As a part of the development process
we first took on the task of researching the insurance claims
industry in order to determine which direction the
industry was headed. Our goal was to determine how to best
assist companies who wanted to move their businesses forward,
however durring this research we found several very interesting
facts..
The companies which we spoke to were essentially operating
in the same way that they had 20 years ago with some very
subtle differences . Typewriters were missing from desks
and had been replaced with computers, fewer offices used
sticky message pads as they had upgraded to voicemail, and
everyone now had cell phones to keep in constant contact
with the office. As we said the differences were subtle.
We were shocked that in today's age, an entire industry,
with the exception of those large enough to have the budget
to be forward thinkers, had not taken advantage of technology
to make their business more efficient and profitable.
The fact that insurers had spent millions of dollars automating
processes and building custom internal systems to become
more efficient had not even shaken this industry who had
been so true their past practices. In the past ten years
business from all over the spectrum have used technology
to not only make themselves more efficient but more marketable
to their clients. In some cases entire new business models
emerged thanks to the technology available today.
After reviewing several market research papers, conducting
various interviews and focus group discussions it was very
evident that insurers had been craving a more agile approach
to claims handling. The issue was that the adjusting firms
had not kept up with technology and could not offer the
services that insurers craved. It was painfully evident
that Insurers were very aware of recent studies which indicate
that future claims systems will mean a more efficient handling
process, a more effective and timely service and in the
end, will save them money by streamlining the claims process.
The term that often gets overlooked is ROI or Return
On Investment. ROI can be calculated in various
different ways but the most basic approach is to compare
the cost of the product against the gains that it will provide.
If a software solution was to cost $100.00 and the savings
in time were to provide the company with a $200.00 positive
gain, then the decision is easy. The question becomes how
to calculate the positive gain as business is rarely this
clear cut. Some questions to think about:
Questions such as these will help you begin to determine
how to calculate your ROI. So often companies review products
or services based on the minimal costs that are associated
with them, rather than by what they can gain by implementing
it.
Today, with the introduction of Virtual Claims Adjuster,
various adjusting firms are experiencing rapid growth as
their clients learn what they can offer. Adjusting firms
can now offer their clients the ability to stay informed
thanks to the secure claims portal along with an advanced
toolset to ensure quality services that cannot be matched
by their competition. Business owners now have the ability
to manage their company as if it were a stock portfolio,
predicting trends, managing performance data. Adjusters
have the ability to be more productive than ever before,
accessing claims information remotely, setting up diaries,
time logs, file notes, on-demand claims information and
automated system alerts.
It is understood that eventually all companies will move
forward with some form of claims processing software. The
question that remains is which adjusting offices will lead
the curve and realize the benefits, and which will follow
long after and pick up the crumbs that their competition
has left behind. This process is not new to business, in
fact it is as old as business itself. We challenge you,
the reader, to look at your secretaries desk and ask yourself;
Why are they still not using typewriters?
Not that long ago the internet itself did not even exist
and it was a far fetched dream to have an endless stream
of information at your fingertips.
We would be more than happy to help you become more efficient
or at least review the possibilities with you. We are not
a sales driven company, we are a solution driven company.
We view our clients as partners who help us to continue
to make Virtual Claims Adjuster the new standard in claims
management software, and in return we offer our clients
the ability to lead the curve, offering their clients a
service which their competition cannot offer.
Click here
if you'd like to provide feedback to the author or click
here
to get a closer look or obtain more information on Virtual
Claims Adjuster.
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