I have recently written a lot of blogs around the area of mobile applications and data analytics, arising from the influx of new technology available to insurers. Although these new technologies improve claims processing efficiencies, reduce costs, and improve customer experience, without a suitable core claim system it is not possible to effectively implement these solutions.
According to a recent survey, 60% of respondents ranked investing in technology as their number one priority for 2014. Before implementing these technology investments, insurers need to first ensure their core claims systems are adequate.According to Karen Furtado, SMA partner, when insurers have “dealt with their core systems, they’ve got that configurable system that allows them to adapt to change – they’re now able to look at people and processes through a whole different lens.”
This new view allows them to monitor their current processes and workflows in a whole new light. An upgraded claims system will pave the way for innovation to integrate with new generation technology, beyond automation and improving processes.
According to Furtado, new generation technology won’t solely transform claims, it will enable insurers to remove steps of the process and improve speed and efficiency of claims administration. Already mobile applications are reducing pressure on call centres, as customers can check their own claim information, such as; claim and payment status online. Data analytics also speed up claim processing. Claims are graded based on their risk factors, resulting in low level claims being automatically approved based on predefined criteria.
These advancements are not possible for insurers without an updated core claim system. Business leaders need to be alligned in their thinking towards a system upgrade. Thinking beyond the implementation process to the benefits the upgrade offers internally will result in a more successful and beneficial upgrade.
Quebec Blue Cross turned to ClaimVantage when they wanted to replace their claim management platform. They wanted to streamline adjudication and payments, enhance overall claims servicing, integrate with existing systems and improve worker productivity and prioritization.
ClaimVantage provided QBC with a comprehensive, cost effective claim management platform, which helped improve productivity that resulted in processing an extra 200 claims and 300 payments each day., using fewer resources. As the system is cloud-based, it is fully flexible to integrate with new generation technologies.
It may seem easier to stick with your current processes and core claims system, but the fear is that your business may be left behind. Claim system upgrades reduce costs for your business, automate workflows, speed up claim processing, and allow innovation of new technologies.
To learn more about upgrading your claims management system today, contact us.