After investing so much time and money into developing internal claim management systems, insurance companies can be reluctant to switch to cloud technology. On the flip side, sticking with an in-house built legacy system can, and usually does, end up hindering claims processing efficiency. Manual processes, paper files and outdated technology results in lost time, high costs and overall inefficiencies in the claims management process.
There is a wide body of resources, studies and articles, that contrast the advantages and disadvantages of using a legacy claims management systems versus cloud technology. The first step in the process is choosing a solution to meet your business need is to clearly identify the problem you’re trying to solve. Some examples of problems include:
- We need to become more efficient in our claims management processing.
- We need to expand operations and increase processing capacity.
- We need to increase the transparency of our claims management.
Once the issue has been identified, it is easier to determine whether to maintain your internal system, or invest in a cloud-based technology solution. This webinar recording discusses the key reasons why moving away from traditional legacy claims management systems can seriously help your business.