Ensuring a successful implementation of claims management software is a major challenge faced by most modern insurance agencies. Finding and then deploying a solution that helps streamline the workflows and offers the maximum benefits can be difficult. The hurdles in claims processing software implementation are several and a majority of businesses do not start the process with proper planning. A well-planned roadmap is the secret for ensuring that the software implementation is sufficiently aligned to the business strategy. The roadmap will help you visualize all the aspects of the integration journey and ensure that the process is done in a timely and budget-friendly manner. Here is the step-by-step strategy and roadmap to facilitate a successful claims management software implementation.
Before you start finding a solution, you need to have a close understanding of the problem at hand. What are the core issues plaguing your current claims management software? Is it procedural inefficiency? Or is it the delay in settling claims? List these down and arrange them according to a priority that factors in the impact of such problems so that you would know the focus areas that are in dire need of reform. Once you have visibility on the problem, you can then go ahead with identifying the possible solutions.
The total cost of ownership of insurance claims management software depends on a number of factors. The initial cost of the software implementation depends on the functionalities and capabilities to be added, the complexity of the modifications or additions, the rates of the development team, etc. Ready-to-use claims processing software solutions are usually more affordable than customized solutions. If you want advanced capabilities, you should be prepared to set a bigger budget and extend the timeline.
When setting a budget, make sure to account for the real cost of the implementation. You should factor in both actual and hidden costs. These costs have their own currency, be it in terms of money or time. Here are the four kinds of costs you should consider:
- Visible fees
- Visible time investments
- Transparent fees
- Transparent time investments
To figure out your requirements from the insurance claims management software, start by reviewing which processes are taking too long and how can the claims processing software optimize or streamline them. Find out which processes can be automated by the software and how it will impact efficiency. Get a deep understanding of the inefficiencies of the current claims processing system and use them to identify the requirements for the new software. Access and verify the readiness of your business and then create a data migration strategy for ensuring that the data is clean and usable for the new software.
An insurance agency cannot choose and deploy a claims management software alone. They have to consult C-suite executives, managers, and end-users. Ideally, you must set up a team consisting of senior executives, project managers, technical leads, consultants, and representatives from different departments. While choosing the software and planning the implementation process, do not forget to consult the end-users. Doing so could lead to the non-acceptance of the new software, with the end-users preferring to use outdated but tried and tested systems like spreadsheets and manual data entry. Therefore, it is essential to have a cross-functional team when implementing a new enterprise solution.
Finding a solution and successfully implementing it is just half the battle won. The real problem starts when you have to derive value from it. And here is where the role of your employees becomes even more mission-critical. In the first instance, you will have to inform them of the possible changes that they can anticipate with the implementation of the claims management software. After the awareness phase is complete, you will enter the education stage. Here, you will be required to train them on how to use, manage, and extract information from the tool. Equipped with this working knowledge, your team can easily put the tool to use from day one, which will maximize the ROI on it. However, do bear in mind that training is not a one-time thing, it should be a continuous activity where training and upskilling should be the primary motivations to keep your staff in line with the latest requirements.
Insurance claims management software enables insurers and claims adjusters to boost productivity and cut costs. If you are not yet using a claims administration software, you are missing out on several advantages that could help your agency grow. A well-chosen and implemented claims management system can help you improve customer experience, shorten the claims lifecycle, standardize processes, improve accuracy and mitigate fraudulent claims. Before you implement or migrate to a new claims solution, make sure to create a proper roadmap.