Insurance departments are aiming to save money, improve efficiency and ensure compliance. Employing suitable technology will assist with the achievement of these objectives. Technology is continually progressing and the efficiencies that can be gained from using state of the art technology can far outweigh the initial costs. Read on for some top tips to bear in mind when looking to purchase or upgrade your insurance claims management system.
It is important that the claims handling system is easy to use so that it encourages user adoption. If you wish to reap the efficiency benefits of using a central insurance claims management system, then you will need everyone to embrace the solution. It is paramount that the system is intuitive and offers benefits that will transform the way an insurance department works.
#2 Home working
Technological advancements have raised the expectations of being able to access information and systems from anywhere, on any device, at any time. This is important to your insurance department if you offer flexible employment conditions such as, home working or if you require information to be recorded or accessed on the go. Technological advancements in our personal lives has paved the way for improvements in our professional worlds. To meet these requirements software providers will deploy web applications that run through a browser. By their very nature web applications can be limiting in their ability to provide the highly functional and customisable requirements of a busy insurance department. Care should therefore be taken when assessing the suitability of using these applications as a complete solution. JCAD’s claims management software, LACHS, provides a hybrid approach to address any such concerns with options to be deployed as a feature rich desktop applications or highly flexible web application for home working and remote users.
Improving the efficiency of receiving, collating and storing claims data is just the beginning. You need to be able to report on the data quickly too. Manually producing reports can take hours if not days to produce. By the time the report data has been collated it can already be out of date. Improved reporting and dashboards enable instant access to real-time data and saves a significant amount of administration time. Ensure you check out the reports available in an insurance management solution as well as how easy it is to create bespoke reports and amend existing reports too.
#4 Document Bundling
Do you spend an exorbitant amount of time collating documents for cases? Document bundling is now available in some insurance management systems in just a couple of clicks. This is perfect for managers to review a complete case or to provide the legal team for use in court.
The requirements of an insurance management system may change over the course of time. There are modular systems available that will ensure your requirements are met without paying for features you won’t use. If your team is likely to increase or reduce in size, make sure you can add or remove licenses according to your changing requirements.
#6 Fraud checker
Insurance fraud has increased in recent years. To combat this, there are some solutions on the market including JCAD’s claims management software, LACHS, that offer a duplicate data checking feature. This feature trawls through the entire database looking for co-occurrences of the same record, for example a name, date of birth, NI number, postcode so that they can be flagged. This clever functionality will enable potentially fraudulent activity to be highlighted, tracked and in turn save the organisation money.
#7 Suitability of software to your requirements
The needs of a modern insurance team will often vary dramatically dependent upon what type of claims they process, how many claims they process and how much handling they undertake themselves. JCAD’s claims handling solution, LACHS, offers a host of additional modules that allows you to configure the system to your requirements. Its continual development means you will benefit from new efficiency enhancing features.
#8 GDPR Compliance
The latest EU regulation, GDPR, means that all organisations in the EU or those transacting business in the EU must review their data policy and make changes to how their data is stored and used. Claims management departments have a vast amount of personal data and so choosing a system that will allow you to keep old data (for trend analysis purposes) by anonymising all the personal data fields easily will be a huge benefit. It also needs to be able to provide features that allow for anonymisation to be easily carried out on an ongoing basis. JCAD has been working closely with its LACHS clients to ensure that they conform to their data retention policy and can maintain compliance. JCAD LACHS will highlight records that fall out of the retention period allowing and will also provide an audit log to show what data has been anonymised.
For more information on JCAD’s claims management tool, LACHS please call 01730 712020 or visit www.jcad.com