Immediately verifying coverage within seconds of FNOL;
Allowing export of data to configurable dashboards and commonly-used file types, such as Excel, CSV or XML for easy analysis by business users;
Reducing loss adjustment expenses (LAE) and the potential for fraud by vetting claims against publicly-available data; and
Improving catastrophe management by scaling to handle high volumes of claims during natural and manmade disasters.
Customer experience governs satisfaction and retention levels for insurers, and can be greatly affected by the way any given claim is handled.
Claims puts the power to make claimants happy and whole in the hands of insurers by automating everything between FNOL and resolution.
That means tasks are created, adjustment assignments are scheduled, and more accurate payment decisions are made faster. Claims delivers superior data retrieval capabilities for a lower total cost of ownership (TCO), and a better ability for process stakeholders to communicate.
Greater Control Over Workflow and Productivity
Natural and manmade disasters challenge even the most nimble insurers with needs to increase staff quickly, ramp up processing power, ensure data redundancy and business continuity, and to do it all rapidly and painlessly. By combining cutting-edge technology with intuitive user interfaces (UIs) and cloud-hosting, Claims mitigates risk by introducing predictability of productivity and greater control over the ups and downs of daily workflows.
Reduction of Claim Leakage and Fraud Losses
Claims utilizes cloud technology and a sophisticated permissions architecture to allow anytime, anywhere access by authorized users for real-time verification of coverages and past claim histories, as well as integrations with industry-standard databases to help insurance organizations reduce claim leakage and fraud losses.
Automation of Manual Processes for Increased Accuracy
Manual processes of any kind can negatively impact downstream activities and results, but manual data entry is an especially error-prone process. insurers still relying on paper files and manual data entry have yet to realize the benefits of digital transformation, or gain any ability to move past routine and into innovation. Claims eliminates the need for duplicative data entry by allowing cross-referencing between solutions and access to a single data repository for pre-fill of existing information at the moment of FNOL.
Improved Security of Policyholder and System Data
What’s keeping insurance executives awake at night? Due to high-profile hacks and targeting by data/identity thieves, cybersecurity has become a major area of focus and expense for insurance organizations. Claims relies on Transport Layer Security (TLS, the successor to SSL) authentication, industry standard encryption, and data redundancy ensured by cloud hosting to guarantee data privacy and security critical to retaining customers in today’s competitive marketplace.