Claims processing presents complexities and added overhead to every insurance company in the market. With loss adjustment expense (LAE) continuing to rise, claims costs continue to be a black hole for insurers.
Time to decision has a direct correlation to claims leakage and increased costs, impacting reserves. Insurers must evaluate new and innovative approaches to claims handling. Improving transactional processing is at a critical stage, and resisting the use of work management technology in its claims divisions is no longer an option for insurers.
Advantages of Hyland’s claims management software solutions
Hyland's claims management software solutions
can help alleviate some of these long-time insurance claims processing challenges. The solution manages all stages of a claim, from early assessment to investigation and through settlement.
Expedite property and casualty claims processing with insurance claims software
The insurance claims management software provides access to documents and information surrounding a claim, providing a single interface for all claims content, regardless of its origination or format.
Managing the first notice of loss (FNOL) can start from paper, fax, email, eNotice, phone call or any method. Once streamlined, it kicks off an automation process, from assignment of work, generation of acknowledgment letters, to Special Investigation, through to settlement.
After implementing this insurance claims software solution, it is possible to speed the resolution of claims, specifically those submitted via the web, from days to hours.
Gain access to all information pertaining to an incident
To properly adjust a claim, adjusters must access all of the information pertaining to the incident.
Quite often, adjusters must request the required information as part of the investigation. As such, the creation of correspondence and documentation of phone records, as well as other information, becomes an integral part of insurance claims processing.
It also becomes increasingly difficult to manage, however the replies are received. Often you must gather information from various sources, making a considerable amount of the process “task related.”
Our claims management software solution provides easy claim capture followed by instant access to that information, as well as the ability to identify when required information is missing.
Other benefits include:
- Document creation: Allows for the automated or ad hoc generation of correspondence requiring specific legal wording or criteria-based generation
- Pending task-related actions: Manage these directly in OnBase with automated notifications built into the workflow to manage follow-up requests and diary alerts
- Work distribution: Easily managed by authority levels, skill sets, type of claim or other business rules
- Approval requirements: Managed throughout the process to ensure that internal controls are maintained
- Automated tasks: Automate manual repetitive tasks, freeing up adjusters to focus on high-value work
Easily integrates with legacy systems
Claims handlers must have visibility into the process’s current state and change authority levels or processing rules as needed. Claim volumes fluctuate on a daily basis and workflows need to be adjusted, reassigned and handled appropriately to ensure accurate, timely setting of reserves and to maintain service level standards.
OnBase content services easily integrates with claims handling systems like Guidewire, Duck Creek, homegrown solutions, and more, completing the customer information view and improving expediency and efficiency.