Claims management software helps claims handlers gather and assess information regarding claims, claimants, policies, and coverages, enabling them to analyze claims and make informed decisions more accurately and efficiently.
Efficient claims management is essential in sectors like insurance, healthcare, and legal to ensure quick and accurate claims processing. As insurance demand rises, companies increasingly use digital solutions and automation to process claims faster while minimizing the risk of inaccuracies.
Accenture report [1] highlights that inefficiencies in processing claims could cost the insurance industry $160 billion globally by 2027. This is why insurance companies must manage claims efficiently while providing excellent customer experiences using claims management software.
Geekflare has researched and listed the best claims management software based on key features, including workflow automation, analytics, document management, claims progress tracking, claims management, compliance, and security.
- Riskconnect – Integrated Risk Management Solution
- Aclaimant – User-friendly Platform to Manage Risk
- Claimable – Best for Small Business
- BriteCore – Offers Agent, Policyholder, and Insurer Portal
- Guidewire ClaimCenter – Enterprise-Grade Claims Management
- Duck Creek – Best for Reducing Operational Cost
- Snapsheet – Inbuilt Appraisals and Payments System
- CoreLogic – Best for Property Claims Management
- Intelex – Best for Health, Safety, and Environmental Claims Management
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Riskconnect
Integrated Risk Management Solution
Riskconnect is a claim management platform that offers an integrated risk management solution to help you assess every business risk and make smarter decisions with confidence.
Riskconnect tracks all your claim details from a single place. You can integrate systems, data, and people from multiple sources to monitor risks. It automates routine tasks, streamlines workflows, and facilitates easy collaboration with stakeholders to shorten the life cycle of claims.
Riskconnect offers claims audit, intake, regulatory compliance services, data transformation services, document management, electronic reports of injury, and more. It also features reserve management, return to work, risk analytics, worker’s compensation severity models, worker’s compensation benchmarking model, and workflow management.
Attach notes, files, images, etc. directly to a claim, eliminate duplicate work and enhance accuracy, assign adjusters based on expertise and workload, and speed up response time. Riskconnect provides an advanced reporting feature to let you respond to risks faster, allocate resources, and prevent similar claims.
Riskconnect is best for enterprises that handle complex claims from various sources. It’s real-time analytics and data centralization help you make informed decisions. This platform is beneficial, especially for professionals in auditing, information security, third-party risk, project risk management, healthcare risk, compliance, and patient safety.
Easy-to-navigate user interface
Allows choosing functionalities as per business needs
Prompt customer support service
Faster risk response time
Reporting tools are not flexible for end users
Loading time slows down when dealing with large data sets
Riskconnect Pricing
Schedule a demo and get the price details according to your requirements.
Aclaimant
User-friendly Platform to Manage Risk
Aclaimant is a user-friendly claim management platform that helps you manage risks and boosts employee productivity. It offers agile solutions that integrate with your existing tech stack. You’ll get a straightforward management dashboard that shows real-time data inclusion, trends, loss history, and optimal reserves.
Get the necessary tools to make informed decisions quickly and save your expenses by straight-through processing of a claim. Aclaimant offers real-time data and robust analytics from multiple sources to drive effective decision-making and reduce claims costs with quick reports.
Aclaimant provides key performance indicators that monitor your employee performance, irrespective of organization size. You can analyze issues deeply to know the root cause of claim pipeline clogging. It provides comprehensive logging audits, internal or external document management, incident intake management, and more to organize and monitor the daily claims process.
Aclaimant offers insight-driven claim analytics, secure digitized claim files, best practice COVID-19 tools, complete OSHA forms, accessible safety reporting, and more. I found the software’s incident reporting capability excellent, as it streamlined workflow for frontline employees.
Policyholders, insurance brokers, insurance carriers, and TPAs can easily prioritize their risk reduction with Aclaimant. Construction companies can use it to document incidents with its real-time incident reporting to reduce claim cycle times and speed up the review process.
Translates risk information into actionable data with real-time incident reporting
Facilitate timely, proactive measures through transparent team communication.
Helpful support representatives, whether it’s about new updates or implementing certain changes in your system
Provides actionable insights via standard and custom dashboards.
A steep learning curve for new users
Doesn’t convert loss runs to PDF format
Aclaimant Pricing
Aclaimant offers three pricing models – Aclaimant (RMIS) Basics, RMIS Core, and RMIS Enterprise. Use your business email to get the pricing details.
Claimable
Best for Small Business
Claimable is a customer-first claims processing software designed for small businesses to manage their claims settlement efficiently. It improves your claims handling capacity so you spend less time administering claims; instead, focus more on developing your business.
