Claims management is one of the core functions of an insurance company. Vital for its financial growth, leading insurance companies are always trying to develop strategies to optimize claims processes to avoid any financial leakage. Customer experience and satisfaction acts as a key differentiator for insurance brands for delivering optimum claims value chain.
Claims processing and management is a long-drawn process which involves various steps - right from the time the claim is made to verification, evaluation and finally, settlement. This time-consuming process requires tedious amounts of manual effort, which increases the operational cost and hampers staff experience. Insurance companies have been struggling with disparate systems and outdated claims processes for decades. With a digital claim transformation system, insurers will be able to overcome the challenges posed by legacy systems, minimize inefficiencies and stop financial leakage.
In this blog, we will share the top 5 reasons to leverage a claim management system for optimizing business operations and growth.
1. Driving Cost Efficiency
Insurance companies have been dependent on their employees for driving end-to-end claims management and settlement processes, which is not only time consuming but also opens a possibility of human errors, leading to financial leakage. Leveraging claims management software can help automate manual processes and optimize workflows, while improving staff efficiency and reducing operational costs. With step-by-step real time updates, a claims management system adds transparency and accountability throughout the claims handling process.
This success story highlights how Espire developed an end-to-end claims management system with automated calculations and a controlled payment process for automating disparate processes & driving process efficiency. We implemented a fully configurable and comprehensive reporting system supported by PowerBI for better management of inbuilt system reports. Read the complete case study >> here
2. Detection of Errors and Fraud
According to a report by a leading global consulting firm, 3-4% of all claims filed are fraudulent.
Fraud loses cost insurers a steep fraction of their revenue year-on-year. A claims management system can help insurers monitor customer behavior and identify suspicious claims. With easy access to historical customer data, insurance companies can easily optimize the underwriting process to prevent losses.
Espire’s analytics driven claims management system enables insurers to effectively map customer journey for early detection of errors and minimize the risk of financial leakage due to frauds.
3. Improves customer service and experience
Most customers are perplexed by the idea of reading lengthy claim documents with multiple instructions and constantly following up with their insurance company to get the status of their claim. By automating claims processing, claim management systems help insurers fast-track the claim settlement process based on data and merit.
With customer self-service dashboards, insurers can simplify the process of filing a claim request and by providing an easy access to customer service agents, they can provide real-time claim status updates to the customers. The transparency of the claims settlement process can help leading insurance brands improve their customer experience and build lasting relationships with the customers.
This case study highlights how Espire helped a leading Canadian Insurance Provider implement Quadient-based solutions for timely delivery of customer centric information across all touchpoints and multiple devices, which improved customer engagement and loyalty. Read the complete case study >> here
4. Ensures Regulatory Compliance
One of the pain points of the insurance industry is furnishing a proof of legitimacy in the court of law to validate the claim settlement, in case of a dispute. A claims management system helps insurance companies easily access claim-related data across multiple devices and ensure regulatory compliance with the local laws and bye-laws of the region/country they are operating from.
5. Data Integration & Standardization
Legacy systems have multiple constraints, data integration and accessibility being a primary area of concern. Disparate systems not only slow down the claims management process, but it also hampers employee productivity. Leveraging a scalable claims management system allows insurers to utilize marketing automation and advanced functionalities to standardize workflows and capture relevant customer data. AI-powered claims processing system not only provides a unified view of the customer, it also acts as a central point of access for confidential data.
It has become imperative for insurance companies to deploy agile solutions to enhance their turnaround time for claim settlement and achieve a competitive advantage in driving customer loyalty. By leveraging the power of digital transformation, insurers can deliver impeccable customer experiences across all touchpoints.
Espire is helping leading brands in the insurance sector deploy scalable claims management systems to improve staff productivity and customer experience. To discover how we’re assisting businesses accelerate their growth & build resilience, visit > https://www. espire.com/industries/insurance or get in touch at email@example.com
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