Claims processing presents complexities and added overhead to every insurance company in the market. With loss adjustment expense (LAE) continuing to rise, claims costs continue to be a black hole for insurers. OnBase claims management software can help alleviate some claims processing challenges.
Time to decision has a direct correlation to claims leakage and increased costs, impacting reserves. Insurers must evaluate new and innovative approaches to claims handling. Improving transactional processing is at a critical stage, and resisting the use of work management technology in its claims divisions is no longer an option for insurers.
OnBase can help ease long-time challenges within claims departments. The insurance claims management solution provides access to documents and information surrounding a claim, providing a single interface for all claims content, regardless of its origination or format.
Managing the first notice of loss (FNOL) can start from paper, fax, email, eNotice, phone call or any method. Once streamlined, it kicks off an automation process, from assignment of work, generation of acknowledgement letters, to Special Investigation, through to settlement.
After implementing this insurance claims software solution, it is possible to speed the resolution of claims, specifically those submitted via the web, from days to within 24 hours.
To properly adjust a claim, adjusters must access all of the information pertaining to the incident.
Quite often, adjusters must request the required information as part of the investigation. As such, the creation of correspondence and documentation of phone records, and so forth, becomes an integral part of the claims process.
It also becomes increasingly difficult to manage, however the replies are received. Often you must gather information from various sources, making a considerable amount of the process “task related.”
OnBase claims management software provides easy claim capture followed by instant access to that information, as well as the ability to identify when required information is missing.
Claims handlers must have visibility into the process’s current state and change authority levels or processing rules as needed. Claim volumes fluctuate on a daily basis and workflows need adjusted, reassigned and handled appropriately to ensure accurate, timely setting of reserves and to maintain service level standards.
OnBase easily integrates with claims handling systems like Guidewire, Duck Creek, homegrown solutions, and more, completing the customer information view and improving expediency and efficiency.