NewgenONE Platform
Claims Management Software
With end-to-end automated processes, Claims Management software streamlines the claims lifecycle for fast, accurate, and secure settlement.
What is Claims Management Software?
Claims management software streamlines the entire process of handling insurance claims, from initial reporting to settlement. It automates workflows, manages documentation, and facilitates communication between all stakeholders, including claimants, adjusters, and third-party service providers. The software enhances efficiency by automating routine tasks, ensuring regulatory compliance, and providing robust data analytics for identifying trends and detecting fraud.
Why Should You Use Insurance Claims Management Software?
Insurance companies bear a massive responsibility for settling claims quickly. However, without a dedicated claims management system, they are compelled to rely on manual processes, which often cause delays, errors, and increased operational costs. By implementing advanced claims management software, companies can streamline and automate workflows, improve claims processing accuracy, and reduce the time it takes to resolve claims. This results in a win-win situation, benefiting both insurers and their customers.
Benefits of Claims Management Software
Improved Efficiency: Claims management software automates manual tasks, reducing paperwork and significantly accelerating the claims process. This means claims are approved and settled much quicker.
Unmatched Accuracy and Compliance: Claims processing software minimizes the likelihood of human error in documentation and also ensures that all claims adhere to industry regulations and standards.
Significant Cost Savings: The claims management system reduces administrative expenses by minimizing manual intervention. Additionally, it helps detect and prevent fraudulent claims, resulting in substantial savings.
Superior Customer Satisfaction: Claims management software provides policyholders with real-time updates and better transparency into the claims’ status, significantly enhancing customer experience.
Newgen Insurance Claims Management Software For Accurate and Efficient Settlement
Newgen Claims Management Software automates the end-to-end claims journey, from the first notice of loss and fraud detection to claims adjudication and settlement. It offers the flexibility to handle different claim types, such as death and maturity claims, while ensuring compliance and data security. The software provides fast, accurate, and effective claims processing through features like data capture, payment tracking, salvage and recovery tracking, legal matter processing, monitoring, etc.
Features of Newgen Insurance Claims Management Software
Customer Self-service Portal
- Mobile and web-based customer self-service portal
- Real-time claim registration and status tracking
Policy Information Retrieval and Verification
- Auto-retrieval of policy details using key indexing fields
- Claims duplicity prevention and flagging of duplicate entries to avoid errors
Smart Case Routing and Allocation
- Automated routing based on the adjudicator’s workload and experience
- Efficient registration, adjudication, tracking, and management of claims
- Seamless claims tracking through a single interface
Rule-based Algorithms
- Built-in rules for automatic categorization of claims as “fast track” or “non-fast track”
- Flexibility to add or modify stakeholders such as garages, assessors, and investigators
Thorough Claim Assessment
- Detailed claim assessment via comprehensive dashboards
- Capabilities to request additional details based on dynamic needs
Monitoring and Insights
- Defined KPIs to monitor user efficiency
- Escalation matrix and monitoring reports for transparent and timely claims processing
Customer Self-service Portal
- Mobile and web-based customer self-service portal
- Real-time claim registration and status tracking
Policy Information Retrieval and Verification
- Auto-retrieval of policy details using key indexing fields
- Claims duplicity prevention and flagging of duplicate entries to avoid errors
Smart Case Routing and Allocation
- Automated routing based on the adjudicator’s workload and experience
- Efficient registration, adjudication, tracking, and management of claims
- Seamless claims tracking through a single interface
Rule-based Algorithms
- Built-in rules for automatic categorization of claims as “fast track” or “non-fast track”
- Flexibility to add or modify stakeholders such as garages, assessors, and investigators
Thorough Claim Assessment
- Detailed claim assessment via comprehensive dashboards
- Capabilities to request additional details based on dynamic needs
Monitoring and Insights
- Defined KPIs to monitor user efficiency
- Escalation matrix and monitoring reports for transparent and timely claims processing
