Claims Automation

Insurance

The Claims Management System (CMS) is designed to eliminate the paper work involved in processing damage claims. Most of the time the overhead involved in processing claim information can be eliminated if the data is stored electronically for all users. By exchanging electronic information instead of paper documents:

• The time to retrieve and store documents in paper files is eliminated.
• Reduced photocopying and printing costs for exchanging information.
• Potential for errors is decreased as everyone sees the same, up-to-date information.
• Turnaround time for processing claims is decreased.
• Ability to track claim information and produce reports on claim frequency, claimant statistics, and claim liabilities.
• Determine weakness in the claim processing approach and accurately determine future claim liabilities.
• Saves claims officers time allowing them to process more claims.

As you can see, there are numerous benefits for going to a computerized system. The savings in paper costs alone will pay for the system itself. However, more important savings are realized by increasing worker productivity and response time which ultimately pleases the customer. As a manager, the system reports will allow you to track the number of claims processed by each employee, the average claim value, and numerous other reports simply and easily. The system allows the claim manager to have total status information and plan areas for improvement.

The Claims Management System (CMS) is a network application designed to streamline the cost of processing and handling damage and shortage claims for the Insurance industry. The solution handles all areas of claim management including claimant information tracking, shipment (Probill) information, damage inspection information, and claim payments. Claim payments, transmittal receipts, and income from salvage goods are all tracked by the system and used to calculate the total cost of claims.

Using a shared database design, claims employees can access data on all claimants and claims immediately. Managers can query the database for reports on the most common claimants, current claim liabilities, and general ledger account information. The system can be used as a stand-alone product or integrated with existing systems and supports anywhere in the nations, so it will grow with your organization. The Claims Management System is a total solution for your claims processing requirements.

read more..