Monday, 27 July 2020

Top 6 Must-Have Features of Insurance Solutions

There is no universal definition of insurance solution but, according to a general idea, it is software or a set of technological solutions given for economical management of insurance business. It contains some independent parts like fund management or offers presentations. Mainly, insurance solutions aim to resolve issues like product defining, settlements, or underwriting. The prime issue insurers face are problems with policy operations and claim processing, along with reporting. A reliable insurance solution must be of help with the above-mentioned problems.

Insurance solutions must also provide support for the various options including insightful products for mobile without a doubt.

Depending on the software’s target audience, there might be a vast difference in features. However, when talking about insurance solutions, the following features are a must-have.

1. Built-in Metrics

Insurance solution software includes profitability indicators like loss ratio, burning costs, risk cost per policy, net basis, and reinsurance. The built-in KPIs provide analysis capabilities and advanced reporting out of the box.

2. Claims Activity Monitoring

Software’s can capture entire claim information that includes claim payments, outstanding claim reserves, payment components, deductibles, perils and event codes, and relevant claim activity dates. It provides the claim manager in-depth information needed to manage and monitor claim activity resourcefully.

3. Lapse and Renewal Calculation

The premiums and policies that are up for renewal are grouped according to their renewal date. The system provides information on the analysis of lapses, renewal lists, and renewal rates comparison. The functionalities draw attention to the characteristics of insurance products, the behaviour of the distribution channel, and active marketing and sales support.

4. Insurance Exposure/ Views Of the Sum Insured

Insurance is not just about claims of cash flow and premiums. Companies must monitor the risk whether it is in sum insured base or the unit base. Insurance solution software provides insurers with methods of pre-built calculations and measurements to monitor and analyse the exposure to underwriting risk on a gross, retained basis, and reinsurance ceded.

5. Supports Changing Organization Structure

The insurance solution must support multiple chains of hierarchy and asymmetric organizational structures. It should provide various scenarios when the organizational structure changes. It ensures correct reporting of profitability performance and distribution of sales channels.

6. Time Bases

It must manage insurance time dependencies with the calculation method and data model. The insurance software must enable you to analyze insurance information from a various time perspective, reporting, and providing the framework of analysis to underwriters, marketing executives, reinsurance managers, claims managers, and accountants. The system should provide financial accounting analysis, operational reporting, snapshot reports, and policy inception. The time base perspective alters the way measurements are calculated, and the inter-dependencies on them are supported by the system.

In Conclusion

Like any other industry, insurance solution software development requires professionalism and excellent expertise. When hiring the best software solution, the insurance company must have a solid understanding of the industry’s best practices and regulations.

To get the best possible result of your initiative, choose Cogitate that has a proven track record of successful projects. Having worked with the industry leaders, Cogitate has the experience and skills to help build a user-friendly and modern mobile and web applications for your insurance business. Cogitate’s Artificial Intelligence and Machine Learning driven solutions for claims integrate seamlessly with your existing Claims Management Systems.

The best software solution for insurance must be a modern and intuitive platform to handle various functions of the insurance value chain. So, connect with Cogitate today on https://www.cogitate.us/ to enhance your existing claim management system capabilities and features and provide your clients first-class and hassle-free services.

