Insurance Claims Software

Understand and predict claim trends

Whether you self-administer claims or use a third-party claims administrator, gain control over critical priorities: incident intake, claims consolidation and administration, supervision, and legal risk and litigation management.

Insurance claims software allows for the consolidating of claims data from multiple sources provides standardized data for better insight and understanding of the risk your organization faces.

Track all claim details, including description and causes of the loss, through to the financials. Define your claim types as well as payment buckets, transactional values, and claim payment details. In addition to commonly used claims management fields, client-specific custom data fields are available.

Ventiv's claims software provides more accurate, complete, and reliable data so you can:

• Monitor claim trends and identify key loss drivers
• Provide accurate loss history and loss triangles to your actuary for optimal risk placement
• Establish optimal reserves and avoid under-reserving
• Promote successful coverage outcomes, including prompt claim payments
• Set up the best split between retention and transfer of risk

Insurance claims software created to Improve incident reporting while reducing costs

With an efficient incident intake process, you can quickly get your incidents and claims notified, which is a major factor in lessening the closed lag time and overall claim costs. Quick reporting also allows for more accurate analysis of trends and root causes. Collect the data you need with dynamic questions sets to ensure maximum accuracy of the submission.

Since incidents are immediately available for investigation, administration, reporting and analytics, you can make corrective actions faster to prevent similar incidents and reduce costs.

Maximize the impact of your legal and service provider

Create a single system for analysis and risk reporting by linking litigation information with incident, claim, safety, policy, and exposure data. Gain an enterprise-wide view of critical legal data and improve high-level decision making.

With all your legal and litigation data in one insurance claims software platform, you can segment and evaluate information from virtually every angle. Now you can analyze data by business unit, product, exposure, law firm, or matter type.

Monitor a range of key performance indicators regarding your legal resources, TPAs, and service providers to enhance your organization’s profile and drive down costs.

Identify “jumper” claims early and lessen costs with preventive action

“Jumper” or “sleeper” claims account for 40% of the $60 billion paid each year for workers’ compensation benefits. With Ventiv's insurance claims software and predictive analytics, you can now integrate multiple sources of both internal and third-party data to predict how a claim is likely to unfold.