Essential Reading: Claims Management Made Simple

claims management software

Making a claim can be a stressful process for individuals. But managing claims — perhaps in the thousands — needn’t be an uphill battle for companies.

Since the infamous “PPI scandal” is coming to an end, claims companies will be dealing with a number of new claim types. Therefore, they must review how they manage their claims and ensure they are on top of their claims management software. Using a powerful claims management software can definitely help achieve this.

The Different Types of Claims

A claims company could be dealing with a number of varying claims at any given period, so the correct organisation and structure of each task is vital for productivity and a smoother workflow. For instance, some of the most common types of claims include:

  • Personal injury
  • Packaged bank accounts
  • Payday loans
  • Flight delays
  • Mortgage mis-selling

And each of the above can again be broken down into sub-categories of claims. To effectively manage this number of claims, a great claims management software is imperative.

Effective Claims Management

A sound claims management process involves constant monitoring and upkeep of new and old claims. In order to be successful at “claims management”, you must actively record, adapt and outline strategies for each claim in a clear and concise manner.

To begin with, here are three important factors to consider when you’re managing a claim and how an effective claims management software can help:

Communicate swiftly

If a potential or current customer contacts your firm, regardless of the query, you should respond as soon as possible. Do not wait longer than 24 hours, particularly with potential customers, as they are still in the market looking for the best claims company. A slow response gives off an unempathetic impression.

The solution: a good claims management software will have an auto-generator feature that will automate correspondence with customers in a timely manner. Additionally, you can schedule a follow-up plan so that you’re always “in the know” regarding claimants’ messages/queries/updates.  

Make vendors your friends

Everyone from lawyers, medical professionals, contractors, and managers are technically key players in your campaign. Build a good rapport with each of the key contacts associated with a claim process, and you’ll find it easier to get the relevant reports and documents in place and on time.  

The solution: communicate frequently with these individuals during the claims process. A quality claims management software will have a reminder feature that you can manipulate to your needs; set yourself timely reminders to send friendly messages or calls to these key personnel.

Record diligently

It may seem like a million issues are piling up on your desk from the same claim, but this pile-up can be managed if you consistently stay on top of each matter in an organised manner. Record everything meticulously (including diagnoses, reserves, adjuster notes etc.) so that the “what”, “where”, “who” and “how” are filed for easy cross-referencing.

The solution: utilise the report generator tool on your claims management software to monitor what’s been recorded and for what purpose. The reports will show you what you need to do better, faster or smarter in the claims process.

Get the technology!

Above all, a quality claims management software will automate repetitive tasks on a claim’s incoming and outbound communications. It will do a lot of the heavy lifting for you and transform the monotonous and difficult tasks associated with claim handling into simple and effective routines.

This, in turn, will maximise profits as you’re not stretching your workforce or wasting time on unproductive, administrative tasks, that can be handled and automated by the software.

Although the types of claims, and legalities surrounding them, may change over time, the processes will invariably stay the same. For example, the government plans to increase the “small claims limit” — meaning victims who suffer injuries estimated to be worth less than £2,000 will be prevented from recovering any legal advice costs from the ones being sued — but the process, despite the volume, isn’t expected to alter.

Therefore, a quality claims management software will be just as crucial in the future as it is today.

By following an effective strategy you can easily streamline your claims management procedure and finally focus on getting your customers the results they deserve.

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Written by themoneyshed

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