The challenges in claims management are fairly common. While this list might not be exhaustive, those challenges include:
- Operational costs. Claims leakage, missed opportunities, erroneous payments, manual processes, lost or hard to find data and documents — the list goes on. But anything that delays, disrupts, or complicates your ability to manage claims adds to your operational That’s bad. It’s worse if it’s unnecessary and avoidable.
- IT costs. We understand sentimental attachments. We do. But hanging on to outdated, inadequate, and needlessly complex legacy systems isn’t doing you or your policyholders any favors. And if your IT Department is spending the lion’s share of its time and maintenance, support, and workarounds, it’s a bad sign and an expensive one.
- Inconsistency in data and performance. Consider the effects of manually entered and error-prone date, complicated by manual processes and lack of operational transparency. (Hello, legacy systems and Excel spreadsheets.) Add the lack of automated, prioritized workflows and, to quote the old Dodge commercial, you’re in a heap of trouble.
- Lack of management information. Making decisions in the dark may seem exciting and adventurous. It’s also really dangerous. Along with knowing exactly where your data is and how to access it, you also need to be able to analyze it and generate reports from it to track experience, to identify trends, and to improve decision-making.
- Difficult integrations. If you can’t interface with internal and external systems and data sources, you’re going to compromise your ability to manage claims most effectively, to pay them most accurately, and to keep your constituents satisfied with your service. That’s not a risk worth running.
- Regulatory compliance. If you’re in the business of managing claims, you probably don’t want to be in the business of keeping up with ever-changing mandates and regulations. Find a system maintains that compliance as part of its service provisions.
We Can’t Promise
We’re not saying managing claims quickly, accurately, transparently, compliantly, and accessibly will necessarily make you famous. But it will make you more popular with your constituents.
That’s the kind of fame you can never get enough of.