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Research shows that 1 in 10 insurance claims are fake, costing US insurance companies about $40 billion each year.
Handling insurance claims is complicated. Any mistake in paperwork, false claims, or mismatched information can lead to claims being rejected, delayed, or turning out to be fraudulent.
To tackle this, insurance companies are using insurance claims management systems with advanced AI features. This technology helps review and settle claims quickly and transparently.
In this blog, we’ll take a closer look at the top five claims management software and its key features.
What Is An Insurance Claim Management System?
Insurance claims management systems help large insurance companies and independent insurers handle their clients’ claims. These systems store all the necessary information for evaluating claims in one central place. They make the process more efficient, lower the costs of managing claims, and automate tasks through digital claims.
This software reduces fraudulent claims by keeping track of the approval process and making sure all claim details, like legal issues, policy terms, and claim evaluations, are recorded in one central system.
Additionally, the software automates calculations and payments, simplifies case management, and offers better insights into claims.
5 Best Claims Management Systems of 2024
Table of Contents
#1 Guidewire ClaimCenter
ClaimsCenter is an automated insurance claims administration system provided by California-based Guidewire. This system assists in removing tedious chores from the claim management process and is intended for use with workers’ compensation, commercial, or personal insurance.
Among the features of Guidewire are:
Invoicing and Billing, Broker/Agent Portal; Claims Administration; Policy Management; Insurance Rating; Reinsurance Administration; Underwriting Management
With 4.2 stars out of 5, Guidewire has received a G2 review rating.
Pricing: Guidewire provides tailored pricing according to your requirements, support, customisations, and insurance agent training.
#2 NewgenONE PlatformÂ
NewgenONE uses automation and artificial intelligence to simplify the whole claims process. Important elements consist of:
- Clients can submit claims using websites, mobile apps, branches, and other channels.
- The system automatically identifies duplicate claims and gets policy information.
- Claims are automatically routed according to workload and complexity through Smart Case Allocation.
- Offers dashboards for in-depth claims examinations and fraud identification.
- Automates several tasks and integrates with other systems with ease.
- Provides instruments for monitoring effectiveness and producing reports.
Users commend NewgenONE for its customisation, automation, and ease of use.
Advantages:
- Friendly to users: Simple to use.
- Effective: Processing is sped up via automation.
- Tailorable: Able to meet certain requirements.
Custom pricing based on specific needs and features required.
#3 Applied Epic
A cloud-based agency management solution called Applied Epic offers strong automation features and transparent business-wide insight.
It’s a single open application that effectively manages financial accounting procedures, sales automation, and customer policies and rewards. It also connects well with your current CRM platform.
#4 BriteCore
BriteCore is a user-friendly software platform available in the cloud that enables digital innovation, digital transformation, and new business processes for insurers.
For the administration of policies, claims handling, underwriting, agent quotation and inquiry, contact management, invoicing, imaging, printing, data warehousing, and reporting, it provides a comprehensive insurance platform.
Amazon Web Services is used for software deployment, and regular upgrades are provided for optimal security, effectiveness, and scalability.
#5 Pega Insurance Administration
Handling insurance claims is made more effective and efficient with the help of Pega Claims Management, an intuitive solution. It brings your entire underwriting procedure up to date. With the help of this platform, insurance companies can automate the entire claims process and improve return on investment (ROI) by setting intelligent, adaptable rules.
Final Words
In 2024, new technology and the demand for more open and efficient procedures will drive a rapid change in the way insurance claims are managed. The top five systems, Applied Epic, Britecore, Guidewire, NewgenONE, and Pega, are setting the standard for changing the way insurance companies manage claims.
Every one of these systems has advantages of its own and can fulfil various functions for the insurance sector. The ideal system for a business will rely on its unique requirements, the scope of its activities, and the level of automation and integration it desires.
Claims management solutions will become even more crucial in the future. Insurance companies must stay current with technology in order to maintain their competitiveness and satisfy clients’ demands for accurate and timely claims processing.
Purchasing a good claims management system is about more than simply efficiency; it’s also about gaining policyholder trust by providing dependable and honest service.
In conclusion, every insurance business hoping to prosper in 2024 and beyond must select the best insurance claims management system. Insurance companies can significantly enhance the way they manage claims by utilising these state-of-the-art tools, which will benefit both their clients and their company.