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Cost of Claims Processing
The cost of claims processing or in fact insurance
administration in general is a major challenge for
insurance organisations. As the industry has become
increasingly competitive the need to improve efficiency
and business control and has become a priority.
Attempting to supply a better level of service but
within the constraints of legacy systems and old technology,
increases the cost of the administration further.
| 52% of insurers in a recent
survey* said that their current technology was
inadequate to handle their current claims process.
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The cost of claims administration can represent over
60% of an insurers’ claims process and as such even
small improvements in efficiency can amount to a major
saving. In fact if the cost of administering claims
can be reduced the savings can immediately have a
positive effect on premium levels and therefore customer
satisfaction.
| In the same survey*, the
insurers' who took part, rated system improvements,
claims life cycle, sharing data and better management
as having the greatest potential for cost savings.
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Harlosh have responded to insurers' needs by developing
a range of insurance solutions that can directly affect
the efficiency of claims administration.
Our powerful claims and underwriting engines utilises
the latest in browser technology to provide effective
management of claims information and process, while
allowing different users to handle and track claims
through a personalised intranet, extranet or web site.
Claims Processing
Because IF holds all information at a single source
and utilises browser based technology to provide personalised
secure access to all required users the claims process
becomes streamlined, quicker and more efficient.
| The insurers' who took
part in a recent survey*, rated process and system
enhancements, web access for policyholders and
brokers, online claims tracking and reduced life
cycle as having the greatest potential for service
improvements. |
Using InsuranceFaces, call centres have all the information
they require at the click of a button, including document
production. The portal style approach to information
displays links to corresponding information on a client,
policy, relationships and workflow to enable the call
centre staff to easily and quickly find information.
Policyholders can report and track their claim online
and because the system stores the information via
straight-through processing the call centre can immediately
handle the customers' requirements or close the business.
In fact, as all interested parties can be given access
to manage or track their area of the process less
time is spent on data transfer and getting it right
first time becomes more achievable.
The use of workflow management reduces the cost of
chasing service providers and other third parties
for input, as the system manages the process without
the need for continued chasing from the claims processing
centre.
| 58% of insurers surveyed
that do not offer online claims tracking - said
that they want to! |
Outsourcing
As outsourcing becomes a more popular solution to
managing some or all of the claims process, management
of policy and claims information doesn't have to be
an issue.
| *60% of insurance organisations
outsourced some part of their claims processing
with 56% considering this move in the next 12
months. |
As InsuranceFaces allows access to multiple types
of user from multiple locations your outsourcing centre
can record, access and manage information through
the same source as your internal call centre. The
transfer of information is seamless between your operations,
therefore allowing you to control the total claims
process.
Document Management
InsuranceFaces provides a powerful document management
application that is integral to the whole system.
Bespoke documentation can be produced for the policyholder
or batch runs can handle quotations and policy documents.
All documentation is stored as part of the policy,
client and claim for easy access and management.
For more information on InsuranceFaces click
here
Read about how IF can improve your customer
service
* Source of survey results:
Post Magazine, Claims Club
Benchmarking Survey
November 2004
www.postmagazine.co.uk/claimsclub
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