Why Insurance Claims Software is a Necessity for Your Broking Business?

August 24, 2022 in Insurance Broking



Why Insurance Claims Software is a Necessity for Your Broking Business?

Insurance claims are the point where all your promises get tested. It is a moment of truth. Yeah, it’s true. Your customer values your commitments more than your words, it’s that simple. The quality of claims management reflects the authenticity and trustworthiness of any insurance broking firm. The excellence of an insurance broker depends on how well he/she manages a claim. Suppose you could manage their claims experience with significant priority. In that case, you have many new prospective customers coming in, from your existing customers’ references, or by the way truth is nurtured.

Let’s imagine a scenario.

Mr. Rishi purchased motor car insurance from an insurance broker who practices manual claims processing. Similarly, Mr. Deva purchased another motor car insurance for his own car from another insurance broker who practices automated claims management process.

On the one hand, after 8 months, Rishi’s car met with a minor accident with another car where his vehicle was damaged. On the same day, he filed a police complaint and called his insurance broker to initiate his claims procedure. Unfortunately, his broker was very busy with another client and he totally forgot to attend Rishi. This delayed Rishi’s claims process and he has to wait for a longer period to settle his claims. Even though he successfully claim that he was eligible, he was not at all satisfied by the experience.

On the other hand, Deva’s car was damaged by a fire outbreak in his parking lot. As his insurance broker was practicing automated claims management software, he was able to immediately login to the portal and initiate his claims process. At the same time, the software notified his broker about the issue frequently until the broker took the necessary action to initiate the claims process. Therefore, Deva was immediately attended and within a short time, he was able to successfully complete the claim. Deva was completely happy with the entire process.

Does this mean that every insurer broker would now have to invest in new claims management software to preserve the existing customers and offer mounting customer experience?

Well, the answer is a big YES!!

So, the real question is HOW? How do insurance brokers manage their claims effectively? What are the constraints that I should recalibrate in order to offer my clients better claims experiences?

DON’T WORRY! WE HAVE ALL THE ANSWERS FOR YOU!!

The claim success ratio doesn’t matter. What matters is how “well” you take care of it. There are a set of some human and non-human traits that you need to practice in order to improve your claims experience. On the one hand, supporting them emotionally by absorbing their complaints and frustrations are the most important humane aspects of offering a quality claims experience. On the other hand, incorporating one of the best claims management software into your in-house broking business is the most effective way of successful claims management.

This article will detail to you the importance and features of insurance claims software and how it becomes an integral part of the insurance broking business.

#1: Insurance claims software helps you to systematically manage your customers until the claims process is over

The priority of any insurance brokers is to behave to your customer as a trusted friend during the claim processing period. Most of the customers have the impression that none of the companies didn’t care about the claims that they need to provide. So, you can be different here. Support them in their worst stages of life. Help them to become emotionally strong and try to build a never breakable relationship. In order to provide these comfort to your customers the best way is owning one of the best insurance claims management software. It will help you track the status of every claim systematically. It also tracks the TAT of every claims. You can attach and keep all the documents that your client shares within the claims software itself within its respective directories. If there is any shortfall, you can inform them via whatsapp or email directly from the software. This way you can’t miss out on any claims business and scale your business to a new level.

#2: Benefit from the transparency in the entire claims process

Let’s talk some friendly tips first. Make sure you never argue with them during their heavy times. You never know the load of pain they carry with them. Try to hear what they have to say. Soak up all the frustrations they shower on you. Most of the times they just want someone to hear their complaint and they want to feel like something will be done about it. Here transparency is the key. If you are processing claims with the help of an insurance claims management software, then chances of documents forging, biased assistance, etc. cannot have their place. These software doesn’t analyze or compare your customers based on their personal traits. Even if the claims associate has any personal interests in a particular customer, having an automated claims management system, there won’t be any provision for fowl play and thus complete transparency can be achieved throughout the claims process.

#3: Claims software with TPA integration feature will make your TPA management much easier

Most of the insurance broker ERP software now easily supports TPA integrations which is a useful feature for brokers so that they can easily manage TPAs via this software itself. For instance, Sibro insurance broking software will help you with the claims age and actual turnaround time of all policies. Followed by that, the current stage of every claim will be displayed. For example, when you click on ‘Claim Intimated,’ it will show you all the claim details. You can check or even edit them if required. You can add a follow up too. Most importantly, Sibro is integrated with TPAs so it will sync the data from claim TPA with our data. Hence, you can get everything into your software, that is, the member list, TPA card details, and claim status update. If the TPA has given you the login credentials to their system, you can log in and download the TPA claim list and upload it to the software with a single click.

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#4: Detailed claims reports for enhanced analysis of claims data

Every claim is a record in the software and every record is a means of new data. If you are choosing one of the best claims management software available in the market right now, then it will definitely provide you detailed reports on different claims activities. With the help of these quality claims data, the software will automatically analyze the numbers and produce statistical data and analytical results. These information will help you to forecast your future business figures, structure your sales and marketing efforts, and put forward different suggestions and recommendations for enhancing claims management.

#5: Creating a professional line of communication throughout the claims process via Email, WhatsApp, and SMS Integration

It is quite common that customer gets drained out as well as become confused with the claim processes. Being a trustful broker you have to be with them and act as a mediator for any communication and documentations they required. Here the most important aspect is timely communication. Claims management software will help you to email the respective insurers and TPAs about claim intimation. It will also help you to notify your customers about the claim initiation document shortfalls via WhatsApp in a single click; right from the software itself. The best part is, that you not need to draft any content for email and whatsapp communications, the claims management system will do that for you via their pre-defined claims management communication templates.

Time plays an important factor in every claim processing. Most of the time customers postpone the documentation submission due to the current issues they face. But being a responsible insurance broker, you have to support your clients to react to their adjusters with any essential paperwork, information, or anything else as swiftly as possible.
Insurance companies don’t want to delay claims in any manner. They want to pay them as early as possible but it is the responsibility of the customers as well as the brokers to work together and submit the required documents on time to avail the best claim on time.

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