Why settle for anything less than the best claims management software? Having an efficient and sophisticated claims management system can make a world of difference for your company, your claims professionals, and your policyholders. Don’t decide on a system without knowing what a top-class claims management system should be able to do.
Our experts have picked the top 7 claims management softwares that are transforming claims management with their innovative solutions and reliable services. We have thoroughly analyzed each software to ensure they can help you optimize your claims management and achieve your goals.
Editor’s note: We thoroughly researched and evaluated the top claims management software based on key criteria: ROI and Time Savings, Integrations, The Policyholder Journey, Features, Customer Service, Security, and Hosting Reliability. Each category was thoroughly rated to ensure a fair and comprehensive comparison. Our commitment to unbiased analysis guarantees that this article provides credible and well-researched information, aiding you in making informed decisions for optimizing your claims management processes. Read the full methodology here.
7 Best Softwares for Claims Management
| Software | Best For | Core Features | User Rating | Price Range | Advantages |
|---|---|---|---|---|---|
| VCA | TPAs, IAs, Carriers | End-to-end claims management | 4.9 | $$ | Affordable, user-friendly |
| Guidewire | IAs, TPAs | Highly configurable | 4.6 | $$$$ | Advanced functionalities |
| Duck Creek | IAs, TPAs, Carriers | Automated claims processing | 4.2 | $$$ | Comprehensive features |
| Claimable | IAs, TPAs, Carriers | Automated workflows | 4.6 | $ | Easy-to-use |
| FTEvolve | P&C, CAT, TPAs | AI-driven analytics | – | $ | Easy claims processing |
| Snapsheet | Insurance companies | Real-time analytics | 4 | $$ | User-friendly |
| Riskonnect | TPAs, Large enterprises | Integrated claims management | 4.1 | $$$$ | Flexible and customizable |
Here’s our detailed analysis of the top claims management software, based on the criteria:
#1 – VCA
Lines of Business and Customers Supported: VCA serves TPAs, IA firms, MGAs, carriers, captives and self-insured companies. VCA’s completely configurable software supports P&C claims and all other
lines of business, except health insurance and workers’ compensation. There are
various out-of-the-box configuration options.
Integrations and Partnerships: VCA offers a wide range of integrations, including
QuickBooks, CoreLogic, XactAnalysis, HOVER, email and outbound digital claims
payments. VCA is also one of the few platforms that supports Lloyd’s of London
requirements.
Automation: VCA offers completely customizable rules and workflows to maximize
efficiency. They offer prospective clients the opportunity to calculate the potential ROI of
their software on their website. VCA’s reporting capabilities include data analytics so
clients can easily identify trends and adjust strategy as needed. VCA will soon be
launching a state-of-the-art claimant app to facilitate increased policyholder satisfaction
and faster resolution times.
About: VCA aims to increase customer satisfaction by automating communications and
reducing claims resolution time.
Reviews: 4.9 on Capterra
#2 – Guidewire
Lines of Business and Customers Supported: Guidewire serves carriers and MGAs in the P&C insurance industry.
Integrations and Partnerships: Guidewire offers more than 60 prebuilt apps.
Guidewire is also part of the PartnerConnect ecosystem
Automation: Guidewire lets users automate workflows. The Guidewire Claims Autopilot
supports an automation-first approach to claims.
About: Guidewire ClaimCenter boasts a customer-centric claims process with
automation to allow for faster claims handling. This program is part of the Guidewire
insurance solutions suite.
Reviews: 4.6 on Gartner
#3 – Duckcreek
Lines of Business and Customers Supported: The Duck Creek suite caters to P&C
carriers and MGAs.
Integrations and Partnerships: Duck Creek offers a number of integrations, including
ISO, LexisNexis, Precisely, Gradient AI, Milliman Datalytics-Defense, Prompt.io,
Compex, SPIXII, Splice, Roost, Hyland, Friss, WeGoLook, and One Inc.
Automation: Duck Creek uses rule-driven automation and pre-built workflows. No-touch
claims handling is supported.
About: Duck Creek boasts a comprehensive claims management system that covers
the entire claims lifecycle from beginning to end. The claims system is part of the Duck
Creek Technologies suite of software solutions.
Reviews: 4.2 on Gartner
#4 – Claimable
Lines of Business and Customers Supported: Claimable is geared toward loss adjusters,
brokers, MGAs, in-house claims teams, construction and property repair companies, claims
management companies and other businesses that manage claims.
