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Claims Management

Silicon Review names Virtual Claims Adjuster a Top 50 Leading Company in 2021

By Blog, Claims Management, Insurance Trends, Press Room, Workflow No Comments

FOR IMMEDIATE RELEASE

Silicon Review names Virtual Claims Adjuster a Top 50 Leading Company in 2021

 

TORONTO, May 13, 2021Virtual Claims Adjuster Inc. (“VCA”), the InsureTech Platform for Faster Claims Management, announces that it has been named a 2021 Top 50 Leading Company by The Silicon Review, the world’s most trusted online and print community for business & technology professionals.

“We have a lasting commitment to providing our clients with an evolving product to meet their individual file management needs of today and tomorrow”, said John Varghese, CEO, Virtual Claims Adjuster. “We’re honored to have VCA named one of the top 50 leading companies of 2021”

The entire claims process has many touchpoints, from initial claims intake, notifications, claims handling and billing. As many (or more) than 16 manual processes stand between taking in the claim and when an agency processes payment.

“In the digital world we live in, insurance companies are continuously challenged by new government regulations and high customer expectations,” cites The Silicon Review. “The marketplace has become extremely competitive, and it is important for insurance companies to manage their claims effectively, irrespective of their size.”

In a 1:1 interview with John Varghese, CEO of Virtual Claims Adjuster, the Silicon Review discussed some of the major components of the claims handling process, including “prevention of frauds, customer satisfaction, and developing new strategies to reduce costs. Customers of insurance companies expect the settlement process to be done quickly and provide satisfaction.”

Read: “In conversation with John Varghese, CEO of Virtual Claims Adjuster”

VCA’s intuitive system enables new users to start resolving claims in less than an hour of training. All features are accessible with a mouse-over and customer service calls are addressed in less than 30 minutes.

“While meeting with many clients worldwide and reviewing their individual needs, it has become clear that most companies are frustrated by outdated and inefficient manual processes inherent with the insurance industry”, explains Varghese. “Managers and business owners alike need to easily track the performance of their company and their staff at all times – securely and from anywhere.”

VCA is a SaaS solution; companies can easily scale up in the high-volume months and scale back as the volume dies down – from as little as 60 to over 10,000 claims per month. VCA’s Standard License is customizable and configurable right out of the box, to meet the needs of small and mid-size firms averaging up to 250 claims/month. An Enterprise License is ideal for larger, more complex organizations. It provides robust customization, API and platform integrations and more, to help manage large claims volumes averaging 500 – 10,000+ claims/month.

Read: “In conversation with John Varghese, CEO of Virtual Claims Adjuster”

About VCA

Virtual Claims Adjuster is the InsureTech platform for faster claims management. This SaaS Platform automates your process to free up claims adjusters from repetitive tasks. Bringing data to the forefront of your process enables adjusters to resolve claims faster by adding insights to the decision-making process. With VCA, you don’t have to change the way you process claims. It’s flexible enough to fit into your claims process and provides workflow and enhancements to help you solve claims faster. It already integrates with the systems you work with and allows you to create standardized templates, eliminating the need to reinvent the wheel every time you send out a communication. VCA meets all your privacy, data security and Lloyds of London requirements.

More than 160 customers in 15 countries rely on Virtual Claims Adjuster to help resolve millions of insurance claims each year. VCA is a privately-owned global company, founded in 1998, with offices in the United States, Canada, the United Kingdom and Australia. For additional information, visit virtualclaimsadjuster.com #VCAInsuretech

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Press Contact:
Virtual Claims Adjuster
Joanne Gore
jgore@vcasoftware.com
+1 416 543 7951

Stay ahead of the curve in this extremely competitive insurance market with Virtual Claims Adjuster’s robust claims management solutions

By Blog, Claims Management, Insurance Trends, Workflow No Comments

Stay ahead of the curve in this extremely competitive insurance market with Virtual Claims Adjuster’s robust claims management solutions

 

Insurance companies are continuously challenged by the new government regulations and high customer expectations.

The marketplace has become extremely competitive, and it is important for insurance companies to manage their claims effectively, irrespective of their size. Some of the major components of the claims handling process include prevention of frauds, customer satisfaction, and developing new strategies to reduce costs. Customers of insurance companies expect the settlement process to be done quickly and provide satisfaction. This is mainly due to the fact that higher customer satisfaction levels will contribute immensely to the insurance company’s success.

