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Jenesis Software
Jenesis Software
Jenesis is designed specifically for the independent insurance agency, offering a seamless platform to manage various aspects of insurance agency operations efficiently. Jenesis offers a robust agency management system with a wide...Read more about Jenesis Software
WaterStreet
WaterStreet
WaterStreet is a cloud-based insurance solution designed primarily for sectors such as property and casualty insurance. WaterStreet provides tools to manage quote-to-claim policy lifecycle support, a configurable rule-based ...Read more about WaterStreet
NowCerts
NowCerts
NowCerts is a cloud-based insurance solution designed for insurance agencies of all sizes. Key functionalities include commission tracking, task management, claims management, reporting, self-service certificates, reminders, calen...Read more about NowCerts
Applied Epic
Applied Epic
Applied Epic® is an agency management platform that allows agents to manage their business across all roles and locations for both their P&C and Benefits books of business via a single view of the customer with automated capabilit...Read more about Applied Epic
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Talk with us for a free
15-minute consultationSoftware Advice is free because vendors pay us when they receive sales opportunities.
This allows us to provide comprehensive software lists and an advisor service at no cost to you.
This allows us to provide comprehensive software lists and an advisor service at no cost to you.
Tell us more about your business and an advisor will reach out with a list of software recommendations customized for your specific needs.
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UZIO
UZIO
UZIO is a cloud-based SaaS platform that provides you with an all-in-one HRIS, Payroll, Time & Attendance solution, and Benefits Management Solution. It is built for businesses of all sizes. Our platform enables businesses to redu...Read more about UZIO
HawkSoft CMS
HawkSoft CMS
HawkSoft is an insurance management solution designed for independent agencies. HawkSoft offers workflows for commercial and personal lines and an auto-documentation process that builds a trail of every client interaction. Ha...Read more about HawkSoft CMS
Anagram
Anagram
Anagram, formerly Patch, is a cloud-based insurance management solution, which assists health centers and medical practitioners with claim submission and out-of-network benefits management. Key features include ROI tracking, treat...Read more about Anagram
NextAgency
NextAgency
NextAgency is the Nation's leading Insurance Agency Management Platform featuring CRM, marketing, and commission tracking tools. The software is designed for life and health agencies, but is easy to customize for your agency. Nex...Read more about NextAgency
Eclipse
Eclipse
Eclipse is an insurance agency management system for independent insurance agents with both on-premise or cloud-based deployment. It provides features for single agencies as well as multi-agency locations of all sizes. The sy...Read more about Eclipse
Nuxeo
Nuxeo
Nuxeo helps enterprises build and modernize content management applications to tackle the content issues of today with a low-code development approach. As a cloud-native content services platform, Nuxeo leverages secure cloud tech...Read more about Nuxeo
VCA Software
VCA Software
With a claims engine as its core, VCA Software (formerly known as Virtual Claims Adjuster) is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing a next-generation ecosystem to impr...Read more about VCA Software
Insly
Insly
Insly has provided full-cycle low/no-code insurance software for MGAs and insurance companies since 2014. Insly delivers a scalable solution for C-Suite employees and underwriters looking to launch and distribute new products. Add...Read more about Insly
Vertafore Agency Platform
Vertafore Agency Platform
Vertafore Agency Platform is a cloud-based insurance management solution designed for insurance companies of all sizes. It offers accounting, customer management, document management, policy management and reporting within a suite...Read more about Vertafore Agency Platform
Guidewire
Guidewire
InsuranceSuite is an insurance management solution that helps agencies streamline operations and manage claims, bills and receivables, as well as underwriting and policy administration. The solution can be deployed in the cloud an...Read more about Guidewire
Velocity
Velocity
Velocity is a cloud-based agency management system for property and casualty insurance carriers. It helps users handle the needs of general agents, program administrators, wholesalers, carriers, reinsurers and retailers. The core ...Read more about Velocity
FileHandler Enterprise
FileHandler Enterprise
FileHandler Enterprise is a claims administration software designed to help public entities, third-party administrators and self-insured organizations streamline workflow automation and risk management. Key features include case m...Read more about FileHandler Enterprise
Xanatek Connect
Xanatek Connect
IMS 4 is an on-premise and cloud-based solution that helps insurance agencies manage various administrative operations such as document storage, drip marketing, receipt generation and more. Professionals can store clients’ policy ...Read more about Xanatek Connect
Partner XE
Partner XE
Partner Platform’s agency management system (Partner XE) is praised by clients for its ease of use, breadth of capabilities, and long-term affordability. Built for the agency that cares about community values and is tired of the s...Read more about Partner XE
ISI Enterprise
ISI Enterprise
ISI Enterprise is a cloud-based insurance solution that assists businesses in policy administration, billing, claims and other related services. Key features include reinsurance management, a policy rating engine, document managem...Read more about ISI Enterprise
tigerlab
tigerlab
tigerlab offers a cloud-based Insurance Platform as a Service (IPaaS), designed for insurers, MGAs, insurance startups and digital businesses. The software automates the whole insurance policy lifecycle, from policy issuance to ca...Read more about tigerlab
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Buyers Guide
Last Updated: March 16, 2023Insurance providers need an efficient way to handle the entire claims management process from end-to-end—from the first notice of loss to setting up a claim, processing and settling.
