Insurance Claims Management System
Reduce claims leakage and drive better customer experience
Claims are at the heart of customer experience in the insurance industry, but many claims managers still use legacy processes and systems that are labor-intensive and time-consuming.
We offer claims management software solutions that drive a unified, omnichannel claims experience. Maximize the efficiency of your claims processes while improving the claims experience for everyone: claimants, agents, and adjusters.
Implement Straight Through Claims Processing (STP)
Today’s insurance consumers consistently complain about the lack of communication and transparency into the claims process, which is largely relying on the intuitive knowledge of experienced claim handlers.
With pressure to increase profitability, higher customer experience expectations, and a talent crisis at hand, STP is the only scalable way to accelerate the end-to-end process without sacrificing customer satisfaction.
What is straight through claims processing?
STP optimizes the entire insurance process, simplifying the process for insurers and speeds up customers’ results. Automating the traditionally tedious claims review and approval process, transforms the insurer’s business, and delights customers.
What are the benefits of straight through claims processing?
Utilize Virtual Claims Handling
According to LexisNexis, 38% of insurers now utilize virtual claims handling, reducing cycle times to two to three days, compared to 10 to 15 days for traditional methods.
What is virtual claims handling?
Virtual claims handling transforms the traditional process by replacing the forms, phone calls, and adjuster assessments with information collected online from customers, local police departments, and business systems. By collecting damage information from customer-submitted photos and video, police accident reports, and body shop estimates, insurers streamline the claims process and greatly reduce the need for on-site inspections.
What are the benefits of virtual claims handling?
Reduce Claims Leakage
Controlling claims leakage is difficult because insurers must decide between the time and cost of thoroughly investigating a claim vs. the impact to customer satisfaction and retention resulting from a protracted claim settlement experience.
Claims leakage accounts for an estimated 5 to 10% of all claims paid, and in the life insurance sector, that number can be as high as 25%!
What causes claims leakage?
We help insurers proactively address the early warning signs of claims leakage with automation, artificial intelligence and machine learning. In the US alone, claims leakage is a problem in excess of $30B per annum. You could save billions of dollars!
What makes us different
Today’s insurance customers demand seamless, omnichannel experiences – from underwriting to policy administration and claims. But the information needed to optimize these customer interactions and processes is often locked in siloed systems.
It’s time to replace those outdated, inflexible Enterprise Content Management systems and single-use solutions with a modern Content Services Platform. See why some of the largest insurance companies have chosen to work with us.
Discover why, for the twelfth year in a row, Hyland is a Leader in the Gartner® Magic Quadrant™ for Content Services Platforms.
This guide is for insurance executives who want to emulate the growth and success of agile, digital-native competitors with insurtech.
Optimize the claims process and improve the customer experience with straight through processing and virtual claims handling.