Read: In conversation with John Varghese, CEO of Virtual Claims Adjuster from Silicon Review Magazine

TEXAS DISASTER: The New Age of Catastrophic Weather Patterns?

By Blog, Claims Management, Insurance Trends, Workflow No Comments

“We are anticipating, within the industry, that we will see more claims out of this storm than any hurricane in Texas ever.”

(source: The Insurance Journal)

In February 2021, ice, snow and record-breaking cold left millions across Texas without electricity, heat, or water – and many homes damaged or destroyed. Roughly 4 million homes and up to 15 million people had no power for several days. 13 million homes had no water or poor water quality. This storm spared no one, even in the farthest corners of South Texas that rarely see temperatures below freezing. It became a dangerous crisis for millions, particularly those living in poverty and acutely suffering the effects of the COVID-19 pandemic.

“We were woefully unprepared for this kind of cold,” said Texas State Representative Ron Reynolds, whose own house was without power, Claims Journal reports.

Record losses

  • Camille Garcia, with the Insurance Council of Texas, says, “This will be the largest insurance claim event in history.”
  • Insurers’ losses could be more than Hurricane Harvey in 2017 according to Moody’s analyst Jasper Cooper in The Insurance Journal.
  • Bloomberg reported on Feb 24 that, in total, losses from this event could be close to $90 billion.

Adjusters on the front lines

Insurers are deploying an army of adjusters from across the U.S. to help, according to Camille Garcia, a spokeswoman at the Insurance Council of Texas. Hundreds of thousands of claims will likely be filed and will begin filtering through claims management systems of insurance companies in the coming weeks. The Dallas Morning News reported that 750,000 claims so far have resulted from the Arctic blast.

In an interview with State Farm, Jason Wheeler of WFAA reports that the insurer has already received 34,300 claims, mostly of frozen pipes which burst and caused damage. In all of last year, nationwide, State Farm only had 3,800 broken pipe claims. The insurance company is employing the latest tech for this storm—a remote app which homeowners can use to speed a claim’s management.

Unprepared. Unprecedented. Unpredictable. The new normal. Sometimes called a Black Swan event, unexpected weather anomalies like this one that left so many in horrendous conditions may happen again. Climate change is upending the assumption that insurers can use past events to predict seasonal claims volumes.

“We are colliding with a future of extremes,” said Alice Hill, who oversaw planning for climate risks during the Obama administration. “We base all our choices about risk management on what’s occurred in the past, and that is no longer a safe guide.”

Technology tools for claims adjusters

One storm may not represent how global climate change is influencing weather patterns, but scientists believe it is part of an overall rise of extreme weather, and it’s creating sweeping new risks. As 2021 continues to unfold, insurers need systems in place to manage the avalanche of claims that will happen as unexpected events continue to occur.

The ice and snow storms that affected Texas in mid-February caused unprecedented damage. Fast and efficient business models and technology can help insurers manage the unpredictable and the unexpected in 2021 and beyond.

What to look for as you explore technology tools and software:

  • Mobile claims management that allows clients to quickly check claim details, access contacts, make notes, add time, send emails, review documents
  • Accurate measurements from smartphone photos that create a fully interactive 3D model of any property
  • Software that connects policyholders directly with contractors
  • Instant access to photos, documents, scopes, estimates, and reports as soon as they are created
  • A system that secures data from cyber risks

Embrace technology to easily manage CAT events

Virtual Claims Adjuster provides business owners and employees alike, the power to control their business so the increasing likely ‘freak’ events can be managed in stride.

In a “survival of the fittest” industry, you not only need the right tools, you also need the right people behind the tools. Our experience in the claims management industry and continued industry research including direct client feedback ensures that Virtual Claims Adjuster remains the most evolutionary claim management software on the market. Product enhancements are completed on a regular basis — ensuring Virtual Claims Adjuster’s tools always remain cutting edge to help you even in the most challenging of times.

Person using a laptop on a desk

5 tips to simplify your claims assigning process

By Blog, Claims Management, Insurance Trends, Uncategorized, Workflow No Comments

Insurance claims adjusting is increasingly moving to innovative software that can help them process and assign claims more quickly, especially in this exceptionally busy season, and amidst the pandemic.

