Top Features of an Effective Claims Management System

Claims are a critical part of the insurance business. Even if your insurance company is not as big as Axa or Allianz, you need to have an efficient claims management system. Clients’ mindset and expectations are different from what they were 10 years ago. A recent survey called Insurance 2020: The digital prize — taking customer connections to a new level  has brought to light some fascinating facts:

  1. 71% of consumers made an online research before buying an insurance product.
  2. 68% of respondents were willing to download and use an app from their insurer in order to access services.
  3. 50% (!) stated their readiness to additional personal and lifestyle information so they can get the best deal for insurance services.

Insurance must thus move quickly to become more customer-centric and to improve customer experience. For successful communication, your customers and team members need to have access to an intuitive claims management system. In this post, we’d like to highlight some features that would be welcomed by both your customers and your staff.

Features of a claims management system appealing to customers:

  • A simple submission process from any device

Users need to have the possibility to complete a short and simple form using their smartphone or tablet. Claimants’ basic info, such as first name and last name (as well as other contact information) should be  filled in automatically when the customer decides to submit a claim. This should be easy to do since the info is already in the carrier’s database. In addition, the claims process will be easier if customers understand intuitively how to attach photos of receipts or invoices to their claim.

  • Tracking claims progress

Claimants need to be able to track the status and decision of consultants regarding their claim, further steps they have to take, as well as the final outcome.

  • All documents in customer’s pocket

When the customer uses their insurer’s app, they need to store their paperwork such as copies of their ID, driving license and policy documents on their application.

  • Online claims payments

Clients can save a lot of time if the transaction of claims can be done online. It also adds transparency to the process because both the customer and the consultant have access to the final decision of the claim.

  • Simplicity and security

For fast and easy access one can log in with a PIN code that is easy to remember. Any claims information entered must not be lost until submitted. At the same time all personal data must be secured via encryption. It is also useful if most of your app’s features are available even if the user is offline.

Your team will thank you for the following claims management system’s features:

  • Reminder function

This is a useful feature because it enables a consultant to stay on top of the tasks that require a timely response. The reminder feature facilitates the service provided by the insurance company.

  • Handling different types of contracts

It is preferred that the claims management system can handle various types of standard contracts. Furthermore, as the clients and the consultants might introduce amendments to the conditions of the standard form of contract it is critical that the system is able to deal with changes.

  • Keeping documentation up-to-date

Some claims are more challenging to prepare because more documentation is required. Thus claims managers need to have a system to help them keep an up-to-date documentation, prepare the claims, and prevent them from losing relevant documents.

  • Extended search capabilities

The agent needs to have the possibility to search virtually any data within the claim, including claimant, address, policy number, phone number, check number, etc. This function makes searching easier.

  • Centralized database

If you have several offices across the country it is better to have a centralized database so that the management can have access to the files, templates for claims and any other information. A reporting tool will help them analyze the outcome and status of claims.

So here we are! Ten features that a claims management system should have to improve your company’s performance. All in all, the app has to address your customers’ and your employee’s needs, which is why it is so important to choose a system with a user-friendly interface that fits well with your specific needs.

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