Key Features of an Ideal Claim Management System

Insurance CIO Outlook | Friday, September 24, 2021

Client expectations and mindsets have changed dramatically in the last ten years.

FREMONT, CA: Claims are an essential aspect of the insurance industry. Even if your insurance firm isn't as large as Axa or Allianz, you'll need a sound claims management system. In addition, client expectations and mindsets have changed dramatically in the last ten years.

As a result, the insurance industry must make rapid progress in becoming more customer-centric and improving the consumer experience.

Let's see few of the must-have features of an ideal claims management system

Tracking claims progress

Claimants must trace the status of their claim, the consultants' decisions, the following steps they must take, and the final resolution.

All documents in the customer's pocket

When customers use their insurer's app, they must save their paperwork on the app, including copies of their ID, driver's licence, and policy documents.

Online claims payments

If claim transactions can get completed online, clients can save a lot of time. It also increases transparency because both the consumer and the consultant have access to the claim's ultimate determination.

Simplicity and security

Logging in with an easy-to-remember PIN code allows for quick and easy access. Any claim data input must keep safe until it is submitted. At the same time, all personal information must get encrypted. It's also beneficial if most of the app's functionality is accessible even when the user is not connected to the internet.

Reminder function

It is a beneficial feature since it allows a consultant to keep track of jobs that require immediate attention. In addition, the insurance company's service is made more accessible by the reminder feature.

Handling different types of contracts

The claims management system should be able to handle a variety of typical contracts. Furthermore, because clients and consultants may submit changes to the standard form of contract's conditions, the system must address them.

Keeping documentation up-to-date

Some claims are more difficult to prepare because they demand more documentation. As a result, claims managers require a system to assist them in maintaining current paperwork, preparing claims, and preventing the loss of important papers.

Extended search capabilities

The agent must examine nearly any data within the claim, including the claimant's name, address, policy number, phone number, and check number, among other things. This feature facilitates searching.

Centralized database

If users have multiple offices across the country, it's preferable to have a centralized database where management can access files, claim forms, and other information. In addition, they will be able to analyze the outcome and status of claims using a reporting tool.

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