Risk and claims organizations often rely on several disparate systems to process data, manage their programs, and provide customer service. With so many different systems in place, data tends to be siloed and departmental barriers can impede collaboration. Achieving greater accessibility and enhanced efficiency have become top priorities for organizations seeking to improve claim outcomes and centralize services. This can be accomplished by replacing separate systems with a fully integrated risk and claims management solution.
A prime example of an organization that has adopted a single-platform approach to complex risk and claims management is the County of Los Angeles. After consolidating multiple software systems across departments, the County can now view and respond to risk throughout the entire organization. By using a fully integrated solution for all their risk and claims programs, the County has set a new standard for public entities worldwide.
Like the County of Los Angeles, organizations that adopt a fully integrated risk and claims management system can benefit in these key areas:
- Achieve greater visibility into your data. When your risk and claims information is siloed in different systems, it can be difficult to achieve a comprehensive view of your data. Gaining visibility becomes especially challenging if you have several sources of data like absence management, enterprise legal management, workers’ compensation claims, leave management, and incident reporting. By integrating these systems in a single platform, you can obtain a unified view of your risk and make better-informed decisions to drive optimal outcomes.
- Increase efficiency and productivity. Organizations that use multiple systems to manage risk and claims information often have to use many manual processes to consolidate data. Additionally, getting data in the proper format for processing can be extremely time consuming, particularly when systems aren’t integrated seamlessly. Risk and claims professionals can become overwhelmed by manual tasks when managing ever-increasing claim volumes. With a fully integrated system, risk and claims management becomes much more efficient. By eliminating manual tasks and streamlining access to data, your risk and claims managers can focus more on higher-value initiatives.
- Enhance collaboration across departments. When different departments use their own systems to manage data, it can stifle collaboration and communication. Integrating systems not only eliminates data siloes but also removes departmental barriers. With a single-platform approach, you can reorganize workflows and dramatically improve collaboration among various areas of the business.
- Gain actionable insights from advanced analytics and data science. With fully integrated risk and claims data, organizations are uniquely positioned to leverage the power of analytics. Risk and claims managers can make data-driven decisions that deliver superior results with real-time access to information. With risk analytics and data science, you can quickly identify your most costly claims and assign resources accordingly. You can also predict claim developments and take proactive steps to minimize severity. Analytics can automate workflows throughout the entire claim lifecycle, which can greatly reduce the time to close each claim.
- Simplify system maintenance and support. Using multiple systems can result in inefficient operations at the business level and from a technical standpoint. Software systems require regular updates and maintenance, and each platform has unique standards and schedules for upgrades and other changes. Not only that, but each system likely has a unique support team and service level agreement. Having several different points of contact can create even more inefficiency and frustration when support is needed. With a fully integrated solution, you can have a single point of contact for support and a dedicated team to manage system updates.
- Ensure long-term scalability. Relying on several different systems can limit long-term progress as your business needs change. You may eventually need to retire legacy systems and make difficult decisions about upgrading. With a fully integrated risk and claims management system, your solution can easily scale along with your evolving business requirements. Be sure to partner with a provider with extensive experience in complex risk and claim data conversions.
- Improve claim outcomes. One of the most compelling benefits of a single-platform solution for risk and claims management is the ability to improve claim outcomes. With a comprehensive view of your data, better collaboration among departments, and increased efficiency and productivity, your risk and claims managers can focus more on achieving better claim outcomes. Closing claims quickly and effectively can make a major impact on your business and customer satisfaction.
- Provide more personalized customer service. Beyond closing claims quickly, a fully integrated risk and claims system can help you centralize services and provide a more personalized customer experience. Today’s consumers are demanding innovation and quick access to information. With a holistic perspective, you can tailor your services to meet your customers’ needs and expectations.
Having multiple systems in place often results in siloed data, manual processes, and a lack of collaboration and scalability. With a fully integrated risk and claims management system, organizations can enhance efficiency, improve claim outcomes, and deliver more personalized services.
To learn more about the benefits of a single-platform solution for risk and claims management, read our success story for the County of Los Angeles.