No matter the size of a claims company, utilising the best claims management software can be vital to maximising profits as powerful software ensures claims are processed swiftly and successfully.
Why You Need Claims Management Software
With the end of PPI fast approaching, there is a need for claims companies to shift focus and efficiently handle larger volumes of claims. Claims management companies (CMCs) must be able to handle different kinds of claims — such as mis-sold mortgages, packaged bank accounts and payday loans.
The capacity to efficiently process several different claim types allows CMCs to target a broader range of clients. Increased efficiency also means they can cross-sell customers — which is beneficial as it is often more profitable to upsell a client than to acquire a new one.
With such changes on the horizon, using powerful claims management software is essential!
Companies MUST Use These Key Software Features
Here are some key productivity-increasing features claims handlers must look out for in a claims management software:
Save Crucial Time with a Comprehensive Dashboard
A comprehensive dashboard allows claims handling teams to save a lot of processing time. A powerful single dashboard enables handlers to see all the required information. It also makes it easy to see which products a customer does not yet have – making cross-selling services simple and easier for handlers.
When you’re able to track multiple customer products through a straightforward location, you’ll find the time saved on navigating can increase productivity in the long run!
Take Control of Your on-Boarding
Thorough claims management software allows you to devise questionnaires with a “feedback forum” for each product or type of claim. This process enables you to take control of the on-boarding process and thoroughly monitor the beginning of a claims journey.
Such an easy-to-use tool will allow you to evaluate how clients and customers receive your claims process and will highlight opportunities for further streamlining.
Meet Important Targets With an Effective Reminder Function
A simple reminder function — one that runs automatically without claims handlers’ intervention — will produce designated notifications to help claims handlers run claims cases smoothly.
Having timely reminders enables your claims handlers to stay on top of their workload and meet important deadlines. The more work completed, the more time CMC’s will have for new clients.
Manage More Claims with Dialler System Integration
Using swift dialler integration allows claim handlers to save crucial processing time on each call. This feature enables them to deal with more claims in less time and manage new and existing claims records. You can also view multiple claims from the dialler system.
Increase Productivity by Auto-Generating All Correspondence
An effective auto-generator feature allows you to increase work efficiency by auto-generating all correspondence (including chaser letters, SMS messages, and emails). Without the need for repetitive manual input, claims handlers can automatically generate messages and schedule follow-on actions. And what’s more, integration with DocuSign means all correspondence is signed easily!
Such comprehensive app and service integration, without the need for agent input, effectively maintains communication and task-completion of an entire claims process.
Find Details Swiftly with a Simple Search Function
A comprehensive search function will allow you to search for any specific piece of information or data within the entire claim. A responsive claims management software swiftly generates details such as names, addresses, policy numbers, and phone numbers.
You can also save significant amounts of time through a sufficient search function that makes finding claims data a simple and responsive process.
Access Files from a Central Database
You can gain instant feedback and communication by accessing files and documents through a shared platform. A centralised database is ideal for companies with numerous offices and locations!
Generate Reports with a Comprehensive Reporting Tool
Generate reports to monitor performance and evaluate a claim’s progress. A comprehensive reporting tool will give you important information whenever you request it!
A good reporting tool allows you to act according to feedback — such as how long it takes to specific certain steps in the claims application. This feedback will help you determine what steps you need to take to increase productivity and ultimately maximise profit.
Customers MUST Have Access to These Key Software Features
On the other end of the process, claimants will be keen to enjoy some of these features:
Empower Your Customers with an Easy-to-Use Submission Process
Comprehensive and easy-to-use claims management software should have a mobile-friendly, simple format. It should populate customers’ personal details such as name, address and date of birth as well as important information such as claim types and associated questionnaire details. A swift and efficient submission process will auto-populate customers’ details for every new claim made, and all images, receipts and invoices are easily attachable!
The accessibility of claims management software not only reduces admin overheads but increases customer satisfaction, too! Satisfied customers are far more likely to leave positive testimonials and reviews. And the more positive referrals you have, the more likely you are to attract new customers.
Swiftly Store Documents in a Folder for Easy Access
Since data is linked to the client electronic file within the main software application, there’s no need to create a number of different files and folders. Customers’ policy documents, including ID’s and applications are easily accessible.
Applications like this help to declutter files and processes, resulting in a well-designed and organised system.
Increase Trust and Loyalty with Online Payments
Save time by processing transactions via the software. Online processing increases the chance of clients receiving what they are due on time.
When clients are paid promptly and efficiently, they’re more likely to express positive reviews and increase the all-important trust-factor of a claims management company.
Securely Save Personal Data
Save personal data through encryption within a secure system! For easy access, customers should be able to log in with an easy-to-remember password.
Navigate the Software with Ease
The key feature of the best claims management software is that it’s user-friendly for a claims handler and easily accessible for the client. Anything less will lose you customers — fast. After all, a powerful claims management software should increase your company’s productivity, not slow down the entire process.
An effective and powerful claims software should include most of the above features — and then some. The best software will use smart processes that eliminate wasted time and resources. As a claims handler, you have to ask yourself: “Will this software increase my productivity, clientele and maximise my profits?”.
Logican’s claims management software provides the features you need to maximise profit in your business. Request a free demo from Logican to find out how our partnership can help you.
