It’s Time to Modernize and Digitize with a Custom Claims Management System
Insurance service companies, like carriers, face pressure to modernize, evolve, and embrace technology that increases efficiency, lowers costs, and boosts the bottom line. Welcome to the rise of insurtech, technological innovations that disrupt the current models for processing claims. Service providers that fail to adapt to this new paradigm will find themselves at a distinct disadvantage.
Legacy systems rely on manual processes that process claims at a snail’s pace, providing a less-than-efficient experience for staff and clients. Email communication, which is often at the heart of these antiquated workflows, is inefficient and error-prone and opens the door to fraud. There is a better way.
Claims processors should not ask, “Should I digitize and modernize?” Today, that’s a given to compete. Instead, they should consider whether generic software, designed for general usage, will meet their objectives or if a custom-tailored solution is needed. Claims management has some unique requirements, and to get a system that meets them now and in the future takes deep industry knowledge and insurance tech experts.
This article will review the technology and its role in effective claims management, the importance of industry expertise when choosing a custom insurtech solution, and how integration with data capture and automation platforms makes claims processing faster and more precise.
About claims management technology
Because the claims management process involves multiple parties, multiple steps, and variable information, a bottleneck anywhere can lengthen the claims process and create inefficiencies. This, in turn, leads to dissatisfaction on the part of your clients and the customers they serve.
Customer expectations are high, claims management is complex, and the amount of information involved is staggering. A custom claims management system can manage the many challenges you face with ease, including:
- Data management. The claims management lifecycle requires significant amounts of information. This means dealing with sensitive data. Manual processing slows down the process and can pose a considerable security risk while compounding errors.
- Information loss. Every claim comprises multiple touchpoints involving your office, attorneys, insurance companies, and the claimant. Without a unified platform, you risk miscommunication, information gaps, and errors. There’s also a danger of getting mired in the weeds, losing the holistic view required to settle claims, and the inability to provide the process transparency your clients want.
- Slow claim resolution. A prolonged investigation is sometimes unavoidable, but no claim should stall because of manual processes. Further pressure to process claims quickly comes from some state statutes that mandate a timeline for each process step. Slow resolution in Texas gives claimants the right to 18% interest annually and any attorney fees.
- Claims resolution costs. A custom claims management system saves money. Automated transactions are cost-effective, reducing operational costs. Remember, anything that slows or disrupts the claims process is an added operating cost.
- Compliance. The constant evolution of already complex insurance regulations can be challenging to keep up with, as well as labor-intensive. There are better ways to spend your time, including on client relationships. The answer to this challenge, as with the others, is technology.
Technology can solve many claims management challenges, but only if it is the right solution.
Insurtech and the importance of industry expertise
People start a business because they see a need they can fill. However, some solutions are better than others. While generic, off-the-shelf claims management software exists, it’s made for a generic claims adjuster, with no accommodation for customization. You’ll get features you don’t want, and some you desperately require may be missing. If generic software doesn’t work with your processes, it will provide the same frustration as if you had no system, embracing the principle of good money after bad.
Herein lies the importance and the beauty of a custom claims management system developed by a vendor with decades of industry-specific experience.
- Generic software is designed to meet general requirements. It has features that may not be useful. In general, these solutions are designed to meet minimum usability standards. Mass-consumable software meets general needs and typically lacks in quality.
- Custom software is designed to meet your firm’s specific needs and is designed to match your workflow precisely. Generic software can’t match that. Your custom claims management system will have the unique and specific features you require. It also will be designed with an eye toward your future growth and provide a greater boost to efficiency and productivity than off-the-shelf solutions. Quality is built in.
If you’re going to do it, you should do it right. One of the most significant factors in the success of a custom claims management system is a partner who is an insurance tech expert. If you don’t hire a developer with immersive knowledge of the insurance industry and the challenges of claims management, you’ll end up with software that’s no better than a generic product. Why settle for less?
Can custom claims management systems can get even better?
The answer is yes, with Symbility and XactAnalysis integration. When you eliminate your outdated self-hosted or SaaS-based solution and replace it with a custom claims management system, many things you’ve only dreamed of become possible, including the ability to leverage mobile technology.
Symbility provides the means to manage your claims workflow, providing a platform to store all information related to the claim, easily accessible by anyone working on the claim, so everyone is working with the same data and stays informed. It contains a logic-based estimating tool, reporting that utilizes data mining, and, best of all, mobile claims, with virtual diagramming, voice annotation, photo documentation, and complete pricing tools available anytime, anywhere, on any mobile device. It also has a live video tool that increases collaboration.
XactAnalysis provides automated claims management that allows you to track and monitor every step of the claims process, review claims, and report results in real-time. It can be integrated into your current system by connecting your CMS to XactAnalysis. It also enables electronic data interchange so you can send and receive a wide range of file types, including XML, PDF, and various image files.
Insurance adjusting and insurtech: it’s a collaborative process
You know your workflow. Your insurance tech expert knows the insurance business. Together, you can work to identify gaps in process and efficiency and find new opportunities to differentiate your firm from the others. With your superior technology, error-free efficient processes, easy compliance management, and timely results, claims resolution will be quicker than ever. You’ll leave your competition in the dust and build your client base.
You don’t want to explain your business. You want a developer who knows your business inside and out, leveraging their years of industry experience to empower your firm to do more with less and realize exponential growth.
Look to a leader with the required breadth of experience in insurtech
Ready to step into the now and secure your future? We’re Susco, and we make your business more efficient and power your growth. Whether it’s an integration with XactAnalysis, a mobile workforce app built with ASP.NET or C#.NET, or a legacy system conversion, we leverage the latest technology to create custom software solutions that give your workflow a decisive boost, close operational gaps, and help you communicate effectively both internally and externally.
For over a decade, our dedicated, expert team of web and application developers has built custom solutions that perfectly align with business goals. Discover what we can do for you. Have questions? Just fill out our simple form or get in touch today so we can schedule your free one-hour assessment.