When choosing a Claims Management Software, what aspects should an insurer consider? Cogitate lists the important factors to keep in mind for those involved in making insurance technology related decisions. Finding the right claims management software that meet the organizational requirements can be a formidable challenge. An optimal claims management solution should not only improve claim servicing while reducing costs, but also be customizable so that it can be tailored to your specific needs when it comes to claims processing. Furthermore, it should not just be suited for the business needs of today, but also be flexible to handle the requirements that may arise in the future.
But where do you begin?
What are the factors that need to be assessed before you make a decision?
Over the years, Cogitate Technology Solutions has been the technology partner for leading insurance companies in the United States of America. And based on our experience supporting the claims management requirements of these industry leaders, we have identified the important factors to consider when you’re choosing claims management software.
Understand your requirements: Today, there are a plethora of Claims Management applications available in the market. However, each system comes with its own pros and cons. To make sure that the claims management system you choose, offers the desired benefits, the most important factor is to have clarity on your key requirements. Furthermore, you must also have an in-depth understanding of your business challenges, as well as where your current processes and tools are lacking. Once you have clarity regarding these factors, it will be much easier to choose a claims software that would appropriately fit your specifications.
Be prepared for change: Accepting change can be difficult, especially for organizations that have already established processes and a particular way of functioning. And when you implement a new claims management system, it is inevitable that processes and workflows that exist within your organization will undergo a change. That’s why it is important to carefully handle change management, before introducing a new way of doing things, so that the transition is smooth. Another factor to keep in mind is to evaluate not just the claims management software being offered by the Insurance Software Solution provider, but also the support and training they would provide to ease the transition.
Understand your user: New claims management software will affect multiple stakeholders within the organization such as the business teams, claims management department, as well as customers. That’s why you need to clearly understand their requirements and possibly involve them in the decision-making process. This will enable you to choose claims management software that would best suit the needs of every relevant user-group. During the implementation, roles and responsibilities must be clearly defined and adequate training and support should be provided to all the concerned stake holders.
Find a solution that matches your plans: Your firm may be a large organization that has aggressive growth plans for the future, or you may just be starting off, with an aim to grow and expand your capabilities at a measured pace. Whatever your plans, you need to ensure that the claims management software you choose, would effectively complement your long-term and short-term business objectives.
Find the right solution provider: The right provider should not just be a vendor supplying technology to your firm. Instead, they need to be your partner who would invest time and efforts to understand your requirements clearly and then help you successfully implement the solution within your organization. This makes it crucial for the solution provider to have an in-depth knowledge and understanding of the insurance domain, have successful implementations as part of their track record, and have the capability to cater to your evolving needs. Cogitate Technology Solutions offer claims management tools that cater to the varied needs of insurance carriers, third party administrators, and independent adjusters. Our advanced Claims FNOL solution is based on web and mobile technologies. It is easily integrable with existing systems and enables complete automation of the FNOL process through web portals, mobile applications and futuristic technologies such as chatbots. Our state-of-the-art Demand Letter Awareness and Litigation Management tool – Demand Assist, uses AI and machine learning to analyze and prioritize claims associated with attorney demands, more efficiently. To understand how Cogitate Technology Solutions can help you fulfil your quest for the right claims management software suited to your needs, visit www.cogitate.us