It’s well documented that the insurance sector is beleaguered by legacy software systems that inhibit progress and stifle productivity. However, it appears the tide is turning and investment in IT is high up on the agendas of many of the larger players who are already in the process of implementing new policy administration and claims systems.
All well and good, but what of the myriad of other insurers, brokers and self-insured organisations? Are they tech savvy enough to effectively manage insurance claims and deliver the levels of service that are demanded of them?
Unfortunately, claims management is still heavily reliant upon an alarming degree of time consuming, paper-based manual administration and repetitive data input and many organisations simply don’t have the systems in place to record and manage insurance claims efficiently.
What’s more, when access to information is critical to making better decisions, the inability to produce meaningful and real time management information is a genuine cause for alarm, with reports often taking several days to manually compile.
What our business seeks to do is to take the drudgery out of the claims process so that claims personnel can focus on more productive tasks, delivering added value to the business.
Automating and streamlining processes increases staff performance and, more importantly, morale and job satisfaction, empowering the claims team to deliver higher levels of customer service.
The introduction of a claims system that automates processes, introduces workflows, flags overdue tasks, records all claims and policy related information and delivers instant claims reports, has an immediate impact on team and business performance and plays an important part in preventing financial leakage. It also demonstrates to regulators that claims are managed in a proper and efficient way.
The irony is that you don’t have to break the bank to implement claims technology and with the claims function now being recognised as a priority for the insurance industry in terms of cost, customer retention, and regulatory compliance, automation is not a choice, it’s a necessity.
If you’re considering the benefits that come from automating your claims processes, why not take a look at what EvoClaim can do for you? Claims system demos are conducted online, at our London and Leeds offices, or at your premises.
To book your demo call Danny Shipman on 0333 010 7999 or email firstname.lastname@example.org.
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