Too many insurance carriers find their claim workflow bogged down and inefficient over redundant touchpoints. These manually performed, repetitive tasks add little value to your bottom line when you compare the time and effort invested with the typical results. Fortunately, there is a solution to achieving better results.
Giving Your Claim Workflow a Fresh Start
Workflow encompasses the various processes that facilitate the smooth functioning of your organization. However, traditional workflows can introduce inefficiencies, bottlenecks, and the risk of errors and oversights. The reliance on individuals to drive these workflows often results in inconsistent productivity and performance. Moreover, the time and financial resources expended by these individuals to complete tasks, whether necessary or not, can significantly impact your profitability.
Reinvent the Customer Experience
Beyond the impact the workflow has internally on your organization, things like a claims process can negatively impact external stakeholders like insurance agents, third-party processors, and policyholders. Your processes for claims impact the customer experience, with very little value added when relying on a manual, traditional workflow. An omnichannel customer experience powered by digital tools increases the value of a mundane process while creating a superior customer experience.
Using VCA Software to Speed Up Claim Workflow
Innovative insurance software is the solution when considering an alternative to traditional management of claims processes. VCA is a digital platform specifically designed for insurance carriers, MGAs, TPAs and IAs that will help manage day-to-day claims operations with efficiency and accuracy.
One of the primary benefits of VCA insurance software is its workflow automation. Implementing automation creates consistency and regularity with functions and performance, increasing efficiency and saving money. Likewise, VCA Software provides a smooth automation process that helps you efficiently navigate every touchpoint in the claim workflow. It can also send alerts and updates to the policyholder through the entire duration of the claim. Ultimately, it reduces claims processing time and make customers happier.
Fixing Traditional Workflow Challenges
The insurance workflow has several moving parts, and the claims process depends on a smooth, transparent process. Claims handlers face time constraints and dozens of claimants demanding information. Inevitably, people and processes sometimes fall through the cracks, leading to client dissatisfaction. VCA automation addresses these concerns. It frees up claims handlers from tasks that don’t bring value or take away from the client relationship.
Saving Companies Money
Insurance software and automating key processes save a company from wasting resources. Whether it’s the labor hours involved with processing claims or the cost of fixing errors from human mistakes, traditional workflow processes consume precious time and money. Better workflow processes built around automation reduce errors, improve productivity, and boost employee performance. These benefits save a company money while increasing potential revenue growth.
Meeting KPIs
With automated workflow, your company can better meet its key performance indicators. Working quickly, accurately, and efficiently positively impacts claims performance. Insurance software can track massive amounts of data, including the following KPIs:
- Cost per claim
- Claims in litigation
- Claims fraud detection rate
- Claim duration
- Closing ratio
Traditional claims processes are complex and prone to error. Automation eliminates errors and improves and simplifies performance.
VCA Software Will Improve Your Claim Workflow
Insurance software is beneficial in any implementation aspect, but a VCA-optimized claim workflow transforms your company’s productivity and efficiency. It improves revenue, customer satisfaction, and employee morale.
About VCA Software
VCA Software, formerly known as Virtual Claims Adjuster, provides the most intuitive and secure cloud-based insurance claims technology globally. VCA allows you and your business to adapt quickly, improve efficiencies, and take your business to new heights. Our innovative claims tools have a user face so intuitive that new users can start working with VCA with less than an hour of training.
