The health of a company highly depends on how the company views and treats employees, assets, working conditions, and work facilities. Showing employees your organization cares about their occupational safety, hazards, and work conditions is key in retaining good employees, reducing turn over, lowering recruiting costs, and of course occupational injuries. Claims processing software is a critical component of this aspect of any business. There are many unseen consequences to mishandling claims or having inefficiencies throughout the claims processing steps within an organization.
Take a closer look at your organizational policies, and you will find that employee occupational safety is not the only aspect of claims processing systems for a business, as claims management systems involves how customer claims are handled, as well as company assets and equipment. Custom service claims such as issue tracking and support tickets protect an organization from customer disputes, while helping customer support staff better track customer service or product issues to closure. Giving employees tools to remain organized and prioritize which claims to tend to first, and to communicate effectively with customer claimants.
From a financial perspective, enhancing claims administration is a cash cow for any business. For businesses with little or no attention given to claims systems, revamping claims processing is an untapped gold mine for cost savings with, in some cases, an immediate ROI just for deployment. Aside from data input efficiencies, the ability to distribute claim notifications for asset, customer service, work hazards, facility maintenance issues, or employee injury claims carries a value unto itself with the opportunity for immediate actions. Additional regulatory fines may be avoided for claims that fall under OSHA, hazardous materials, MSHA, Department of Transportation, and Department of Labor regulatory requirements. The burden of collecting information that winds up being illegible, or even incomplete, is significantly reduced with online claim forms. Processing claims no longer needs to be limited to internal administrative staff with limited access to claimant and 3rd party information. Claimants, 3rd parties, and witnesses can have first hand access to secure electronic claim forms online.
Protecting company assets is also a primary benefit with claims processing software. Claims processing steps will vary depending on the nature of the asset claim, and properties of the asset, such as owner, value, maintenance requirements, and warranty contract. Large insurance companies traditionally have their claims processing evolved through years of refinement. Non-insurance companies, and small to mid-sized businesses may little or no investment of time and technology into their claims processing standards and efficiency.
Historically, claims processing systems and training has been cost-prohibitive to small businesses, preventing them from taking advantage of how software and internet technology can revamp claims processes and significantly reduce the number of steps involved. Claims may also require a substantial amount of information be moved between claimant parties, witnesses, and insurance companies. Information management and movement is critical in maintaining claim data integrity, for sorting claim information, approving claim expenses, and setting property and injury reserves.
The health and reputation of your company and it’s relationships greatly depends on how effectively your organization processes claims. Considering claims processing software now offers an entry point with litte or no up front investment, there is every reason to further look into how to process claims more effectively.