Over the years, core claims system have become loosely integrated to provide insurers with an integrated view of multiple software systems. This enables insurers to have a better overview of all elements of a claim, including payments, medical information and historical data.
Today it is becoming more common for insurers to consider advanced integration to provide a single-user environment. A single user environment provides claim administrators with a consolidated view of all relevant claim information. Switching among multiple software systems in order to review all relevant information is time-consuming and inefficient, so advanced integration is the next step to improve overall business processes.
A single user environment also gives access to all relevant data so claims administrators can make educated decisions more quickly. As discussed in a previous blog post, advanced technology allows insurers to take advantage of new technology capabilities, such as big data analysis. Big data analysis improves analytical capabilities by leveraging all available data.
Advantages of Advanced Integration
Other advantages of advanced integration include, access to real-time data and workflow optimization.
Real Time Information
Occasionally data is transferred from one system to another in batch format at standard intervals. This results in out of date data being used to make claim decisions. Advanced integration offers claim administrators access to real time information, allowing them to make informed decisions more quickly. This access to real time information is also beneficial when insurers provide portals for employers, administrators and employees to access claim information.
When insurers have access to a wealth of information, analytic capabilities are improved and hence, enable insurers to automate claim decisions based on historical data. This automation ensures administrators are focusing their attention on high-risk claims. This workflow optimization enables insurers to increase claim-processing efficiency, and deliver a higher level of customer service to policyholders.
Advanced integration helps insurers to make better-informed decisions, deliver a better customer experience and increase claim-processing efficiency. This blog only provides an overview of three benefits of advanced integration, while an improved technology solution with advanced integration will provide endless opportunities for insurers today, and in the future. Richer data sets will enable better reporting functionality allowing insurers to improve their overall business processes.
The ClaimVantage cloud-based claim management system has intelligent integration capabilities that work in synergy with existing systems, other ClaimVantage business lines, and future Cloud software innovations. Click here to learn more.