It’s the year of COVID and natural disasters

The COVID-19 pandemic continues to be a problem we are all grappling with, however it has expedited innovative and technological solutions to error-prone manual processes that over 50% of insurance providers are still entrenched in. COVID has forced many claims processors to look at how automation can make their claims assignment process more agile, productive and efficient. 

Secondly, this year offered one of the most volatile weather and natural event seasons in history. With the increased volume of claims in a record 2020 storm year, you need a claims management system that can handle them, while also adjusting to seasonal challenges – without increasing wait times or affecting quality. Systems with automated claims assignment features can provide the keys to achieving customer satisfaction and lower claims costs. 

How to move more quickly through claims assignment

Are you still stuck in the decades-long mentality of complex, time-consuming, manual claims processing and assignment processes? These outdated, error-prone and time-eating tasks lead to bottlenecks, inefficiencies and disappointed clients at a time when customers are demanding convenience, visibility and communication. Streamlined claims assignment through software automation is increasingly the answer.

Look for a software provider with tools that are: 1) easy and intuitive to use; 2) move the user quickly from initial input to completion; and 3) provide a reservoir of information they can tap into with a click. 

VCA’s simplified screens allow the user to navigate through the assigning process in just a few clicks. Users have access to information pertinent to the claim: which adjusters and teams are closest to the loss, star ratings and open claims, utilizations, and more. Want to assign a loss to an adjuster who currently has a lower claim count? Want to be sure you are assigning a loss to the correct team? VCA shows you who is out there, where they are on the map, how busy they are and who would be the most efficient choice. 

Visual makes it fast – map-based claims tools for claims assignment

Let’s face it. Most of us are more visual than mathematical. A map, and icons on a map, are immediately understood. With VCA’s map-based tool, a user clicks on the map, sees where the loss is located, and sees where adjusters and teams are in relation to that loss. 

A mapping feature saves time: A user can click on the loss icon and obtain all the info on that loss. It also plots where adjusters are, and lists their information, on the map. To process, just click on the name of the adjuster you want to manage the loss and click ‘assign.’ Done. Our innovative software uses easy-to-recognize symbols (like a map) to compel immediate understanding – making claims assignment intuitive and fast!

Know whether adjusters can handle more claims, or are too busy for you

Does your software allow you to see real-time stats on individual adjusters or teams that you are sending your claims to? Are you still using email, or the phone, to get them? If you send out your claims, do you know whether that adjuster can handle his/her own claim count – plus yours?  

VCA speeds up claims assignment time by giving you info on each adjuster’s or team’s status including: how many claims are assigned to him/her, open claims, and total claims. You can even limit the amount of claims you send. When assigning to teams, you can see all the members within the teams, at a glance. Armed with that knowledge, you can confidently assign claims.

Automated features take out the extra (costly) touches

Want to go one step further? Automate the entire assignment process. VCA’s Automatic Claims Distribution removes the last bits of manual process in claims assignment. Our system will automatically assign claims to the closest adjuster who not only has the capacity to handle the volume, but also has a high ranking in productivity and output.

New losses can be set up with criteria to properly assign a claim including: star rating, utilization, or distance from the loss. It’s simple: Access the system administration and set up the criteria most important to you in assigning a claim. In this way, you can triage thousands of claims in minutes. Once claims have been assigned, your email that lets clients know who their claims adjuster is, gets sent automatically.

Using automation, you are freed from performing manual and repetitive tasks. You have more time for decision-making. And, you can go the extra mile to create memorable customer experiences.

See VCA’s Visual Mapping Assignment Tool in action 

To help, we have been offering free, customer-exclusive webinars throughout the pandemic crisis – so you can discover new ways to streamline your claims management process.

In this 20 minute webinar on-demand, take a deep dive into VCA’s Visual Mapping Assignment Tool. 

Join Matt Barrett, Senior Claims Specialist and learn about:

☑ Traditional claims assignment

☑ Visual direct assignment

☑ Visual team queue assignment

☑ Automated claims distribution

Watch: Claims Assignment Tools for CAT Season Relief

Five Ways Our Software Streamlines Your Insurance Handling Claims

By Claims Management No Comments

Any business that handles insurance claims on a regular basis understands just how laborious the task can be. Ensuring that every party involved with an insurance claim has up-to-date and accurate information and that every person knows what needs to be done next, can be time-consuming and difficult to handle. This is especially true for those who manage multiple claims at any one time.

