Using JCAD’s insurance claims management system, LACHS, can make your claims department more efficient as well as saving your business money. Read on to find out how:
- Efficient process
Using LACHS will make your claims process more efficient. The quicker you can get claims resolved the more cost effective this will be for your business. Reducing the time to close claims will improve the number of man hours required and can reduce the value of pay outs too.
- Reduce insurance premiums
With JCAD’s claims system, LACHS, in place, you will have a clear history of your claims. This information is priceless when negotiating insurance premiums. With this clear history, you can demonstrate that your claims have reduced and pay a more competitive premium. You can also get a more accurate premium for the different types of insurances you require based on accurate information in your claims system with regards to the types of claims submitted i.e. employers’ liability, public liability etc. The in-built reporting functionality ensures that you can quickly and easily provide triangulation information to actuaries too.
- Asset register
Keeping the asset register up to date in LACHS will ensure you only gain insurance cover for an up to date and accurate list of current assets that you own– buildings, vehicles, equipment etc. Asset ownership changes and it is important to ensure that your insurance cover reflects that too.
- Triangulation & Fund modelling
Benefit from the triangulation and fund modelling module which will help you forecast the most economic combination of policy premium and policy deductible based on previous trends.
- Premium Apportionment
Being able to assign premiums to different departments allows a greater insight of your outgoings for budgeting purposes and it also makes different departments responsible for their portion of the insurance premium. This responsibility will ensure that they are more proactive in trying to reduce the premium they are responsible for.
- Enhanced risk management
With JCAD LACHS, trends can be easily highlighted. With this information to hand, you can act to mitigate further risk to your organisation and reduce further claims.
- Geo-mapping and address look up
Quickly locate UK addresses and pin point claim locations. You can visualise the claims on a geographic map which will provide a quick understanding of claim trends and hotspots. This enables greater analysis and encourages problem solving to ensure that these claims are reduced.
- Fraud detection
LACHS has some fraud detection features to ensure that only viable claims are processed. Detecting fraud will assist with increasing repudiation rates, as well as reducing claim volumes and insurance premiums too.