business owners are leftdealing with a lot of ‘technical debt’. With new technologiescoming up, the legacy systems and technologies used by insurersare struggling to keep up with the changing needs of the market.As consumers get used to better insurance experiences theindustry benchmark is hard to maintain for insurers with theirexisting tech. Upgrading to an insurance claims managementsoftware can help insurance providers get rid of this technical debtand keep up with the changing needs of the market, to serve theircustomers more effectively.
To Serve your Customers Better
With streamlined workflows and automated agent assignment,the turnaround time for settling a claim goes down considerably.Moreover, a fully automated digital landscape allows promptcustomer communication and offers self-service capabilities tocustomers, such as instant claim intimation, swift documentprocessing, and live claim status tracking.
The Next Step
As insurers look towards a claims management software to improve their business operations are met with a whole new world of tech jargon, and thedifficult decision of choosing a technology partner to build this new piece of tech, that can fuse as one with their whole business.
Neutrinos is the pioneer in creating digital solutions customized to the specific business needs of each insurer, we work with.Through our API first full-stack composable digital innovation platform with its infinite capability canvas, we are delivering superior digital experienceto insurers as well their customers.
