123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

How To Choose A Claims Management Software System

By Author: Steven M Richard
Total Articles: 499

You can find a variety of claims management software systems on the market, but how do you decide which one is the best one for your organization?

Tips for Choosing the Right Claims System:
Whether you are a self-insured, a third-party administrator, an insurance broker or a regional insurer, here are a few tips to help you as you explore vendors offering claims management systems.

• How long has the vendor been in business? Software developers frequently enter the lucrative insurance marketplace, so be sure your vendor has been in business long enough to ensure their software is client tested.

• Is the vendor servicing other system users in your niche? For example, if you are a self-insured group, you may need different data and indicators than you would as a worldwide insurance broker. Be sure your vendor can provide the specific types of data you need to appropriately manage your risks.

• Will your claims data system integrate with underwriting and allow access by other departments? Data integration across departments and when adding lines of business is critical in claims management.

• Does the system feature all the data categories you need? The ability to build your own data fields is a necessity as your organization grows and risk becomes more complex. If you venture into a new line of business, can the claims system provide support for that endeavor?

• How easy is the data to review and manipulate? Can you track your data in one single snapshot yet also pull data into a spreadsheet for more concentrated analysis?

• How effective is the vendor’s documentation and customer support? In today’s 24/7 world, risk management and claims professionals often need specific data in minutes. If you need data beyond your normal reporting needs, can your vendor respond quickly?

• Is your software cloud-based and easily viewed on a browser? Effective data retrieval and customizable reports allow your team to make superior real-time decisions. Search for software-as-a-service (SaaS) architecture, which provides state-of-the-art , browser-based access to your data.

• Will your vendors help you survive the data conversion process? From initial bid design to final implementation, changing your RMIS system is a very time-consuming process. How effective is your vendor at ensuring the conversion process goes smoothly no matter what data conversion issues you face?

• Can your Claims Management System provide expert litigation management support? Managing today’s complex litigation projects requires extensive expertise and increasing sophistication.

• What will your system cost? These costs include first-year costs, annual use costs, any “per-user” costs, data storage costs and charges for custom reporting. You do not want to lock into a system and then find additional charges that are not in your budget.

• How secure is your data? With frequent data breaches, how safe is your data? What additional steps does your vendor take besides passwords and encryption to ensure your data remains in the hands of authorized users only?

The task of choosing the risk management system that best fits your needs is important. Choosing the wrong RMIS will be costly. In addition, you may not be able provide your clients with the best possible service or have the instant access you often need to effectively manage your risks. You will be living with the system for a long while, so make sure the vendor you choose can provide flexibility, scalability and stellar customer service.

JDi Data Corporation has provided insurance claims software since 1992. Our product suite includes JDi Data claims software for property and casualty, medical malpractice, and specialty lines. If you are looking for claims management software, JDi Data can be right choice as it has built a reputation in quality claims management software with special emphasis on complex litigation.

Total Views: 142Word Count: 612See All articles From Author

Insurance Articles

1. What To Consider While Buying Business Insurance?
Author: Lans Insurance

2. Avail Mortgage Adviser North London Services To Find Best Deals In The Market
Author: darvinjarel

3. Any Car Insurance Quote Online Will Outline The Basic Price Of The Premium Based On The Information
Author: winds lu

4. How To Find A Good Home Insurance Broker
Author: Jason Davis

5. What Makes Accounting Outsourcing In Dubai A Wise Decision?
Author: Fadi Khan

6. The Life Insurance Brokers London Can Help You Choose The Best Policy That Suits To Your Needs
Author: darvinjarel

7. Help From Insurance Adjusters For Property Insurance Claims In New Jersey
Author: Donna

8. 3 Reasons To Take A Retirement Insurance Plan
Author: Edelweiss Tokio

9. Maldives: The Blue Lagoon
Author: Pranvi Jain

10. Everything Needs To Know About No Credit Check Installment Loans
Author: e-creditloan

11. Avail Life Insurance Brokers London Services To Find The Best Policy Suitable For Your Family Needs
Author: darvinjarel

12. Know More About Teenage Auto Insurance Why It Is Expensive But Necessary
Author: Charlene Hubbard

13. Top Reasons You May Need Funeral Insurance In New Zealand
Author: Funeral Insurance NZ

14. Critical Illness Insurance, The Way To Ensure The Safety Of Your Loved Ones
Author: Ian Nuwan

15. Insurance In Hong Kong
Author: Admin

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