Tuesday, 14 July 2020

Tips to Choose Claims Management Software

When you make errors while judging, it can become extremely exasperating in the insurance or any business world. Whether these errors you make due to lack of knowledge or your impatient nature, it can cost you high. However, if you want to ensure that you make no such errors and your business functions smoothly then you must consider investing in claims management software for your insurance business.
Of course, while choosing for claim management software you want to settle down for the right one. But, nowadays, there area plethora of systems available. In such a case, how do you know which one is the best fit for your business? Well, do not worry. We have the answer for it.
Let us check out the below tips that you should follow while selecting claims management software
1) Consider Vendor/Company Experience
While selecting the claim management system, the vendor or company’s experience is highly important. It makes sense to go for a company that has experience in developing software related to the insurance field. Therefore, while choosing the software, the first thing you should check for is how long the company has been in the business.
2) Ensure the Software You Choose is Easy and Intuitive to Use
You should always select the software that is user-friendly and simple. In your insurance business, you have to go through lots of tasks. So, you must pick the software that is easy to learn, normal to use, and captivating to be in. Ensure it is easy to review and operate upon the data.
3) Make Sure the Software is Compatible With Your Insurance Field
You should always select the software that is highly compatible with your specific insurance claims processing field. The company or vendor you are choosing to develop your software must be able to fulfill your entire requirement to handle claims and risks.
4) Choose Cloud-based Software
You should choose cloud-based software for better inter-department communication. It will help them in taking real-time decisions. So, go for SaaS architecture which offers browser-based and state-of-the-art access to your data.
5) Never Compromise on Security
When it comes to managing and processing the claims insurance data, you cannot take any chance. The software you opt for must provide the security you will need to avoid any attempt of a data breach.
6) Emphasize on Cost Efficiency
While choosing the software its reliability and efficiency play an important role but it should not break your bank account. The software you select must also lie within your budget. So, do proper research regarding software costs and ensure there is no hidden cost associated with it. Make yourself well-versed regarding any per-user cost, data storage cost, periodic cost, and much more.
7) The Data Conversion Process Should Go Smoothly
While selecting and buying claim management software, ensure it provides you with the streamlined data conversion. If you face any issue then your vendor or company should be willing to help you in solving it. If you try to fix errors on your own it will create more problems. So, it is better to involve your vendor or company in the process.
To Sum Up
In nutshell, picking the perfect insurance claims management softwaremight be a daunting task. However, by considering the above tips you can make this task easy for you. It is always better to be safe than feeling sorry and so you should do all the necessary research to ensure you are selecting the right system.
You should go for a highly reputable company like Cogitate -
https://www.cogitate.us/ that has extensive experience in easily integrating intelligent claims solutions in your existing CMS. At Cogitate, we help our clients in integrating Cogitate Intelligent Claims solutions seamlessly with their accessible CMS in such a way that it aligns with the demand of their organization. In short, if you want to give your clients the best service possible then ensure the claims management solution that you integrate into your CMS best fit your company needs, has the above-discussed features, and does not end up costing you!

Wednesday, 1 July 2020

Top 7 Benefits of Investing in Claim Management Software System

When you are into insurance solutions offering business, claims are a critical part of your business. Even if your company is not as big as Allianz or Axa, it is a prudent decision to invest in efficient claim management software due to its various benefits. The client’s mindset and expectations are not the same as what they were 15 years ago. As per the recent survey, 71% of customers did online research before investing in an insurance product. 67% of customers were ready to download and make use of an app from their insurer in order to access services in a hassle-free manner.
In short, these days, insurance is moving quickly to become more consumer-centric. And, to improve customer experience and streamline the communication process, your team members and consumers need to have access to intuitive claims management software. This article speaks about the top 7 benefits of investing in the claim management software system. But, before diving deep into its advantages let us first understand what claims management software system is.
What is the CMSS?
The claim management software system makes it uncomplicated to administer various insurance products from application processing to dealing with clients and settling insurance claims. Using this software, users can manage insurance products by examining and judging the quality of the claim process.
Benefits of Claim Management Software
1)    Consumer Satisfaction
These days, there is a lot of competition in the market, and because of it; service quality has become a decisive factor in ensuring consumer’s loyalty to the insurer. When you invest in a claim management software system it makes sure that all data get processed fast and in an accurate manner. So, it will lead to improved service and better customer satisfaction. Hence, this system helps you survive and thrive in an extremely competitive market.
2)    Save Time
Usually, the manual process is quite time-consuming and sometimes leads to errors. This software eliminates the need for manual processes and avoids duplication of work. In short, data accuracy saves time and boosts up employee productivity.
3)    Cost-Effective
Without investing in the claim management system, managing the claim process at an optimal cost is quite challenging for any insurance carrier or agency. This kind of software system streamlines the claim processing and let the personnel work efficiently. As a result, it improves productivity and helps in reducing the cost of operations by minimizing waste.
4)    Authorized Access
The claim management software system integrates an architecture that lets each user access data only by using their individual set of credentials. This system never grants any unauthorized access to the data. Therefore, it ensures the security of all confidential data. 
5)    Fraud Detection
This software system lets you rapidly find fraud and speed up the investigation procedure in case of alleged fraud in a claim. The system utilizes proactive analysis based on historical data in order to find fraud associated with any case.
6)    Data Integration
In such kind of system, you can integrate advanced data that offers the following benefits.
·        It provides you with optimized work-flow.
·        It enables data access in a definite format.
·        It offers access to real-time information.
7)    Process Standardization
The claim management software standardizes the claim settlement procedure. It combines various claim functions performed by multiple systems.
Wrapping Up
In nutshell, claim processing, settlement, and fraud detection are the common factors that facilitate in measuring the insurer’s ability to convert prospects into consumers. The claim management software could be an excellent tool and a great helping hand for insurers to perk up consumer satisfaction without ignoring the aspect of doing more business. In short, you can accelerate your business by investing in such digital insurance solutions.
Do you want to accelerate your business with digital insurance system then connect with
Cogitate
-
. We are expert in developing up to date and component-based software for your insurance business.

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