As a claims manager, you understand the struggle of collecting, checking, entering, and processing claims data. Armed with a winning claims management system, you can streamline, automate, and simplify many of the more time-consuming tasks you have to wrestle with. At the same time, you can reduce costs for your company and establish smoother processes.
Expedite Claims Reporting to Reduce Costs
Using a claim management system, you can automate some of the most onerous work, saving your team tons of time—and your company’s cash. For instance, claims management software can automatically collect information about the claimant as they file a claim. The system can then use this during other phases of the claims process.
Your software can also automatically extract the details of customers’ policies. For example, it can identify and collect their coverage limits and info about the type of policy they have.
Tired of searching for adjuster notes throughout the claims process? No worries. With claims management software, you have easy access to notes, images, and other data needed to streamline each claim.
All of this results in time saved, which reduces the cost of processing each claim.
Improve the Accuracy and Speed of Your Data Intake System
Entering data manually not only takes time, but also increases the chances of human error impacting the accuracy of a claim. However, with claim management systems, you can automatically gather information from different data sources.
For instance, your software can grab data from claims forms and input it for you as you move through the claims process.
You can also have your software take the information it gleans from self-service portals, collecting data entered by others and applying it where necessary.
Integrate Data from Multiple Sources
Compiling data from multiple sources can be time-consuming, but with claims software, it’s easy. For instance, instead of going to one app to get customer data, another one to find payment information, and yet another to see messages sent back and forth about a claim, you can have your software grab all this info for you.
If you have to make an adjustment to any of the information the solution enters, your change can be reflected across the entire system, resulting in a more accurate process.
The time claims staff saves because they’re not bouncing between different data sources can be put towards other value-adding tasks, such as connecting with customers and agents. The result is a more efficient claims process that saves your company money.
Analyze Claims Data to Discover Ways to Save Money
Your claims data is a treasure trove of money-saving insights and claims management software makes the treasure hunt simple. Each claim comes with tons of data that, when examined in different contexts, can reveal ways of saving your company money on expenses.
To illustrate, suppose you notice an increase in the amount your claims are costing your company, and you want to pinpoint which ones tend to be the most expensive. With claims management software, you can surface this data in a matter of moments. For instance, if there is a higher frequency of claims at a particular location, this may indicate a breakdown in safety procedures.
You could then use this information to establish workplace safety issues. If you work for an insurance company, you could establish a program for clients to train employees to use greater caution on the job site.
Then, as new data comes in, you can gauge the success of your efforts using more data analysis.
Establish Employee Benchmarks to Reduce Costs and Improve Performance
Nothing says, “Good job” like hard data showing employee improvement. By establishing and using claims processing key performance indicators (KPIs), you can improve the efficiency of claims staff, reduce costs, and encourage better performance.
For many claims departments, this may involve establishing standards around the average time it takes to process a claim. KPIs regarding claim processing time may further break down into the time it takes to first make contact with each claimant, as well as the time it takes to resolve and payout for each claim.
You can also set benchmarks regarding the percentage of claims that have to be reworked. The lower the percentage, the more effective your claims processors are.
Claims management software puts this data front and center, making it easier to track and use to foster stronger claims performance.
Decrease Costs and Improve the Claims Process with Ventiv Tech
With Ventiv’s claims management software, you get all of these capabilities and more. You have reams of claim data at your fingertips, as well as tools to analyze it, identify trends, and make decisions that save your company money. You can also use your unified data to establish performance benchmarks that create more efficient, higher-quality claims processes.
