Claim management is a term to cover the services and advice provided by an organisation in respect of claims for compensation or reimbursement for financial loss or breach of contractual obligation. And claims management software provides an adjuster, assessor, claims handler or insurance claims manager the software platform to manage the claims.
What should claims management software allow you to do?
- Gather and process information relating to underlying policy and coverages, the claim, and the claimant
- Manage the performance of subcontractors / 3rd parties
- Manage the claims workflow
- Evaluate and analyse the circumstances of the claim and identify root causes
- Gain insight from the data to inform decision making
- Make decisions and take actions relating to the claim (including payments)
- Complete claims and transactions and preserve historic records
- Improve customer experience and service
- Improve claims management efficiency
Features of Alphatec’s ClaimControl software
- Store and manage all insurance policies defining premiums, coverage, renewal dates etc.
- Produce robust reports to assist in decision making and renewal negotiation.
- Store claimants, claims and associated parties, for example, people associated to the claim i.e., witness, solicitor etc.
- Gain insight from the reporting to monitor settlement dates and review the performance of repair shops, in-house departments, or external insurance providers etc.
- Cut costs by automating routine tasks specific to each claim type. Additionally, pre-define and set up automatic notifications, requests, and reminders.
- Proactively manage the claim’s handling process through workflows, email integration and escalation of tasks.
- Analyse reports to gain insight by highlighting trends and identifying repeat claimants.
- Use the reports to carry out root cause analysis and management of risk.
- Use the reporting functionality (standard reports, unique search and report capability, and Business Intelligence integration) to identify, days to report, days to settle, client performance etc., to support forward planning and decision making.
- Claims can be assigned a particular status e.g., newly created, closed, re-opened, pending etc., and all emails, documents and images can be attached to each claim, along with clear payment data to ensure a one-stop location for all information pertaining to each claim.
- Create and execute a bespoke digital FNOL otherwise known as an e-FNOL (electronic First notification of Loss). This is a way for the initial report following the loss, theft, or damage of an insured asset, to be communicated.
- This e-FNOL can be linked to a corporates own intranet / website enabling their clients to access via a client portal. Data can be entered either by the claim’s handler or the claimant themselves improving the customer experience.
- Customers can view updates, status changes, and upload correspondence and evidence. Functionality can also enable the claimant to run their own detailed reports on a self-service basis via the client portal.
- The e-FNOL can be claim type specific, so that once the claim type field is populated, only fields relevant to that claim type will appear.
- Claims processing is made easier and quicker, as mundane, repetitive tasks can be automated and claims handlers have more time to support the customer.