Many insurance companies have slow and burdensome reimbursement processes which greatly hurt the customer experience.
A streamlined insurance claims management process requires fast resolution at every touchpoint in the claims cycle so that the policyholder can be reimbursed as quickly as possible.
Understanding Claims Management in Insurance
Successful claims management is a multi-step process that involves both human expertise and digital automation:
- Receiving a notice from the policyholder automatically starts the claims process.
- Ensuring that the loss is insured.
- Asking for supporting documents such as police reports or photos.
- Determining the cost of the loss.
- Making sure that the claim isn’t fraudulent.
- Reimbursing the claimant.
Once all the necessary information is obtained, it’s up to the insurer to move the claim along and come to a proper conclusion all the while keeping in touch with the claimant.
A Fast Claims Experience
Reimbursing policyholders is just one aspect of the insurance claims management process. The process starts with the claim being filed. The next steps determine whether a claim is valid and the amount the insurer will be required to pay.
Seeing that a seamless claims settlement process means increased customer satisfaction, the carriers enjoy a competitive edge by streamlining the entire procedure.
Human Expertise is Necessary
Despite important developments in artificial intelligence, human adjusters continue to play a vital role in claims management for insurance carriers.
Generally, complicated cases demand expertise from subject-matter experts.
This is why a business rules engine is a necessary feature in every leading insurance carrier. Rules engines are pluggable software tools that allow insurers to approve simple claims. As a result, the claims department can focus on more complicated claims. When new criteria need to be added, the adjusters can quickly make changes in the software that reflect the insurer’s business requirements without having to wait for help from IT.
Taking the Initiative
Providers should remain proactive and seek to meet policyholders’ needs.
The claims departments should be able to communicate the next steps and offer updates on the claim’s status.
For instance, an insurance provider can use rules to create notifications when a claimant has not finished a series of necessary treatments. The rules will prompt the carrier to follow up with the policyholder.
Insurance companies that engage their policyholders to predict their needs will reduce the number of unnecessary calls to the claims departments.
Rules Engines Enhance Management Solutions
Insurance providers can smoothly handle the entire claims lifespan with rules engines.
Whether the claim is a fender bender or a complicated workers’ compensation claim rules engines boost the speed and accuracy of your claims processes while cutting down on costs, and improving the customer experience.
