According to research, one out of every ten insurance claims is fraudulent, and US insurance companies estimate that fraud costs them an average of $40 billion annually. Due to the complexity of the claims management process, claims that are rejected, delayed, or fraudulently filed may come from gaps in the documentation, false claims, or mismatched quotes. In order to digitally revolutionize the evaluating and settlement of insurance claims and ensure swift and transparent reimbursements, insurance companies are increasingly using claims management software with cutting-edge AI-automation technologies. In-depth information about claims management software, its capabilities, and the best software on the market are all covered in this blog post as it relates to the digital transformation initiatives of P&C providers.
What Is an Insurance Claim Management System?
Enterprise insurance companies and independent insurers support agents in managing the claims of their clients by using insurance claims management systems. A consolidated record system, primarily facilitates the knowledge and information necessary for analyzing claims. Through the use of digital claims, these apps increase operational effectiveness, lower the cost of claims administration, and automate insurance operations.
With the help of monitoring the authorization process and ensuring that all claim information, including litigation, policy terms, and claim evaluations, is documented inside a centralized system, claims management software reduces false claims. Additionally, insurance claim software improves case management, automates calculation and payment, and offers superior overall claim analytics.
Features of P&C Claims Management Software
Numerous elements in claims management software are intended to lead users through the automated procedure.
Here are the most crucial features:
- Electronic Claims: This function makes it easier to submit claims online and safely keeps them in the cloud.
- Claims Tracking: All incoming claims workflow management is standardized via claims tracking. Users of claims management software can also change already-created or specially-tailored workflows to suit the requirements of a service provider.
- Document Management: Insurance companies can manage their important claims-related documents by storing and arranging them with the aid of claims management software.
- Reporting & Analytics: Claims management is a data-intensive process that may be examined to identify areas for improvement, such as processing speeds, to give users of P&C platforms useful information on how to manage claims.
- Customer Relationship Management: CRM apps and claims management systems work together seamlessly to review consumer information throughout the claims management process.
- Risk Assessment & Fraud Detection: This is a crucial aspect since it enables insurers to evaluate the claims’ risk. Insurance companies can spot and handle fraudulent claims more effectively by cross-referencing information from numerous sources.
- Payment Processing: The amount of the claim can be seen and paid for directly by insurers using payment processing facilities.
- Integration: Integration of EDI data interchange enables managing several claims from various insurance companies at once.
- Customer Portal: Customers can easily submit and view their claims online thanks to customer portals.
9 Best Claims Management Software in 2022
Here are the top P&C businesses’ claims management tools for automating claims and delivering quicker, more compliant claims processing:
For P&C insurers, BriteCore is a user-friendly cloud-based software platform that fosters digital innovation, digital transformation, and new business procedures. It provides a comprehensive insurance platform for managing policies, handling claims, underwriting, agent quotes and inquiries, managing contacts, invoicing, imaging, printing, data warehousing, and reporting. For optimum security, effectiveness, and durability at scale, the software is delivered via Amazon Web Services and is continuously updated.
2. Guidewire ClaimsCenter
California-based Guidewire Claim Software Solution provides an automated end-to-end insurance claims management system called ClaimsCenter. ClaimCenter is a tool for personal, business, or workers’ compensation claims that came to do away with the necessity for tedious claim management duties. Guidewire was identified by Gartner as a leader in GMQ 2016 and was suggested as a tool for managing cross-departmental operations, cutting expenses, fostering teamwork, and monitoring performance.
3. Applied Epic
A cloud-based agency management system called Applied Epic offers strong automation features and comprehensive business visibility. To effectively handle customer policies and benefits, sales automation, and financial accounting procedures, it is a single open application that interfaces seamlessly with your current CRM solution.
4. Pega Claims Management
Pega Claims Management Platform is an intuitive claims management system that updates your underwriting environment on an enterprise-wide scale while increasing the efficiency and efficacy of claims management. Insurance companies can use it to build dynamic, intelligent business rules that power automated, agile end-to-end claims processes.
5. FileHandler Enterprise
A scalable and user-friendly claim administration system, FileHandler Enterprise intends to automate. And streamline the workflow for claims and risk management enterprises. By offering tools like reporting and analytics, business intelligence, and security measures to provide a flawless claims administration experience, the FileHandler Enterprise solution creates a new standard in the insurance sector.
Because of its innovative claims management, Snapsheet is a leader in the insurance sector. It makes it possible to deploy the quickest digital claims procedure for auto insurance. As a dependable business partner, Snapsheet collaborates with over 100 clients, including many of the biggest insurance companies, TPAs, MGAs, insurtech startups, and disruptors of the sharing economy. It is a cloud-based claims management platform with intelligent workflow automation, engagement, and digitization focus.
7. LexisNexis Carrier Discovery
At key stages of the claims process, LexisNexis Carrier Discovery identifies crucial insurance carrier information. It helps with call centre scripting and improves accuracy. And the effectiveness of the adjustment process throughout the claim settlement process. The program successfully enhances the adjustment process, policy administration, rerouting the claim and spotting fraudulent claims.
8. A1 Tracker
Web-based insurance software that supports all types of insurance, A1 Tracker is simple to use. You can customize the software instance by insurers by letting them select a language, currency, and hosting choice. Insurance companies are able to keep track of policies, applications, premiums, and certificates. Renewals, billing, payments, commissions, and sales prospects thanks to the software.
A computerized no-code insurance claims platform from 360SiteView keeps track of every participant’s activity. Through supply-chain orchestration and end-to-end automation, expenses are further reduced, enabling them to relate to and reassure customers.