For this reason, claims handling software has become an essential part of this industry. With Virtual Claims Adjuster, users can streamline the way they handle insurance claims, ensure greater accuracy, and effortlessly manage multiple claims at one time.

Access Your Claims Remotely

One of the most convenient features of claims handling software like Virtual Claims Adjuster is that it can be accessed remotely. Whether you’re at work, at home, or out on the field, all your cases can be instantly accessed on your phone or another mobile device. Within that mobile app or web software, you can update cases, add new information, send important messages to all parties involved, or even initiate a new claim.

Accessing your claims remotely means you’re no longer restricted to your office, or indeed, anywhere you can take a laptop!

Reduce Unnecessary Spending

Virtual Claims Adjuster puts all of your company’s information and data in one place. It means less time spent handling repetitive tasks, ensures a smaller team can get on with the jobs they need to do, and reduces your infrastructure expenditure.

In short, this innovative software solution optimizes your company’s revenues and ensures you’re always spending your money wisely. The easy-to-use and intuitive nature of our software, combined with our competitive rates, make VCA a compelling option for your company.

Update All Parties in One App

With our software, there’s no need to send multiple emails to update all parties every time a case moves along. By controlling permissions on each case, you can ensure relevant people are automatically updated and notified whenever anything changes.

Added a new file to the case? No need to tell anyone, they’ll get a notification straight to their device. It’s really that easy.

Make Data Entry Simple

Data entry is a key part of claims management. This is the process that establishes the parameters and context of each claim, and it is essential this information is reproduced correctly on all forms and for all parties involved.

With Virtual Claims Adjuster, you can quickly and easily generate invoices, create automatic file notes, update cases remotely, and generate template and photo-sheets in just a few clicks (or taps!). When you create a case and input the relevant information, the software automatically captures that information and replicates it, filling in all relevant forms and doing away with repetitive and pointless tasks.

Data entry has never been easier.

Offload Data Security to VCA

Finally, Virtual Claims Adjuster allows you to offload much of the burden of keeping data secure to the software.

Designed to protect personal information, this mobile software keeps data locked down and protected with all the latest cybersecurity tricks and techniques. Your customers’ data is always safe in our hands, and you don’t need to spend extra time or money securing it.

Consider these five ways our software makes your work easier, and we’re sure you’ll see the value in what we offer.

It’s all available at a highly competitive rate, too!

4 Tips for Improving Your Company’s Data Security

By Claims Management No Comments

Research consistently shows that most businesses are not fully prepared for a cyberattack and could be extremely vulnerable to data loss. With poor cybersecurity practices commonplace in all kinds of companies, it is more important than ever to consider how your operation can become more cyber-aware.

With this in mind, here are three simple tips to help you improve your company’s data security and get on the path to becoming a more secure business.

Have a Disaster Recovery Plan in Place

You never know what is around the corner. Any kind of emergency could completely disrupt your company’s supply chain, create a staff shortage, or impact your working environment in a way that stops you from being able to perform key business functions.

It might also come in the form of a major data breach.

A disaster recovery plan goes a long way to securing your company’s private data. Working with the team at Virtual Claims Adjustor, you can minimize your vulnerability to cyberattacks and learn how to protect your hardware, network, and computer systems. Trust in our team, and we’ll keep you up to date on the latest cybersecurity trends and help you implement measures that protect you in the event of an attack.

Remember, this is a very real threat. A study from Verizon found that 52% of data breaches were done via straight-forward hacking, and 28% involved malware downloaded by users on a business computer network. A further 32% occurred as a result of phishing.

Use Reliable, Secure Software

Any company that handles client data faces twice the cybersecurity risk. Not only is your company’s personal information vulnerable to hacking, but so are the contact details (and even bank details) or hundreds or thousands of your own customers.

When dealing with a large set of customers, it is essential that you utilize management software that takes much of that responsibility off your hands. Virtual Claims Adjuster does exactly that. With an ultra-secure claims management system, we act as the go-between for you and your clients, keeping personal information locked down and safe.

Use Strong Password (and Change Them Regularly!)

A Varonis Global Data Risk report in 2019 found that 38% of users used passwords that never expire, and that 61% of companies examined had more than 500 active users with passwords that do not expire. This practice, while generally considered more convenient, opens a company up to the possibility of hacking.

