Managing claims effectively improves customer satisfaction and is the key to operational success at your insurance company. This blog examines the different types of claims management solutions, why digital solutions are the answer, and the top 5 software solutions available on the market.
A comprehensive claims management solution handles the whole claims process. When a client fills in a first notice of loss (FNOL) until the case is settled, the solution organizes, centralizes, and handles everything.
This type of solution is ideal for large insurance companies that regularly handle high claims volumes. It helps to speed up the claims process and centralize all information. A good example of a claims management software would be Guidewire Claims Center.
An important part of the claims process is managing processes and documentation. Without a centralized, well-organized workflow, documents can get confusing and lost. Software can make a massive difference in organizing large volumes of claims-related data. Clear document tracking and management can also help employees become more productive and efficient.
If your insurance company is struggling with disorganized information or confused workflows, this solution can help.
Insurtech companies are now creating solutions for specialized parts of the insurance process, including compliance, transcription, and recorded statements. A clear example is n2uitive’s all-in-one recorded statement management platform. It’s designed to manage the full lifecycle of your recorded statements and fix this often overlooked yet key part of the insurance process.
Companies who struggle with one aspect of the claims process can go down this path.
Software solutions that harness AI and analytics to empower insurance companies to understand their performance, results, and areas for improvement. These platforms leverage AI and data analytics to identify patterns, predict claim outcomes, and prevent fraud. To ensure that your team or business is tapping into accurate data and improving decision-making, this type of solution could be the answer.
The insurance industry is under a lot of pressure; claims are increasing, yet the number of adjusters is decreasing. Recent statistics show that turnover in the US insurance industry averages 25%, so finding software to increase productivity and efficiency can make a huge difference.
Inputting information, following up on tasks, creating reports, and manually following workflows are all manual tasks that take up adjusters’ time. Software can automate these tasks, speeding up the claims process and making adjusters more efficient.
All processes done by hand are at risk of information being forgotten or not included. Software can ensure workflow automation, so you can create rules for adding certain documents or information. For instance, n2uitive captures high-quality recorded statements and stores them safely so they’re in good order for audits or legal purposes.
Data is critical for companies to understand their customers, their claims, and employees’ satisfaction, performance, and effectiveness.
Cloud-based software provides access to real-time data, giving adjusters insights into their claims to make faster, more accurate decisions. Adjusters can quickly review case history, recorded statements, and relevant documents from a single dashboard.
Finally, managers will also have access to data based on employee performance to help them provide feedback and make essential business decisions.
n2uitive is a full recorded statement lifecycle management software that enables adjusters to record, review, store, transcribe, share, and analyze all recorded statements.
Using n2uitive, adjuster productivity increases by 30%, as does employee satisfaction. It’s a solution that focuses on a common issue in insurance to improve the efficiency of claims. n2uitive also integrates with Guidewire Claim Center to fit into your claims process. So, all statements are automatically synched to Guidewire, and your insurance adjusters can even begin recording from within Guidewire.
Guidewire’s software, Claim Center, is an industry-leading solution that manages the entire claims process from intake to settlement. Adjusters gain time and save stress using it. Guidewire Claim Center enables management to create personalized rules based on your internal processes to improve efficiency. Payments to claimants can be made within the system so that all details of each claim are stored in a centralized, secure location.
Verisk has a claims solution called Claimxperience that aims to improve the claimant’s experience and the claims team's productivity. The software provides a collaborative portal where the adjuster and the policyholder can participate in the process, reducing site visits and improve the policyholder’s involvement in the process. The platform also has analytics to flag potential fraud that can then be reviewed by the adjuster and the company’s fraud team.
BriteCore is a complete claims management system. Claimants can upload their FNOL through BriteCore’s form. The system then automatically sends the form to an adjuster who can manage the claim inside the software. All files can be uploaded to the platform, so you have a complete claim log in one place. Full payment can also be done through the platform; it provides data granularity into payments for each coverage.
Duck Creek Claims is a cloud software platform that aims to simplify and speed up claims processing. Once the system receives the FNOL, it uses workload, claim factors, and adjusters’ experience to decide who to assign the claim to. Adjusters can easily check coverage details and receive task alerts throughout the investigation. It also calculates losses and enables payments to claimants. Finally, they ensure reporting compliance with their dashboards and reports.
n2uitive works with over 40 insurance companies, including some of the largest in the United States. One of the top 5 P&C insurers discovered n2uitive when searching for a system that was efficient, easy to use, improved processes, and could scale with them.
Since starting to use n2uitive, they’ve found that adjusters have reduced time spent managing statements by 30%, and onboarding is smooth as it takes new adjusters less than a day to feel comfortable with n2uitive.
Contact us today for a free demo to improve your claims processes and save time and money.