What Makes Claims Management Software Effective for Insurance Solutions

Posted by insurance software companies on April 19th, 2021

When it comes to claims management, the insurance industry gets tricky. Majority of these legal Time Limit Demands (TLDs) are created to induce ambiguity which creates difficulty for the insurance company or Third-Party administrators (TPA) when it comes to Claims Assessment Process. The possibility of a bad faith set-up from the plaintiffs’ attorney is not unheard of. One typical example of a bad faith set-up is when the attorney drafts a TLD with a specific date, but the letter is deliberately dispatched to the insurance carriers a few days after drafting it. Other tactics include the use of ambiguous language to create uncertainty concerning the information that is legally mentioned in the TLDs. While the chances of a business receiving such Time Limit Demands and claims regularly are low, but if a business lacks a proper system in place to identify and deal with such claims, they can turn out to be an expensive loss to the business.

Cogitate Technology Solutions’ Claim Management Software helps your business with handling claims in a better and faster manner. The claims management software is a companion in your business’ claims lifecycle - from identifying potential instances of loss to investigation and handling settlement. This is possible with the easy-to-navigate user experience that increases the efficiency of claim handling processes.

But what makes Cogitate Technology Solutions’ Claims Management Software a major part of your business’ insurance solutions?

Transparency of Operation

When a Time Limit Demand is detected by the software, the dashboard of the Claims Management Software reposts the claims for the claims handling professional to view and investigate. Additionally, the dashboard also reports the subsequent information related to the claim, like the policy of the claim, name of the claimant, the date the claim was received and the date that the demand is due. Furthermore, the claims professional can view all the ongoing TLDs along with the ones that were settled by the insurance company.

Streamlined Process

When a Time Limit Demand is received by a business, it can often be lost among the thousands of intimations that the business receives regularly. With claims management software in place, it is easier to identify such claims, investigate and settle them through the streamlined process that the software offers. Whether being used by a large team of professionals or a single expert claims handler, the software lets you view all the TLDs that a team member is handling. In the case of switch of responsibilities, the software standardizes the working process which makes the switch between personnel smooth.

Avenues for Better Service to the Clients

The credibility of a business is decided by its competence to get things done. When your business has a spotless track record, it builds on your reputation. And this is only possible by fixing the weak links in the customer service of your business.

Cogitate Technology’s claim insurance solutions offer full business metrics, which includes the tasks that are currently being dealt with, tasks that have been settled successfully and new claims. This ensures that the tasks are completed correctly and on time. Additionally, claim management software offers a review of the performance and productivity of the claims department which aids in resolving potential issues before they escalate. Furthermore, the software identifies potential areas where the loss adjustment expense can be improved. “Drill-down” Feature The claim management software enables the business to “drill-down” into the key areas of the claim files to identify hot documents/words that can point towards potential TLDs.

With Cogitate Technology’s insurance solutions, the claims handling department can rapidly scan through thousands of claim documents to identify potential TLDs or related information. After the software has identified a Time Limit Demand, it mines key text/terms to reveal actual information related to the due dates, claims and settlement. If you are an insurance carrier, third-party administrator or an independent insurance adjuster looking for effective insurance solutions, explore Cogitate Technology’s claims management software which is augmented by Time Limit Demand Awareness and Management tool to analyze and settle TLDs with the help of AI and machine learning. To find the right claims management software for your needs, contact Cogitate Technology Solutions on www.cogitate.us.