Claimable offers cloud data storage to let you access the claim details from anywhere. No need to search for inboxes and shared folders; it provides everything in a single place. Stay compliant with your claims with a simple audit of your complete claims history.
You’ll get features like unlimited storage, filters, labels, notes, tasks, contacts, message templates, custom claim types, schedule exports, pre-claim currency, API, and GDPR compliance. You can categorize and sort your claims to suit your workflow by labeling them.
Claimable is useful for small businesses that require clarity and reliability instead of extensive features while managing claims. For example, loss adjusters, brokers and MGAs, construction and property repair, claims management companies, and in-house claims teams can use the tool to settle claims faster.
Simplified claim settlements by allowing users to modify functionalities easily
Clear navigation and interface layout
Centralized location to upload claim data, communicate with users and settle claims faster
No option to upload multiple photos at a time
Shows no breakdown of financial components, such as cost of repairs, current offer, buy or replacement of vehicle parts, loss of use, etc.
Claimable Pricing
Claimable’s claims management system costs $79/user/month, with zero setup fees and unlimited claims.
BriteCore
Offers Agent, Policyholder, and Insurer Portal
BriteCore is a modern claim management platform for Property and Casualty (P and C) insurers. It offers an agent, policyholder, and insurer portal to unlock business growth and deliver greater efficiency and productivity.
BriteCore combines business process management and claims administration management to provide an end-to-end claims process. Everyone in the loop works collaboratively to process the First Notice of Loss (FNOL), upload reports, issue payments, establish reserves, and settle claims.
Claims management in BriteCore is easier with its automation, improving customer experiences, optimizing processing efficiency, and lowering cycle times and costs. It allows users to work within the Claims module to issue payments, dictate notes, upload files, track losses, and set reserves to the claims log.
BriteCore also offers plenty of features, such as automated coverage verification, granular tracking of payments and reserves, an agent portal with self-service, claimant contact management, check processing, inclusion of external documents, and more. You’ll get dashboards, mapping tools, payment schedule calculation, automatic subrogation identification, and jurisdictional-specific reports.
From underwriting to billing and claims, BriteCore manages the entire lifecycle of policies effectively. In my opinion, this tool is beneficial for companies looking for an end-to-end solution to manage claims, billing, and underwriting.
Efficient backup and maintenance handled by their team using cloud-based solutions
Offers every tool necessary for P and C insurance, such as managing policies, rating and quoting, managing claims, printing, billing, and more.
Amazing search feature for getting information about customer data, claims, and policy
Response time could have been better.
User interface lacks a modern touch for modern users
BriteCore Pricing
Get a free demo and request pricing according to your requirements.
Guidewire ClaimCenter
Enterprise-Grade Claims Management
GuideWire ClaimCenter is an enterprise-grade claims management software that resolves claims faster and delivers accurate outcomes. It allows you to govern the complete claims lifecycle, from claim intake to closure, with its industry-leading functional depth.
Use wizard-based response-driven and dynamic questions to enable the faster intake of digital claims. You can allocate the claims settlement to your claims professionals using rules-based segmentation. Guidewire ClaimCenter helps you make data-driven and smart decisions throughout the lifecycle.
ClaimCenter offers robust financial management, advanced payment capabilities, granular reserves, and subrogation tracking. You can equip your claims teams with dynamic tools to easily resolve claim issues and track every detail. It also ensures you take all appropriate steps for claim closure.
GuideWire provides great configurability and scalability for your large-scale claims settlements. Its predictive analytics accurately identify fraudulent claims to save your company time and resources. For example, a health insurance provider can easily handle many claims every day by streamlining the processes, submitting the form for payout, and more.
Effortless collecting, sorting, organizing, and analyzing of all the claims data for making informed decisions
Hassle-free claims settlement throughout the cycle
The platform makes it easier to find and use the functionalities based on your requirements
Integration with other systems or platforms has a learning curve
Limited availability of open-source information
Guidewire Pricing
Contact a Guidewire expert and take a demo to understand how it works and the pricing details.
Duck Creek
Best for Reducing Operational Cost
Duck Creek is the ultimate insurance claims management software that optimizes your claim process and improves customer satisfaction. It streamlines the entire claims lifecycle, from initial report to final settlement, enhancing the insurer’s efficiency and reducing operational costs.
Duck Creek’s claims SaaS software simplifies data analysis, automates workflows, and integrates with your business systems for smoother claim settlement operations. This modern claims management software supports high-volume entry and customized scripts, intake devices, and IoT-initiated losses via APIs, and it utilizes external data for faster data intake.
By implementing Duck Creek claims management software, you’ll benefit from faster claims resolution, manual workload reduction, and more. It also complies with the latest regulations to initiate every process by book. Get periodic updates and utilize low-code tools for cost-effective and rapid system innovation and improvements.
Businesses with complex requirements can use the adaptable Duck Creek platform by picking useful features. Its AI-driven insights are beneficial for predicting risks and taking proactive action in time. For example, a global insurance company can use the platform to manage member services and claims adjudication while staying compliant with healthcare regulations.
User-friendly configuration tool that you can easily customize without extensive coding
Option to adjust resources as per user requirements, reducing complexity and costs
Integrates easily with other platforms and systems with the API infrastructure
Performance issues or system lags sometimes happen while generating reports.
A bit challenging to synchronize new features or changes to existing systems
Duck Creek Pricing
Talk to Duck Creek’s sales team by filling out the form and experience how it works. Get the pricing details by sharing your requirements.
Snapsheet
Inbuilt Appraisals and Payments System
Snapsheet simplifies claims, streamlines appraisals, and scales payments with its cutting-edge cloud-based claims management tool. Its easy integration, digital automation, and dedicated support saves stress, money, and time.
Snapsheet Virtual Appraisals delivers superior claims experiences, augments your team, and controls loss expenses. It automates communications, reduces claims cycle time, and enhances adjuster efficiency. You can utilize its digital payments solution to simplify and accelerate payments.
Snapsheet offers built-in metrics and reporting tools, integrated communication templates for texts and emails, and no-code workflows. It allows you to integrate your existing systems to reduce cycle time and losses with its powerful API layer. You’ll get powerful integrations, smart automation, complexity minimization, and more.
Get a digital-first experience with Snapsheet’s virtual claims handling capabilities. Its mobile optimization feature makes it suitable for many organizations running field operations. For example, a car rental company can use it to assess vehicle damage remotely through photos and videos.
Faster claims processing with the cloud-based system
Smooth communication and coordination between the systems with automation and templates
Mobile-friendly claims settlement, making it easier to upload snapshots of claim forms and expedite settlements
Frequent program shutdowns while filling out forms
Sometimes, it requires self-edit to correct the wrong areas after uploading the snaps
Snapsheet Pricing
Take a Snapsheet free demo and get started quickly. Request pricing as per your business requirements.
CoreLogic
Best for Property Claims Management
CoreLogic Claims is a property claims management software that optimizes your digital claims workflows to give you a faster claims settlement experience. It allows insurance carriers to facilitate communication between the decision-makers and maximize workflow efficiency. It helps remove repetitive tasks by implementing automation for claims professionals.
You’ll get up-to-date and accurate project and property data to easily collaborate between internal and external stakeholders. Digitize your claims processes to reduce cycle times and improve customer satisfaction with CoreLogic Claims solution.
Utilize CoreLogic Claims Workspace to experience efficient collaboration between supply chain resources and property insurance carrier personnel. It allows you to automate claims processing, customize workflows, simplify integration, and manage claims from a single place.
CoreLogic Claims offers capacity tracking, skill-based assignment, proximity-based allocation, continuous assignment allocation, documentation management, API connectivity, enhanced inspection, and more. You’ll also get intuitive diagramming, virtual and onsite adjusting support, estimate quality score, error detection, multi-file review, faster claim resolution, and policyholder action tracking.
CoreLogic’s advanced analytics and data precision make it ideal for organizations looking to evaluate property claims accurately. It can deliver loss estimations from its geospatial data in a fraction of the time. This helps you assess the extent of property damage after a disaster and prioritize claims settlements.
Integrates with advanced analytics to access large data sets without any lag
Automated workflows speed up the claim lifecycle, from claiming its settlement.
Faster risk identification and mitigation using predictive analytics
Steep learning curve with extensive functionalities available
Complex customization features that require expert involvement and training
CoreLogic Pricing
CoreLogic Claims solution gets the price quote during your interaction with its team.
Intelex
Best for Health, Safety, and Environmental Claims Management
Intelex is a 360-degree claims management software for health, safety, and environmental claims. It gives you better visibility into incident-related claims, direct integration with insurance carrier personnel for fast resolution, and improved monitoring and tracking of associated costs.
Intelex increases the accuracy and efficiency of claims processing, records reserve and transactional costs, automates workflows and monitors communications. It lets your employees save time and money by processing claims at the right time.
Intelex offers centralized claim and incident data, such as claim type, date accepted, assigned adjuster, date submitted, insurance details, claim number, and whether the claimant is insured. It helps you manage worker’s health, collect and capture data, and track and comply.
I found Intelex especially useful for industries with tight environmental regulations. Its comprehensive reporting and customizable workflows allow you to easily manage claims for environmental, health, and safety (EHS). For example, a manufacturing company can use it to manage worker safety claims and stay compliant with EHS regulations.
Excellent record-keeping capability for insurers to store and manage documents effectively when in need
Unlimited access to dashboards and reports for system administrators
A unified platform to manage safety incidents, risk assessments, and compliance
Technical intricacies make setting up and maintaining the system difficult, especially for non-tech individuals.
Configuring the software to meet specific business needs involves complications and consumes significant time and money.
Intelex Pricing
Get free trial access to the Intelex claims management system and explore how it helps you process claim settlements faster.
What Is Claims Management Software?
Claims management software allows insurance companies to gather, process, and manage information based on policy and coverages, the claimant, and the claim. It also helps them evaluate and analyze the claims more efficiently by minimizing manual work and enhancing employee productivity.
Claims management software involves steps to ensure effective and accurate claims cycle management. It helps enhance customer claims experiences by managing claimants’ data and enabling handlers to process the claims faster. It also allows administrators to make informed decisions based on accurate reports and insights.
The core functions of claims management software:
- Claims intake and registration: This is the initial process of gathering, documenting, and entering claim details in claim management software. It gathers crucial information, such as loss, damage, or incident that led to the claim.
- Assessment and investigation: It involves assessing and evaluating a claim’s extent, details, and validity. In this stage, handlers identify claim eligibility, calculate potential payouts, and process each claim fairly according to policy terms.
- Communication and collaboration: This stage involves interactions between the parties involved in a claim, including adjusters, service providers, claimants, and agents. This function is necessary to get everyone on the same page throughout the claims process and facilitate smooth information flow.
- Settlement and payment processing: This function involves the final settlement of a claim where the claim is approved or rejected, depending on the evaluation and interaction results. If approved, handlers process the payments after re-calculating the correct payout, ensuring compliance with regulations.
- Reporting and analytics: Reporting and analytics provide deep insights into the claim cycle, performance metrics, and financial data. Claim management software allows insurers to monitor the effectiveness of claims handling, identify issues, and make data-driven decisions to enhance the claims settlement process.
How to Choose the Right Claims Management Software
Consider the below factors while choosing the right claims management software for your insurance company.
Business Needs
To select suitable claims management software, evaluate your claims workload, complexity, and volume based on your business needs. High-volume companies require automation features for efficient processing, while specific industries have distinct requirements, such as HIPAA compliance for health insurance and GDPR compliance for global insurance.
Key Features
When choosing claims management software, look for features like workflow automation, communication tools, document management, claim intake, and reporting capabilities. Customizable workflows help tailor the claims process for improved outcomes, while collaboration tools enhance communication for quicker, error-free settlements.
Customizable Workflows
Since every organization has unique requirements, it needs customizable workflows to set up claims processes that align with those requirements. This helps the organization receive tailored attention for each claim throughout the cycle. Customizable workflows also enable teams to minimize errors and improve efficiency.
User Experience
Check whether the claims management software you select has a user-friendly interface. A simple and intuitive interface allows users to navigate the management system easily and work more efficiently, reducing training time and enhancing productivity. Look for software that offers intuitive navigation, easy access, and customizable dashboards. You can use your employees’ feedback to understand the software’s usability.
Cost
When selecting claims management software, consider all ownership costs such as subscription, add-on, and maintenance fees. Evaluate pricing models based on user numbers and features to determine the necessary tools for your company. Also, factor in potential cost savings from reduced errors and increased efficiency.
Security
When dealing with many users, security is never a second option. Search for software that has powerful and advanced security features, such as secure access controls, security audits, encryption, and more. Also, consider the provider’s track record of response protocols and data breaches to understand if the software is good for your industry.
Compliance with Industry Standards
Compliance with industry standards is necessary when you’re managing customer data. Always choose software that is compliant with applicable regulations and privacy policies, such as PCI DSS for payment processing, HIPAA for healthcare claims, GDPR for protecting personal data, and more. This will help you avoid compliance risks and reputation damage.
Cloud-Based or On-Premise
When choosing between cloud-based and on-premise software, consider your organization’s growth plans, IT capabilities, budget, and skill sets. Cloud-based software provides scalability, flexibility, and remote access, while on-premise software offers higher security and greater control.
Conclusion
Choosing the right claims management software is crucial for optimizing your claims processes, improving accuracy, enhancing customer satisfaction, helping organizations handle claims faster, minimizing errors, and ensuring compliance with industry standards.
Each software has unique strengths tailored to specific needs, from enterprise-grade solutions like Guidewire ClaimCenter to tools designed for small businesses like Claimable. Each software solution mentioned above offers unique features tailored to various industries and organizational needs. We strongly recommend taking advantage of Free trials and Demos to ensure the best fit for your requirements.
References
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EditorNarendra Mohan Mittal is a senior editor at Geekflare. He is an experienced content manager with extensive experience in digital branding strategies.