If just one password is leaked, a company’s entire database becomes vulnerable. Switching passwords regularly ensures that, if this ever happens, access is minimized and shut off within a fixed period of time. Smart businesses promote a culture of regularly updating passwords and keeping data safe.

Educate Your Team About Phishing Scams

Remember how we said 32% of data breaches were done through phishing? That simply means that email users clicked links in spam emails and willingly gave up sensitive information like passwords. It’s a simple scam and one that catches less-aware people off guard.

Educating your team about phishing scams is essential in any modern business operation. Ensure your team knows never to click links in unsolicited or unexpected emails and to instead direct themselves to a website through their web browser and log in through secure channels.

An educated team, combined with useful software tools and services from the team at Virtual Claims Adjuster, can ensure your business is fully equipped to protect sensitive data.

claims management software

What Is Claims Management Software?

By Claims Management

As a business in the claims industry, your company relies heavily on its ability to close claims as quickly as possible. Unfortunately, there are many obstacles that can slow down the claims handling process. If your file handlers have to waste time running back to the office to retrieve or look up additional information after each meeting with claimants, it cuts into your organization’s efficiency.

That’s where claims management software comes in.

Online claims management software streamlines your file handlers’ experience to optimize production for your company through the use of business-critical tools and capabilities that help you stand out favourably against your competition.

In this article, you’ll learn about three ways that web-based claims management software offers solutions to common problems your file handlers face – but there are many more. Use the contact information at the end of this post when you’re ready for more information.

Anywhere / Anytime Claims Handling

Your claims handlers work on the move. Since they spend their days moving from claimant meetings to claimant calls, they need a simple way to organize their files, reports, task reminders, claims documentation, time logs, photos, contacts, and various other claim tasks into a single, easy-to-use, cloud-based claims management system.

Web-based claims management systems help file handlers achieve all those objectives in a secure and searchable format that keeps them working hard, no matter where they are.

Choose claims management software that includes:

  • Reliable and secure file access
  • Evolving software that is enhanced on a regular basis
  • Automated system alerting, email integration, third-party integrations, and various audit and management tools

Analytics and Reporting Engine

Running your claims handling business successfully requires analytics. Free up the flow of your business by helping your file handlers track and manage billable hours and create accurate and detailed invoices in seconds.

In addition to speeding up your business processes, reports, and analytics, you can also meet your company’s critical requirements for client, staff, and overall company performance insight. You must track how your business, clients, and employees are doing if you want to increase your market share.

Grow your business revenue with these tools:

  • Email integration within your claims system
  • Comprehensive invoicing options that including flat rate, time and expense, staff, split- and tier-based billings
  • Advanced management for reporting, auditing, and on-the-fly query creation
  • Custom user account types with various permissions and user management tools
  • Custom status alerting and custom file types
  • Advanced claims assignment tools and team assignment tools via mapping

Seamless Data

File handlers on the move can’t be chained to the office to complete common claims tasks such as: reviewing files, updating notes, uploading photos and reports, setting up meetings, and verifying coverage data. Traveling to the office can slow your file handlers down – and slow file handlers can slow down the claims handling process and can limit your business growth to a crawl.

Today’s convenient cloud-based claims management software products make it easy to access business data on all mobile devices. With this flexibility, your staff will have the power to share data seamlessly with their associates and your clients, saving all of your staff (file handlers, assistants, and management staff) from extra tasks throughout the entire claims process.

Ignite your business today with:

  • Quick and easy system implementation
  • Free user training
  • Team of industry professionals dedicated to assist your firm, working as an extension of your company

Are You Ready to Review Claims Management Software?

Virtual Claims Adjuster has been the global leader in providing claims management software for nearly two decades, by offering unmatched and advanced claim tools, outstanding customer service and support, and a flexible contract that revolves around your business needs. That’s why some of the world’s largest claims handling businesses entrust their software needs to Virtual Claims Adjuster – ensuring that their businesses succeed year after year by gaining more market share through the use of modern claims technology.

Request your free 30-minute, personally guided tour of Virtual Claims Adjuster today, followed by free hands-on demo access.

claims handling business

3 Ways to Improve & Grow Your Claims Handling Business

By Claims Management No Comments

The path to success in the business world is littered with obstacles. The main obstacle that is always present is your competition. Business would be easy if you were the only one doing it, but in the claims handling business, you know how tough the competition can be.

