December 23, 2022
What features to look for in the best claims management solutions
Traditional claim management systems typically require the adjuster and claimant to endure mounds of paperwork, checks, and balances. And, as the volume of claims grows, so does the probability of mistakes and problems like wrongful claims, mismatched quotes, missing documents, and fraudulent claims.
The right claims management software solution can help minimize the harmful elements that can hinder your company’s claim workflows and net profit. Claim Management Software is a multi-functional tool to make the insurance claim experience easier for the insurer and the insured. It also improves an adjuster’s job by evaluating and analyzing the conditions of a claim or action, such as payments, transactions, and recorded events.
Here some things to consider when you’re shopping for your next claims management solution.
How to choose the right software
The best claims management solutions simplify and optimize the claims process from start to finish. To make this possible, you should consider the unique needs of your business. So, before you shop, you should have an answer to these questions.
Do you need an on-premises or cloud-based setup?
The traditional on-premises option involves installing claim management solutions into your in-house IT system. On the other hand, cloud-based software, also known as software as a service (SaaS), allows online access to claims management for your adjusters and customers via a web browser.
Although cloud-based systems are typically less customizable than on-premises systems, they require fewer IT resources.
What systems do you need to integrate?
You should check the compatibility of other business software systems you intend to integrate with your new claim solution. For example, you may need the claims solution to be integrated with your company’s policy or accounting software. However, the underlying system code or data formats may not be compatible. This possibility is why you should ensure your claims software vendor knows your specific integration needs.
What insurance plans do you provide?
Many claim solution vendors specialize in vehicle, property and casualty (P&C), life and annuities (L&A), or health insurance. But some vendors offer customizable systems. For this reason, you should ask any vendor whether their claim management solutions are compatible with your insurance offerings.
Claim solution features
A claim management system can incorporate several features that can quickly and efficiently guide users through the entire claims process. Here are six of the most productive features you should consider for your company’s system:
First notification of loss (FNOL) efficiency
The best claim solutions make the claim workflows move along efficiently with accurate documentation, categorization, and decisioning assistance. For example, using only photos and vehicle data, Qapter Intelligent Triage uses Artificial Intelligence (AI) to identify probable total losses at the First Notification of Loss (FNOL). This benefit lets you quickly decide whether a vehicle is repairable, a total loss, or requires inspection. As a result, the Qapter Intelligent Triage provides shorter key-to-key times, excellent customer service, and enhanced resource efficiency.
Claim management solutions like the Qapter Intelligent Estimating system feature sub-second image processing time and the latest AI technology to detect damage, recommend repairs, and prepare an accurate preliminary estimate.
Increased reporting capabilities
The best claim management solution can harvest vital data to create valuable performance metrics. With this feature, your company can improve processing times, customer service, and your business’s bottom line.
Easy-to-use claim submission process
Regardless of the claim solution, your claim management software should be comprehensive and easy to use. Your customer should be able to submit claims online or through a mobile app.
For example, the Qapter Intelligent Estimating auto claim software allows users to submit their claims from their iOS or Android smartphones. In addition, claimants can digitally capture an image of damaged vehicles via SMS invitation.
It’s time to choose your claim management solution
The latest technology in insurance claim management can make your workflows paperless and so much easier for your operations and customers. If you keep our advice in mind when you shop for a claims solution vendor, you should end up with a claims management solution that can level up your claims process and result in happier customers. So, if you’re ready to test the best auto claim management solution, visit Qapter today.