Posted: October 31st, 2022 11:11am +00:00

How using a claims management software can save you money

With the continuing cost of living crisis, businesses are understandably looking to save money where possible. As such, we thought we’d show you how using our LACHS claims management software can improve efficiency and save you money.

1. In-house claims management & reduction in pay-out

By using LACHS, it is possible to complete your claims handling in house. This has many benefits; you could save money by not having to pay to outsource your claims management. Using a dedicated claims management system will enable staff to be more productive and the amount of time to settle a claim should reduce too. The shorter the time frame to settle a claim usually reduces the amount of pay-out required too.

2. Reduce claim volumes

Improved risk management such as the identification of hotspots or other claim trends can reduce the number of incidents reported. Collating and analysing collected claims data is far easier in a dedicated claims management system which increases repudiation rates. Just these two factors alone can have a positive impact on premium reduction.

3. Reduce insurance premiums

There are a multitude of reasons why a claims software can reduce premiums. Improved risk management as described earlier but in addition using historic claims data available in LACHS can help determine more accurate excess levels which should also have a positive impact on premiums. One of our housing association clients saved a huge £725,000 over 3 years on their insurance premiums due to being able to set premiums and excesses more accurately.

4. Fraudulent claims

Historic evidence confirms that unfortunately, when times are hard, we can expect that the number of fraudulent claims received to increase. Using LACHS will help identify fraudulent claims with use of the fraud scanner. This is a quick and easy scan to check the name, date of birth or even post code location of a claim to see if these people or locations have previously submitted a claim. Being able to identify fraudulent claims will save overall claim payments.

5. Improve efficiency with Online claim forms

Using online claim forms removes the need to post out forms thus saving money in stationery and postage. It will also reduce the amount of manpower required to send out forms as well complete the data entry once the form is returned. Online forms also put the onus of data entry on the claimant and can be setup to force responses before successful submission, again saving time in subsequent correspondence.

6. Avoid costly and time-consuming litigation

A robust claims process aided by dedicated software like JCAD can help an organisation settle claims during the early stages rather than proceeding to litigation. This of course reduces the complex process of litigation and saves a lot of time and money. In most cases, the insurance company prefers to settle the claim when the customer has a legitimate claim and can present supporting evidence.

 

As you can see, you can improve efficiency with claims management software. Request a demo to learn more: www.jcad.co.uk/requestdemo

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