Integrations and Partnerships: Contact Claimable to request information on integrations
and partnerships.
Automation: The Claimable system can populate repeated tasks in the claim checklist so
that these tasks do not have to be created manually each time. The system also offers letter
generation with templates that can be automatically populated.
About: Claimable is a London-based company. It boasts customer-first claims management
software. This is a cloud-based system that supports paperless processes.
Reviews: 4.6 on G2
#5 – FTEvolve
Lines of Business and Customers Supported: According to Axon, FTEvolve serves
P&C, CAT, TPA and auto appraisal businesses.
Integrations and Partnerships: FTEvolve has partnered with HOVER, Rackspace and
Auth0.
Automation: FTEvolve uses artificial intelligence, business intelligence and robotics
automation.
About: FTEvolve aims to reduce human error and human capital costs using cutting-edge
technologies. According to Axon, FTEvolve uses a web-based claims management
system that requires full-time online connection. FTEvolve provides a support portal as
well as articles and other online resources to help users use the system and navigate
Issues.
#6 – Snapsheet
Lines of Business and Customers Supported: Snapsheet serves insurance
companies of all sizes.
Integrations and Partnerships: Snapsheet offers an API. Snapsheet has also
developed a partner ecosystem that include Smart Communications, Key Bank,
Caseguide, Shift, Safelite AutoGlass, Accuserve and more.
Automation: Snapsheet enables automated processes and simplified workflows.
About: Snapsheet provides cloud-native SaaS solutions. Solutions include payments
and appraisals in addition to claims.
Reviews: 4 on G2
#7 – Riskonnect
Lines of Business and Customers Supported: Riskonnect supports property, commercial
auto, liability, employee benefits and workers’ compensation lines.
Integrations and Partnerships: Riskonnect partners with more than 450 organizations.
Automation: Riskonnect uses robotic process automation (RPA) to increase efficiency and
allow team members to focus on higher-level tasks. RPA is applied to claims tasks that
require significant manual and repetitive work, such as gathering external data, double
entry, values checking and more.
About: Riskonnect aims to eliminate data silos and reduce administrative burdens. In
addition to claims management solutions, Riskonnect offers billing, analytics, data science,
underwriting and policy issuance and other services.
Reviews: 4.1 on Gartner
The Best Claims Management System Checklist
If you want to make sure you’re choosing the best system, ask the following questions:
- How much time will it save your team?
- What integrations does it have?
- How long will it take to learn to use it?
- What training is available?
- How will it impact policyholder communication?
- How will it impact time to close?
- Does it have the features you need?
- How fast can you implement it?
- Is it SaaS based and evergreen?
- Is it scalable?
- Does it provide multi-line capability?
- What kind of customer service is available?
- Is the security top notch?
- Is the provider SOC II compliant?
- How reliable is the hosting?
Checking All the Boxes
If you’re looking for the best claims management software, see what VCA has to offer. Our claims management software is ideal for small to midsize insurance carriers, managing general agents, third-party administrators, adjusting firms, self-insured companies, and captives. With a 90-day implementation time, customizable rules, time-saving automation, and top-notch security, it could be exactly what you’re looking for. But don’t just take our word for it: request a demo.
Bottom Line
Selecting the ideal claims management software is crucial for optimizing your claims process and ensuring customer satisfaction. By evaluating the top software options based on ROI and Time Savings, Integrations, The Policyholder Journey, Features, Customer Service, Security, and Hosting Reliability, we’ve provided a comprehensive guide to help you make an informed decision. With this information, you can confidently choose the software that best meets your organization’s unique needs and enhances your overall claims management efficiency.
Our Scoring System Explained
Our detailed 7-part grading approach evaluates the effectiveness and reliability of claims management software in an open and honest manner.
We created this methodology after thoroughly examining several claims management software solutions and identifying the need for a consistent method of comparing them based on key criteria.
Each provider is evaluated using seven main criteria: ROI and Time Savings, Integrations, The Policyholder Journey, Features, Customer Service, Security, and Hosting Reliability. These characteristics are weighted and gathered to generate an overall score, allowing you to immediately see how each service measures up.
How We Score Providers
All factors in our claims management software reviews are scored on a 10-point scale, ranging from 0 to 10. A score of 0 is given only if a provider completely lacks an essential feature, which we strive to avoid if any relevant functionality is present.
