At the heart of every successful small insurance company is a claims processing department that operates efficiently and accurately to protect the company’s assets to the greatest degree possible while delivering the products and services necessary to meet the needs of its customers.
Studies show that the costs involved with claims processing often comprise as much as 80% of companies’ operational costs. Therefore, it makes sense that small to medium-sized insurance companies are looking at their adjuster and claims processing systems to see if improvements are warranted as well as possible.
Break the Addiction to Paper
There was a time when insurance claims processing was very paper intensive. Depending upon the type of claim being filed, insurance adjusters often had to complete lengthy forms in multiple copies with attached photographs and other pertinent information.
The information written down by the adjuster then had to be entered manually into the data entry system that was available to the company. Proper forms had to be accessed, and the correct forms were often difficult to find. Errors were not uncommon, whether by reason of incomplete information or because the adjuster’s writing was difficult to read.
If the company’s insurance policy software or underwriting software was not kept up-to-date with legislative or regulatory changes, claims processing could be stalled for weeks to the chagrin of the clients as well as the insurers.
Fortunately, thanks to platforms such as SaaS (Software as a Service) along with cloud computing, smaller insurance companies no longer need to wrestle with paper, lengthy forms or outdated software. By partnering with third-party providers of insurance management software through the cloud, these insurance companies are streamlining the process with exponentially greater speed, accuracy, and improved customer service.
Greater Results with Fewer Headaches
With the systems described above, claims adjusters can access the software remotely through devices such as tablets or smartphones. Pictures of damages can be taken and uploaded as well.
Many systems include a database of all forms that may be necessary along with step-by-step prompts to ensure that no necessary forms are missed. Most of these databases can be customized to include form letters and other documents that may be unique to each company.
Summing It All Up
Providing cutting-edge technology to adjusters that is always kept up-to-date by the software provider is a great way to reduce stress and frustration in the processing of claims. This, in turn, will help the adjusters devote more time to carefully scrutinizing each claim to ensure greater accuracy and expediency in processing.