You also know how dangerous it is to fall behind.

If the guy down the road can offer a higher quality of service and lower claims handling costs, your company may lose out on a critical portion of the overall market share.

You need to focus on improving and growing your company instead of constantly battling your competitors–online claims management software can help streamline your claims handling processes and improve your bottom line.

How to Improve and Grow with the Right Software Solution

Lucky for you, there are some easy ways claims software will help you set up your business’s successful future.  Online claims management software is a great tool that assists your organization, so you can stay ahead of your competition more easily.

If you’re ready to strengthen your company, it’s time for you to take a few minutes and find out how much a good, web-based claims management software system could do to help your business grow, evolve, and improve your market share.

Here are just three ways:

1. Get Insight into Your Business Trends

Managing a claims handling business is hard work. Virtual Claims Adjuster is a cloud-based claims management software system that gives you the ability to keep a close eye on employee work, company growth, business trends, and financials.

VCA also increases staff productivity with built-in performance metrics that allow you to instantly review employee productivity and easily resolve any issues before they escalate.

2. Streamline Your Claims Handling Business

Ineffective processes at your business create extra work, which is time that you can’t bill your client for. Virtual Claims Adjuster streamlines your claims handling by minimizing redundant tasks and reduces the need for multiple software applications.

Having all your data in one place results in higher security, lower costs, higher returns, and a more simplified infrastructure.

3. Standardize Your Processes

Standardization allows your business to become more scalable because all new staff will have access to a clear, step-by-step internal claims process that builds their confidence while ensuring your firm’s consistent claims-handling quality.

In addition, standardization allows you to easily expand and define internal processes, so you can control costs.

Business Growth Challenges: Solved with VCA

The trick to success lies in how you decide to improve upon your business processes, this allows you to consistently stay ahead of your competition while effectively managing increasing workloads. Virtual Claims Adjuster gives you all the capabilities your company needs to improve, grow, and ensure its successful future.

Take Virtual Claims Adjuster for a spin when you schedule your free, 30-minute, guided demo followed by free, hands-on demo access.

Once you see Virtual Claims Adjuster in action, you’ll understand why this web-based claims management software has been the global leader for claims handling businesses for nearly two decades.

Lloyds of London Reporting Requirements

Four Ways to Make Lloyds of London Reporting Requirements Seamless

By Claims Management No Comments

If your claims handling business works in the Lloyds Market, you know how different those Lloyds of London reporting requirements are. Managing all the aspects of a claims handling business is already stressful enough without the hassle of worrying about your staff improperly recording or omitting required claims handling information.

The importance of optimizing your processes as your business grows and moves into the Lloyds Market is crucial. Virtual Claims Adjuster gives you the ability to meet all of these requirements with ease with its proprietary Lloyds reporting module. Virtual Claims Adjuster is the only online claims management software system with this capability!

Here’s 4 ways to use Virtual Claims Adjuster software to make Lloyds of London reporting requirements seamless for your business.

1. Effortless Reporting

With Virtual Claims Adjuster’s Lloyd’s module, you can generate the required reporting quickly and easily – ensuring accuracy, and saving time and money.

2. Streamline the Handling Process

Ineffective processes create extra time that you can’t bill for, which results in lost revenue. Virtual Claims Adjuster streamlines all your claims handling activities in both the domestic market and the Lloyds Market, by minimizing redundant tasks and reducing your reliance on multiple software applications.

In turn, this helps reduce the possibility of manual errors and lowers your file handling costs, so you can increase your company’s profits automatically.

3. Standardize Your Business Processes

In order to have a truly successful business, you need to make sure processes are in place to keep things running smoothly. This can be difficult when the unexpected happens at your company and your claims need to be reassigned.

Virtual Claims Adjuster helps you standardize your processes to increase the fluidity of your workforce. Standardizing the way claims are handled makes things like file audits, file transfer, overflow coverage, assisting personnel, and training new staff members easier to achieve, even for complicated Lloyds Market claims.

4. Maximize Your Managerial View

Working in the Lloyds Market can seem overly detailed and confusing to your staff members who are not familiar with the requirements. Virtual Claims Adjuster provides you with the ability to instantly review your employee performance and easily resolve any issues before they escalate.

VCA also helps ensure accuracy with full business metrics that give you the ability to confirm that tasks are completed correctly and on time.

