123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

Oh My How Claims Management Has Changed!

By Author: Nate Rodney
Total Articles: 533

In the last decade there have been many important changes in Insurance Claim Management that have improved predictability, the integration of data and added the convenience of mobility to increase processing speed. In fact, the industry has experienced far too many changes to attempt to enumerate them in a single post. Four of the most significant transformations include:

1. The optimization of processes achieved through integrated systems makes claims management more intelligent, predictive and proactive. Fragmented customer benefits, claims and transactional data are thankfully a thing of the past. The benefits of an integrated system are tangible. Loss predictability is more refined. Claim file information is entered once and shared in accordance with established rules, helping to eliminate the chance of duplication in data entry and thus reducing costs.

2. Enhanced customer service and reduced claims costs are not only possible but very achievable due to the upgraded ability to identify risks, which can lead to improved fact-based decision making and an increased business understanding of the risk of exposure and the value of case load capacity. This information can be used to improve processes, helping to achieve claim resolution more quickly by eliminating administrative delays and reducing errors. Quicker claims resolution and more accurate settlements can also lead to higher revenues as a result of positive brand equity.

3. More Information is available today than ever before. The explosion of Information available from web pages, social media, content repositories and document sharing file systems is remarkable. Clearly, there is a rapidly growing variety of digital content, including digitized voice, pictures, video, as well as adjuster notes, reports from investigators or first responders and even claim forms. Accessing this wealth of information, analyzing its relevance and integrating pertinent data into a single database has become much more sophisticated.

4. Mobile applications provide immediate accessibility to information as well as the ability to interact with collaborators on a wherever, whenever basis. Claims management is no longer restricted by time and geographic distance. Increasingly, insurance claim content is digital or existing content is almost immediately digitized including hard copy documents and telephone call reports from an insured with first notice of loss. Once the information is digitized, it flows to and from claims stakeholders' through web-enabled mobile communication devices achieving increased interaction speed and more intelligent collaboration.

Claims expenditure represents nearly 70% of premium for most insurers. Thus, one cannot overestimate the value of these four improvements to the claim management process. Increases in the use of available information, the integration of systems and new tools have enhanced our ability to communicate and collaborate with more speed and accuracy. The result is a streamlined claims management process that simultaneously improves the experience for claimants and the claims management professionals involved in deciding and resolving the loss events.

JDi Data Corporation has provided insurance claims software since 1992. Insurance claims software JDi Data is preferred by many insurers, risk managers, and third party administrators for property and casualty, medical malpractice, and specialty lines. JDi Data has built a reputation in quality claims management software with special emphasis on complex litigation.

Total Views: 67Word Count: 514See All articles From Author

Insurance Articles

1. Check Out The Top Seven Tricks To Save Up To £280 On Your Car Insurance
Author: Brijesh B.

2. Save Time And Compare Insurance Quotes Online Sydney
Author: Selectinsure

3. London Car Owners Pay Twice More For Car Insurance Than The Rest Of Britain
Author: Brijesh B.

4. Most Reliable Insurers For Home, Health, Auto And Commercial Ventures
Author: Michael McCullough

5. Why You Need Life Insurance In Your 20s And 30s?
Author: Brijesh B.

6. How To Save On Car Insurance In Las Vegas
Author: Michael McCullough

7. Want To Get Life Insurance For Free? – Try These Top Tips!
Author: Brijesh B.

8. Home And Business Insurance Sydney From Select Insurance
Author: Selectinsure

9. Are You Insured The Old Way? Try Living Benefits And Improve Your Quality Of Life
Author: robiulislam

10. Insurance Agent In Lexington
Author: Shaun Michel is the author of this article.

11. Tips To Choose Outdoor Furniture Las Vegas
Author: Terry Jacobson

12. How Commodity Trading Tips Can Benefit Your Trade
Author: Santosh Sharma

13. Top Five Ways To Reduce Car Insurance Premiums
Author: Brijesh B.

14. Various Ways By Which Truck Insurance In Las Vegas Provide Suitable Insurance To Customers
Author: Michael McCullough

15. No Deposit Auto Insurance At Lowest Rate Easy To Avail Online In Canada Now
Author: Victor Cano


Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: