Claims turned on a dime. A great ROI. Happy customers. It’s time for a software upgrade.
Insurance claims management systems (CMS) should help your adjusters operate more efficiently by automating the collection and processing of information, evaluating and analyzing claim circumstances, and informing actions and payment decisions while executing transactions and preserving records. They also help insurers reduce the cost of claims management and fraud and create a customer experience that leads to long-term relationships.
Claims management systems have been around for decades, which means many adjusting firms are wasting hours dealing with an antiquated system or spending too much on a SaaS product that isn’t doing what you need it to do.
It’s time to improve efficiency by automating every possible process and significantly reducing manual entry by integrating XactAnalysis with your CMS. That legacy system can be replaced by a custom C#.NET web application. Let’s explore how to streamline workflow, eliminate duplication, and easily share and transfer data.
What is XactAnalysis, and how does it work with a claims management system?
An insurance management system should simplify your claim review process and add flexibility. It should eliminate manual processes. You likely bought something off the shelf, software used by all kinds of businesses. Perhaps there are some minor modifications for the insurance industry, but it doesn’t provide tools customized for your business – the kinds of tools that give you a competitive advantage.
When you integrate your system with XactAnalysis, you can handle claims end to end speedily and precisely, enabling better decisions with a streamlined workflow and improved claims management while providing a better customer experience. Regardless of the types of claims you handle, you get a holistic solution from first notice of loss (FNOL) to final resolution by allowing:
- Speedier claims processing of special investigative unit (SIU) referrals and a great customer experience powered by claims intelligence data and collaborative technology that improves decision-making.
- Cutting-edge fraud analytics combined with more than 1.5 billion claims as well as predictive models, network analytics, and automated case management.
- Automated compliance solutions integrated into your workflow to reduce your exposure.
- Advanced analytics for estimation and valuation. Data-driven analysis streamlines workflows and improves customer satisfaction.
Other modules include a quality review model, meaning re-inspection teams can work within your standard workflow. Additionally, modules can allow adjusters to view the exact details seen by assignment senders, including floor plans and photos. Artificial intelligence (AI)-powered insights that use machine learning (ML) to help you discover essential data patterns throughout the adjustment process.
The advantages of automated processes
Errors. They are the bane of every company, especially in the insurance industry. From a three-year study, XactAnalysis discovered that a company providing 6,000 estimates could save more than $828,000 by correcting errors found by software. Eliminate duplicate data entry, streamline workflows, and improve accuracy and consistency by taking the time to install and use specific insurance software.
Integrate data and leverage it
Your valuable data is seamlessly transferred from your CMS into XactAnalysis to provide you with centralized data management, real-time updates and synchronization, and enhanced data analysis and reporting.
- Search for key data points using the claims language you’re familiar with. Powered by AI and enhanced by ML, this add-on learns as you go and suggests the features you use most often. Searches, pinboards, and the insights captured can be shared with other team members; you can even automate data sharing.
- Get industry trend reports showing in real-time how prices have changed over the past ten quarters in key industry sectors.
- Request reporting for up to 61 months of your past claims data.
You can also create pinboard templates that display data in your chosen visualization format and set up rules to be notified if a specific measurement on your board is met. Everything you need is easily accessed through the intuitive XactAnalysis Insights dashboard.
Improve communication and collaboration
Have more than one person working on an estimate? Stop worrying about version control. Estimate collaboration within XactAnalysis means an adjuster who is not the assignee can work on a returned estimate without ownership change from the original assignee.
Since the estimate is checked out for collaboration, only the collaborator can work on it, which helps prevent errors, duplicate work, and multiple versions. It offers a clear view into who has made what decisions or changes, so there’s complete transparency throughout the claims process.
Increase efficiency and productivity
Simplify your operations. With XactAnalysis, you can send claims assignments electronically and monitor progress in real-time – no more paper claims forms. The ability to access claims via a mobile device means on-site settlements to shorten claim cycles, resulting in customer satisfaction. Adjusters receive a text and can contact the insured, provide an estimate, and settle the claim.
Efficiency enables productivity, and speedier claim servicing not only reduces cycle times but also improves staff utilization and increases capacity without adding employees. The resulting stellar customer service boosts customer retention.
Save money and get a great ROI
With the advantages offered by XactAnalysis integration with your CMS, you’ll deliver fast and effective claims services while realizing:
- A reduction in staff costs through fewer labor hours
- Improved accuracy and consistency
- Real-time and historical data analysis insights
- A significant reduction in cycle times
- System ownership, which reduces your lifetime software spend
In addition to retaining customers, you’ll keep your best employees by providing a software solution that’s easy to use and increases productivity.
You also get a great ROI. XactAnalysis integration, with its property estimating solutions, saw Georgia Farm Bureau Insurance achieve a 482% ROI, reduced cycle times from 43 days to 13 days, and a 40% reduction in contents claims operating costs.
Susco has what you’ve been looking for
Step into the future, upgrade your processes, do more with less, and get an edge over the competition. Whether it’s an integration with XactAnalysis, a mobile workforce app built with ASP.NET or C#.NET, or a legacy system conversion, Susco makes your business more efficient. We leverage the latest technology to create custom software solutions that give your workflow a powerful boost, close operational gaps, and help you communicate effectively both internally and externally.
For over a decade, our dedicated team of web and application developers has built custom solutions that perfectly align with business goals. Discover what we can do for you. Get in touch today so we can schedule your free one-hour assessment.