6 Reasons Why it’s High-Time to UpgradeYour Insurance Claims Management Software
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 with
customers and significantly enhances reselling opportunities for insurers.
According to a study by KPMG, over 22% of business insurance policyholders
prefer 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 around
enhancing customer experiences is becoming the norm within the industry.
If you are still on the fence about whether you need a digitalized claims
processing 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 your
Insurance Claims Management Systems.
What is an Insurance Claims Management Software?
An Insurance Claims Management Software helps in managing, monitoring, and streamlining
end-to-end claims processing workflows. An insurance claims management software
automates, simplifies, and bring together all the operations and workflows involved in claims
processing and gives you a bird’s eye view of all processes through a unified dashboard, with
synchronized data and real-time analytics.
The insurance claims management process involves several steps before the customer (or the
claimant), receives the final claim settlement notification. The various steps involved in any
claims process include:
Each of these processes involve multiple workflows and sub-processes that need to be completed to move forward in the
claim settlement processing. Traditionally all these processes happen in stages i.e. one after the other which leads to
unnecessary delays.
Digital claim processing on the other hand, allows all these processes to occur simultaneously which helps in settling
claims significantly faster. And your Insurance Claims Management Software plays a key role in it!
6 Reasons Why You Should Upgrade Your Insurance Claims Management Software
An Insurance claims management system is an essential part of the value chain
for any insurance provider. A good insurance management system plays
a deciding role in how good or bad the claim settlement process is, for any
insurance provider.
Here are 6 reasons why its high time to upgrade your insurance claims
management software:
To Stay Relevant
With the global claims processing software market size projected to reach $73 Billion by 2030, insurance providers across the globe are prioritizing fully digital claims processing. Therefore, a digital claims processing environment is going to play a discerning role in an already competitive insurance ecosystem. Insurers with a technology driven digital landscape will gain priority over their counterparts when customers are selecting their insurance provider.
To Limit Fraud Related Losses
Losses due to fraudulent claims are a major cause of concern for insurers as well as customers. As per a report by The Coalition Against Insurance Fraud, businesses and consumers lose over $308.6 Billion every year due to fraud. Whereas an average family in the US has to pay $400 to $700 more in premiums owing to insurance fraud. With AI driven predictive analysis and pattern recognition capabilities, an insurance claims management software can limit fraud related losses for insurance companies.
To Improve Workflows
An insurance claims management software offers workflow management and monitoring capabilities using which insurers can streamline key business operations. With a bird’s eye view of all claim’s operations at your fingertips, insurance providers can improve and optimize their workflows in real-time and manage cases more efficiently.
To Save More Money
For an insurer, efficient workflows and automated processes reduce operational costs. As repetitive and redundant tasks are automated with the help of AI-driven technology, insurers can free up resources and allocate them more effectively to reduce operational expenses. Insurance claims management software offer automation via modern technologies that improve overall business workflow monitoring.
To Get Rid of Technical Debt
As business automation with the help of AI-driven technology takes the centre stage across industries, business owners are left dealing with a lot of ‘technical debt’. With new technologies coming up, the legacy systems and technologies used by insurers are struggling to keep up with the changing needs of the market. As consumers get used to better insurance experiences the industry benchmark is hard to maintain for insurers with their existing tech. Upgrading to an insurance claims management software can help insurance providers get rid of this technical debt and keep up with the changing needs of the market, to serve their customers 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 prompt customer communication and offers self-service capabilities to customers, such as instant claim intimation, swift document processing, 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 the
difficult 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 experience
to insurers as well their customers.