<img src="http://www.bdg001a.com/40742.png" style="display:none;">

DWF 3Sixty Blog

Why Your Old Claims Management System Is Costing You Money

Posted by Elliott Seaton on Jul 22, 2016 11:34:03 AM

Old_claims_management_system_blog_image.png

Last year, 3Sixty Systems commissioned some independent research where we polled a sample of UK Councils. The aim was to establish the true challenges being faced by local government with regards to claims management.

Two of the key findings were:

  • Almost 50% of local authorities do not use specialist software for managing claims
  • Of those that do, 96% are using a system that is over 4 years out of date

You can download the full whitepaper by clicking here.

So why is this such a big issue? And why is it costing councils so much? Continue reading to find out 5 Reasons Why...

1. Data & Document Management

Through the conversations that we have everyday with Insurance professionals, one of the biggest struggles they face is collecting the data they need to investigate and settle a claim properly.  


Holding_up_documents.png


It's therefore odd that many of the systems that councils are using to 'improve' their current handling processes don't have sufficient document management features built in. Good claims management software should allow you to store, access and email documents at a click of a button. That's where you begin to save money. Through automation and ease of access. 

The integrity of the data in your system is equally important. In fact, we believe it is absolutely imperative. Think about it, if the data you're working with is inaccurate, how can you exepect to be working accurately? Any reports you run aren't going to truly reflect a situation or level of performance...

2. Building Reports

Building reports can take hours, or even days! Reporting used to be something that you were just tasked to do by your manager to show them at the end of the month. With modern technology however, it is now becoming something that can help us make real-time decisions

A flexible and agile reporting function is essential to enable you to analyse current procedures; and decide where any improvements need to take place. 

At 3Sixty Systems we pride ourselves on our software's powerful reporting capabilities. If your current system doesn't allow you to construct and present reports at a click of your fingers, then it is costing you time - and money. 

Want to contribute to our research? Tell us about your key struggles:

3. Implementation & Training 

If your organisation is currently using specialist claims management software to handle claims, think back to when it was first brought on board (or when you first started using it). 

Were you trained properly on how to use all of the system's functions? If not, it's likely that it took longer than necessary to get up and running.

Oiling_the_brain.png


If you're not using specialist software currently, but are considering it, this is a point seriously worth considering. Choose a supplier who offers training in order to get up and running as fast as possible to save those valuable pennies. 

The better suppliers shouldn't charge you for basic system training as this is a mandatory part of the 'onboarding process'.


4. Migration

Okay, so you know that there are issues with your current system. It's costing rather than saving money. 

Then why is it that many councils are so hesitant to switch their supplier to a more modern, agile one? Is it simply a matter of the good ol' comfort zone? It might well be. But one of the biggest hurdles to leap over is the perceived issue of moving big amounts of data to a new platform. 

I say perceived because there's no reason at all why this should be a big problem. It's simply a matter of mapping your fields to the ones in your new system. It can be done and fully tested in next to no time. 

A good system will be easy to transition to, with time spent moving to it kept to a minimum. Some key areas that will make a new system adoption smooth are:

  • An easy data transfer process
  • Configurable software which adapts to your specific processes
  • Thorough training to get you up and running as quickly possible

If any of the above aren't adequate, it's highly likely that you are wasting valuable time. In some cases, data can even get lost in transition which can be extremely harmful to any organisation. For this reason, 3Sixty Systems pride ourselves on having water-tight data migration processes. 

Pig_umberalla.png

5. Update costs

One issue we're coming across more and more often is councils being forced to pay for mandatory updates to their claims management s.

This is an additional, unnecessary cost that councils simply can't afford under the current austerity that they are facing. Not all software suppliers do this. 

Of course, if you request a piece of configuration specific to your system this is likely to be charged. But any mandatory updates that are essential to the proper functioning of the software shouldn't be charged for.


Still unsure whether or not you need to invest? have a look at this blog:
 

5-signs-you-should-invest-in-claims-management 

5 Signs You Need to Invest in Claims Management

Fancy something a little more light-hearted? See how you compare to your peers with our Insurance QuickQuiz:

New Call-to-action

QuickQuiz: Test Your Insurance Knowledge

 

Topics: Insurance Claims Management