Claims Case Management Life Insurance Solutions
Claims processing software helps life insurers properly adjudicate claims
With the OnBase claims processing software, claims administrators or examiners manage all aspects of a claim, from early assessment to investigation to settlement. From the onset of the claim through the determination, insurance carriers must complete many tasks – collecting, reviewing and maintaining the supporting documentation to assess the claimant’s coverage, validating statements and negotiating the payment of claims.
The insurance claims processing software allows claims examiners to easily access information, schedule tasks, and create notifications and time-based reminders. The information and content are centrally stored and accessible, and workflows automatically route information, verify coverage, and track missing or required information. OnBase integrates with claims handling systems like LifePro and homegrown AS400 mainframe systems from one interface. For this reason, insurers experience an increase in efficiency across claims operations even during times of higher volume.
Additionally, OnBase claims processing solution seamlessly integrates with financial systems to manage payment schedules, providing better control over the release of funds and providing the ability to track and audit claims-related activities to reduce compliance risks.
How Guarantee Trust Life Uses Claims Management Software
Guarantee Trust Life (GTL) depended on paper and possessed hundreds of filing cabinets. Their processes were continuously delayed and cumbersome. The organization’s leaders decided to invest in the business’s future and move toward a paperless environment. Working with Naviant Business Process Consultants, GTL decided to move forward with OnBase as their Claims Management Software.
OnBase has simplified their processes. Documents are automatically scanned as they come into the insurer and stored in a single location. Employees no longer have to search through filing cabinets or wait for couriers to deliver files from storage spaces. Information is now instantly available to 206 users across the company. With the addition of a workflow automation process, claims that are complete and accurate are automatically forwarded to the next step to keep the process moving while flagging incomplete or inaccurate packages. The workflow process also notifies designated people when actions take place to keep stakeholders in the loop and opening up the visibility into the process.
Check out the complete Guarantee Trust Life Insurance case study.
What are the Key Benefits of Life Insurance Claims Processing Software?
- Streamlines the claims process by integrating with existing claims handling systems
- Enhances customer service with information and answers being instantly available
- Increases productivity by reducing the need to search for information across multiple data sources
- Ensures tasks are completed in a timely manner with reminders, timers, notifications, and other communications
- Improves compliance through greater visibility, audit ability and adherence to internal controls
- Reduces time to decide with immediate access to information