Choosing a Claims Management Software

   2019-05-15       160        Computer
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What should an insurer look for when choosing a great claims management software? Cogitate lists the important factors for those involved in making InsureTech decisions.
It is a formidable challenge to find the right claims management software that fits the needs of all the users of a complex claims environment. An optimal solution should improve claim service while simultaneously reducing costs. It should optimize processes and be customizable so that it can be tailored to your specific needs. It should meet your today needs as well as those in the future. Clearly, choosing the right claims management software that suits your organization’s needs can be a daunting task. Where do you begin? Which are the important factors to consider when making the decision?

Cogitate Technology Solution has been the technology partner for many leading insurers in the United States. Based on our experience of understanding of what an insurer needs from a claims management software (CMS), here is a list of important factors to consider when making the choice:

Clarify your needs: It is critical to understand the business challenges or desired benefits that you want the CMS to address. Among the plethora of options and benefits on offer in the market, which CMS addresses the issues that are your top priority? Does the solution offer many powerful features but leaves something to be desired in your top priorities? If you have clarity on your key strategies and where your current processes and tools fall short, half the battle will be won before you start.

Understand who will use it: Identify all the stakeholders who will be affected by the implementation of the new CMS and make sure every last one is consulted in making the decision. CMSs interact with business teams, customers, agents, in-house departments like accounting and multiple third-parties. Understanding their needs and finding the CMS that is useful for each user-group will be key to the success of your new claims management solution for years to come.

Make sure the solution matches your plans: Your firm’s aggressive growth plans should not be hobbled by technology that isn’t flexible and powerful enough to keep pace, nor add underutilized heft. Does the claims management software under evaluation have enterprise capabilities a large organization will need? Does it  weigh down a small firm with an expensive solution that adds complexities which could be pared? Does its strength lie in digitalization and collaboration alone or does it also have the business process automation your strategies demand now and in the future? Does the CMS offer the advantages of technological leaps or is it based on architecture or technology that won’t last the distance?

Prepare for change: Any CMS you choose will require getting used to inevitably altered processes, changed reporting and tweaked workflows. Introducing a new way of doing things will go down much smoother with very careful change management. When evaluating the CMS, also look at the support, training and hand-holding offered by the solution provider to ease the transition. A key indicator will be the length of relationships with clients, not just the number of successful implementations.

Choose the right partner: To successfully use your new CMS for many years to come, a lasting relationship with the provider will go a very long way. The right solution provider is not offering a one-off solution, they are building a partnership with you. Make sure that they understand your particular domain of insurance, can demonstrate successful implementations as part of their track record and have the capability to grow as your needs evolve over the years.

Cogitate Technology Solutions offers a powerful claims information solution that caters to the needs of carriers, third party administrators as well as independent adjusters. Its powerful and comprehensive dashboard and reporting give real-time, fine-grained insight and analysis into your claim performance. The power of our solution is augmented by our Time Limit Demand Awareness and Management tool which uses AI and machine learning to analyze and prioritize TLDs without human intervention.

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To understand how Cogitate.us can help you find the right claims management software for your needs, learn more about us www.cogitate.us.

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