How to Choose a Claims Management Software System

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

Tips for choosing the right complaints system:

Whether you are a self-insured, third-party administrator, insurance broker or regional insurer, here are some tips to help you explore providers offering claims management systems.

• How long has the seller been in business? Software developers frequently enter the lucrative insurance market, so make sure your vendor has been in business long enough to ensure their software is customer-tested.
• Does the provider serve 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 need as a global insurance broker. Make sure your provider can provide the specific types of data you need to properly manage your risks.
• Will your claims data system integrate with subscription and enable access to other services? Integrating data across departments and when adding lines of business is essential in claims management.
• Does the system have all the categories of data you need? The ability to create your own data fields is a necessity as your organization grows and risks become more complex. If you are venturing into a new line of business, can the complaints system help you in this endeavour?
• How easy is the data to examine and manipulate? Can you track your data in a single snapshot while pulling the data into a spreadsheet for more focused analysis?
• How effective are vendor documentation and customer support? In today’s 24/7 world, risk and claims management professionals often need specific data within minutes. If you need data beyond your normal reporting needs, can your vendor respond quickly?
• Is your software cloud-based and easily viewable on a browser? Efficient data retrieval and customizable reports empower your team to make better decisions in real time. Look for a 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 the initial design of the offer to the final implementation, modifying your complaints management system is a very time-consuming process. How effective is your vendor at ensuring the conversion process runs smoothly no matter what data conversion issues you are facing?
• Can your complaints management system provide expert dispute management support? Managing today’s complex litigation projects requires deep expertise and increasing sophistication.
• How much will your system cost? These costs include first year costs, annual usage costs, all “per user” costs, data storage costs, and custom reporting costs. You don’t want to lock yourself into a system and then find additional costs that aren’t in your budget.
• How secure is your data? With frequent data breaches, how safe is it? your The data? What additional measures does your provider take besides passwords and encryption to ensure that your data remains in the hands of authorized users only?

The task of choosing the risk management system that best suits your needs is important. Choosing the wrong claims management software will be expensive. Additionally, you may not be able to provide your clients with the best possible service or have the instant access you often need to effectively manage your risks. You’ll be living with the system for a long time, so make sure the vendor you choose can offer flexibility, scalability, and exceptional customer service.