When the insurer is first notified, the claims processing life cycle is kicked off. During this workflow, insurance professionals need to track the claims in a way that reduces costs, avoids fraud and improves customer service and communication.
This guide is designed to help insurance providers and agencies searching for a claims management system. In it, we look at common features, types of buyers, costs and trends that may impact your business.
Here's what we'll cover:
What Is Claims Management Software?
Common Claims Management Software Features
Benefits of Claims Management Software
Key Considerations When Purchasing Claims Management Software
How Much Does Insurance Software Cost?
What Is Claims Management Software?
Claims management software offers tools to streamline the process of moving a claim through the initial contact all the way to a resolution that is satisfying to the customer and your company.
A view of claims being tracked in Insly
Throughout this task, users can leverage external sources to verify information, manage important documents, track customer details and utilize reporting tools to spot trends in operations.
Common Claims Management Software Features
Claims management systems potentially include several features designed to guide users through the full workflow. These can include:
Claims tracking and workflows | Provides core claim workflows to standardize the majority of incoming claims. Many systems also offer the ability to modify existing or customize new workflows to fit the service provider's needs. |
Electronic claims | Enables the filing of claims from customers electronically. |
EDI data exchange integrations | Helps manage a large number of claims at once, importing from multiple insurance carriers. |
Fraud management | Allows insurers to identify and manage cases of fraudulent claims by tapping into various sources of information and verifying details. Sources may include other claims the customer has submitted, publicly available information or social media. |
Document management | Assists companies with the many paper and electronic documents necessary in the claims management process by storing and organizing them. |
Customer portals | Allow customers to submit and view claims information online, increasing convenience. |
CRM | Provides for integration with a customer relationship management (CRM) module so customer details can be easily reviewed during the claims management process. |
Reporting | Claims processing data can be analyzed to reveal areas of improvement, which may involve processing times or specific details about claims that can highlight trends. |
Benefits of Claims Management Software
The customizable workflows and tracking capabilities available in claims management systems result in some significant benefits for agencies:
Reduced costs due to a streamlined workflow and a quicker resolution for most claims.
Better customer service based on the ability to provide more accurate insights into the status of a claim and self-service functionality.
Fewer fraudulent claims using tools that connect you to multiple sources of data to verify claim information.
Key Considerations When Purchasing Claims Management Software
For any software purchase, there are some important factors to consider that can impact the success of the investment. Some are universal, and some are specific to your particular type of business:
On-premise or cloud-based deployment? Insurance and claims management software are offered via two different types of deployments—on-premise or cloud-based. On-premise is the traditional method of installing a system on the buyer's computers, while cloud-based software (also called Software-as-a-Service, or SaaS) is accessible through a web browser.
On-premise is usually a more customizable option, but requires more IT resources. And cloud-based systems don't typically include a large upfront cost to get started. Evaluate these options for each vendor to determine the best fit.
What integrations do you need? Some types of software, such as CRM, accounting or advanced business intelligence systems, are used by a wide variety of industries. You may want these systems to connect with the claims management functionality. It's important to discuss integration options with any vendor you decide to work with.
What type of insurance do you offer? Based on whether you provide property and casualty (P&C), life and annuities (L&A) or health insurance, some claims management software vendors can offer workflows for different types of claims. Ask whether vendors can customize aspects of the system so your daily tasks are as streamlined as possible.
How Much Does Claims Management Software Cost?
Unlike some other software types, claims and insurance software vendors don't often list this information online, for a reason. Usually, it's because they want you to call for more details, so they can sell you on other software features.
Most insurance systems are offered on a subscription pricing plan, and you're likely to find a stand-alone claims management system for a few hundred to $1,500 per month.
Some subscription costs may also include specific parameters, such as a price per user. Keep your budget in mind when evaluating pricing plans to find one that makes the most sense for your needs.