Claims Adjusters' Software: What's Essential?

Insurance is often viewed as a sector that is slow to innovate, with many manual processes, especially in claims adjudication. Claims adjusters typically use a wide variety of point solutions to conduct claims investigations, including interviewing and capturing recorded statements from claimants, accessing police reports, medical records and collaborating with a variety of service providers.   

However, the insurance industry is evolving. Claims adjusters’ software has emerged as a key tool in modernizing the sector. This technology enhances the efficiency of the claims process and enables adjusters to provide more efficient and compassionate claimant experiences.   

In this article, we’ll explore some the essential software used by claims adjusters. We’ll cover the benefits, essential features, available solutions, and tips for choosing the best software. 

What is Claims Adjuster Software? 

Claims adjuster software is designed to streamline the insurance claims process and help front-line adjusters and claims organizations drive claims excellence. It aggregates and standardizes information relating to each claim, allowing insurance adjusters to manage, track, and process claims efficiently from start to finish.  

Software designed specifically for the Claims Adjusters is crucial for modernizing and simplifying the claims process and facilitating clear and timely communication among all stakeholders.   

What are the Benefits of Using Claims Adjustment Tools 

Claims adjustment software digitizes and automates manual tasks, reducing repetitive or low-value work. This allows adjusters to focus on claims investigations, customer service and deliver a fair and accurate claims outcome.   

Essential Features of Claims Adjusting Software 

When deciding which claims adjuster software to choose, there are some key use cases and top features to consider: 

1. Claims Intake: Streamline the process of capturing recorded statements essential to evaluating a claim. Unlike depositions, which usually are taken years after the incident itself, a recorded statement typically occurs within days of the subject incident, when the facts and circumstances are fresh in the witness’s mind.  
   
   Recorded statements must be reliable, secured, and available for in most cases, 7-10 years.  Depending on the software, adjusters are able to record a statement from any phone and any location, including the claims office, the field or a home office.
   
   
2. Automated Workflows: Use your insurance company’s predefined processes to automate claims progression. This reduces time spent on manual adjustments and ensures consistency. The software handles repetitive tasks, allowing adjusters to focus on complex cases.  
   
   
3. Document Management: Centralize and organize all claims-related documents into a secure system, accessible to all team members when needed. Ensure the software is encrypted, with multiple layers of security and regular backups to protect sensitive information. 
   
   
4. Communication Tools: Improve communication among stakeholders to increase transparency and expedite decisions by including policyholders, adjusters, and third-party service providers. Effective communication fosters collaboration and reduces stress for everyone involved. 
   
   
5. Analytics and Reporting: Choose a solution with robust analytical tools to derive insights from claims data. These tools enable data-driven decisions, performance tracking, and process optimization, enhancing overall business operations.  

Leading Software Solutions for Insurance Claims Adjusters in 2024 

1. n2uitive 
   

   
   We are a leading recorded statement management solution for claims adjusters and insurers to manage the entire recorded statement lifecycle, purpose-built for P&C insurance claim professionals. It integrates easily with Guidewire ClaimCenter and provides enterprise grade level security along with top-notch customer support. 

   Pricing: n2uitive offers three plans – Basic, Pro, and Premium– So you can choose the best fit your company’s needs.

   
2. Guidewire Claim Center
   
   Guidewire Claim Center allows you to track a claim's full lifecycle, from intake using digital forms, to assignment, evaluation, litigation, and closure, following your company’s rules.
   
   Pricing: Custom pricing based on features, customizations, support & insurance agent training requirements. 
   
   
3. Ventiv Claims 
   
   Analyze your claims data using Ventiv Claims analytics and dashboards. Customize workflows and business rules to better manage claims and expedite processing.
   
   Pricing: Subscription-based model, there is a setup fee. 
   
   
4. Snapsheet
   
   Use Snapsheet Claims to reduce cycle times with automated workflows. Their appraisal software speeds up appraisals and improves customer communication, facilitating quick settlements.
   Pricing: Feature-based pricing.
   
   
5. EIS ClaimCore

   
   EIS provides ClaimCore as part of their suite, or independently. It handles full claims and integrates to detect fraudulent claims. The focus is on improving customer satisfaction by speeding up processes.

   Pricing: Varies based on the product. 

What are the Costs of Insurance Adjusters Software

The cost of claims adjusters' software varies widely based on the vendor, features, scalability, and deployment model. Many companies offer subscription-based pricing which provides flexibility and scalability for insurance companies of all sizes. Alternatively, some vendors may offer one-time fees for perpetual software use. 

Insurance companies must carefully evaluate pricing models, considering both short-term and long-term needs, as well as budget constraints. The success of the claims system and software depends on the time allocated for the project and its ease of use. 

The n2uitive Difference: Streamlining Claims Adjusting

We offer a comprehensive solution, covering the entire recorded statement lifecycle from statement capture to content management and integrated transcription services.  Our recorded statement platform is easy to use and deploy, allowing insurance adjusters to start taking statements in as little as 30 minutes. 

How to choose the Right Insurance Claim Adjuster Software

When choosing insurance adjusting software, consider these factors: 

1. Feature Set: Ensure the software’s features align with your needs and workflows. It should fit seamlessly into your current operations and enhance them.
   
   
2. Integration Capabilities: Check the software's ability to integrate with your systems and third-party apps, increasing efficiency and practicality. 
   
   
3. User Reviews: Read reviews on platforms like Gartner and Trustpilot and seek feedback from other insurance professionals with experience using the software.
   
   
4. Cost: Consider the total cost, including upfront fees, ongoing subscription costs, and additional expenses. The solution must fit within your budget.

Before deciding, consult with your team to understand their priorities and challenges. Choose a solution that addresses these issues and improves overall performance, providing real value beyond just cost savings.  

Investment in Technology: Cost vs. Benefit 

Investing in a new claims adjuster software can seem daunting, but it can also offer significant returns. It can help attract younger talent to the claims profession and reduce adjusters’ workload, improving their satisfaction and your customers experience.   

Staying ahead by adopting new technologies and modernizing processes is crucial to maintaining a competitive edge and meeting customer expectations. 

Adopting n2uitive for Recorded Statement Lifecycle Management  

Our claims adjuster software helps modernizes the claims process while boosting both adjuster and customer satisfaction. n2uitive is tailored specifically for the P&C insurance industry and is easily customizable to fit your company’s needs and workflows. It enables claims adjusters to confidently capture critical information to aid the investigation process and ultimately make fast and fair claims adjudication decisions.   

For the past 17+ years, our team has helped leading P&C insurers optimize their recorded statement lifecycle processes.

Sign up for a free live demo to discover how we n2uitive can streamline your claims process or book a call with one of our experts to map out your current recorded statement lifecycle and discuss improvements and best practices.