Here’s how the 0-10 scale translates for claims management software:
- 9.0 – 10: Exceptional in its category (amazing)
- 7.5 – 8.9: Very good, with minor issues (very good)
- 6.0 – 7.4: Average performance with notable shortcomings (average)
- 3.0 – 5.9: Not up to standard (borderline)
- 1.0 – 2.9: Detracts from overall service (unacceptable)
- 0: Lacks this important feature entirely
How We Calculate Overall Scores
The seven factors reviewed are weighted based on an overall total of 100%:
- ROI and Time Savings: 25%
- Integrations: 15%
- The Policyholder Journey: 20%
- Features: 18%
- Customer Service: 10%
- Security: 7%
- Hosting Reliability: 5%
Methodology for Each Factor
To provide an effective evaluation, each software is assessed on the following factors:
ROI and Time Savings
As time is money, you can’t look at the return on investment of a claims system without looking at time savings and how these translate to cost savings.
A claims system that automates as much of the process as possible and makes it easy to track claims and access data can result in massive savings.
When considering a new claims system, consider how many hours a week it would save your claims team. If the system saves your team two hours a day per person and you have 10 employees, that’s 20 hours a day – or 100 hours a week. With that extra time, your team could be focusing on other tasks that bring in more income or improve customer retention, resulting in a massive return on investment for your company.
Integrations
Advancements in technology have made the claims management process more complicated. You likely need to use multiple programs from different vendors over the course of the claims process. This doesn’t mean the process needs to be difficult – all the systems just need to “talk” to each other.
A claims system may seem great on its own, but if it doesn’t interface with the other systems you need, it’s no good. The best claims management system for you will come with all the integrations you need. This probably includes QuickBooks, CoreLogic, and other key programs as well as email integration and digital payment capabilities. Built-in compliance with Lloyd’s of London is another important feature.
The Policyholder Journey
It’s important to think about the claims system from the point of view of the policyholder. Your policyholders might not know – or care – what software you’re using, but they will care about things like communication and time to close. Customer relationship management is a key part of claims management.
The best claims management system should result in a shorter claims cycle and should support strong communication to ensure your policyholders are always in the loop. You can accomplish this through automated workflows, automated communications, and claims status access.
If the claims system could detract from the policyholder experience, you have a problem. For example, if the system is hard to navigate on the policyholders’ end, limits access to claims statuses, makes communication awkward, or requires redundant actions, you could end up with dissatisfied insurance customers.
Features
Sometimes, it’s the little things that make the biggest difference. The right features can turn a good claims management system into a great one. Pay attention to the features in the claims management systems you’re considering.
Some key features that can make managing claims easier for your team include:
- Document management
- Automated workflows and alerts
- Tracking (reserve and payment, time and expense)
- Claim diaries
- Customizability (rules, workflows, file layout, field options)
- Rapid search function
- Invoice options
- Third-party portal access
- Reporting
- Analytics and embedded AI
- On-the-fly data queries
Customer Service
Your insurance policyholders and claimants demand great service from you – and you should demand responsive and effective support from your claims management system provider.
Security
Data breaches and cyberattacks have become a fact of modern life, but this isn’t an excuse to be lax about security – in fact, the exact opposite is true. Since strong security measures are absolutely essential, the best claims processing software needs to provide top-notch security.
Look for a system that supports strong cyber hygiene, such as multi-factor authentication, mandatory strong passwords, and policies on password recycling, password expiration, and account lockdowns. Also check whether the provider is SOC II compliant.
Hosting Reliability
Imagine you find a fantastic system with all the features and integrations you need. You implement it quickly and your team loves using it – but it keeps crashing. Time and again your team has to put work on hold and make clients wait while you deal with the technical problems. The system doesn’t sound so fantastic anymore, does it?
Downtime costs your company money. Your claims management solution should have near-perfect uptime.
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Ilda Cairns plays an important role at VCA Claims Software, bringing over 16 years of experience to the team. She is instrumental in leading VCA implementations, ensuring smooth and efficient transitions for our clients. Ilda oversees the day-to-day support operations, consistently delivering exceptional service and solutions. Her deep understanding of customer needs and challenges makes her an invaluable advocate, serving as the voice of the customer in VCA product development. Ilda’s dedication and expertise drive the success and innovation of VCA, making her an essential part of our team. |