Whether your business works in the Lloyds Market, the domestic market, or both, cloud-based claims management software can help make it all seamless.

With the advanced mobile capabilities that provide data accessibility 24/7 and the versatile interface that accommodates both the domestic market and the Lloyds Market, Virtual Claims Adjuster has all the features you need to grow your business like you’ve always dreamed.

Access your free guided demo of Virtual Claims Adjuster and see how our online claims system can save you time and money while increasing security and marketability in your independent claims handling business.

Virtual Claims Adjuster insurance claims

Build or Buy? The Hidden Costs of Claims Management

By Claims Management No Comments

A familiar phrase often used when frustrated at the inability to get things gone just the way we want. At first glance, an in-house solution could be the perfect fit – you can create something from the ground up that is built to work with your current infrastructure. But one thing within businesses and organizations remains inevitable and is constant in today’s business world, and that is change. Although you could potentially solve some of your current issues, your business processing and reporting needs would likely change. This is where an in-house system can become problematic. How? In a typical organization, each department seeks tools and processes to optimize productivity. From the business aspect, new legislation could be passed, changing the claim handling requirements; the company could explore new lines of business; new reporting requirements can be introduced. On the technology side, we already see daily changes with respect to data privacy, security, assessments and infrastructure certification requirements.

The problem with building an in-house solution is that its logic and functionality rely on the business case and current processes that affect your business today, and can quickly find itself outdated and unusable. This is the challenge of building an in-house system.

Understanding Secondary Costs

The cost of an in-house solution is often under-estimated since there are a number of factors that come into play. It can become highly challenging to know the total amount of a developer’s time required to build an entirely new application. The initial goal of a claims management system may only be to aide in claims handling practices, but more goals and features can be added on and “Scope Creep” can occur quickly, with the project expanding to include other benefits. If you consider the cost of a qualified business analyst and development team, the costs can add up fast – not to mention the time employees spent away from their core duties when using in-house personnel.

Master of Your Domain

When you build something yourself, you know all its subtleties inside and out and if problems occur, there’s no need to call outside technical support since your programmers can quickly create patches and updates. But this approach is not without it’s drawbacks. What will happen when the in-house experts are no longer with the organization? You’ll find yourself stuck with a proprietary system that no one knows how to use or fix when inevitable problems arise.

On another note, internal expertise is limited to those that have been trained, and once trained a fairly aggressive knowledge transfer process will need to be put in place to ensure that this knowledge survives the resource. In the end, it can be difficult to prevent an in-house solution from becoming costly or impossible to maintain. Hidden costs and future costs of ownership may make you question if this is the right path for you.

Proof

Let’s assume that a company, ABC Insurance, needs to develop a claims management solution. They first consider the cost of staffing:

Estimating 6 to 9 months for initial development and testing, the phase 1 employee cost alone can range from $515,000 to $787,500 and the opportunity cost involved in taking developers away from core projects that generate revenue and support the business becomes difficult to calculate.

Now let’s consider ABC’s time-to-market issues. The insurance market is a very competitive environment – XYZ Insurance is nipping at their heels in pursuit of next generation claims service. The difference? XYZ Insurance has chosen to use a third party claims system that can be deployed immediately.

Future years see ABC Company finding themselves less effective, less productive and unable to meet the same standards of customer satisfaction. They are forced to build internal departments responsible for maintenance, system updates, testing and infrastructure security. What started as a cost saving decision has forced them to become a technology business, splitting their focus to keep up with the changes in both the insurance and technology worlds.

In The End

The initial reaction may be to build a solution internally. Building in-house certainly is not always a bad idea when highly specialized requirements exist. However if your organization is likely to face the changes above, then a third party solution merits some further investigation.

A good claims management solution should offer an easy to use interface and a flexible workflow in order to ensure it can adapt to your organizations environment. Your chosen vendor should have a range of experience and offerings, and should be constantly adding to its platform to ensure it will fit your needs for today and tomorrow.

So while it’s true to get something done right, you sometimes have to do it yourself, it’s also true that you shouldn’t have to reinvent the wheel.


Virtual Claims Adjuster was born after 10 years of offering consulting services to many fortune 500 companies. Having the rare perspective of both selling custom development services as well as offering a cloud based claims management suite, has allowed us to analyze the hidden pit falls that are overlooked in the build or buy debate. The good news – we can help you with both. Contact us today: