Our most recent article defining key characteristics of an efficient claims system pointed out three ideal features your claims administration system should possess. Insurance & Technology's online publication also recently wrote about modernizing your claims/policy admin system for an extended life claims system.
The article stated:
How to modernize?
There are three main ways to embark on a modernization journey: rewrite your applications, ‘rip and replace’ them with off-the-shelf software, or reuse what you have in a more flexible way.
It also went into more detail:
In the insurance industry, improving operations and providing impeccable customer satisfaction are key. For example, a leading insurance BPO not only increased customer satisfaction, but was also able to save 70% on total cost of ownership and reduce batch times by two-thirds all by undergoing the modernization process. These results and more are possible when you look to the future of your applications and make them work for you.
Definitely great advice as adjusters look to modernize their claim solutions and enhance their claims workflow process. The key is making your claims system work for you.
Read the full article over at InsuranceTech.com