Finding software can be overwhelming. Software Advice has helped dozens of insurance providers choose the right claims management software to settle claims more efficiently.

Showing 1-20 of 46 products

Applied Epic

Applied Epic is a cloud-based insurance solution that assists agents, brokers, insurance providers and consumers with the exchange of insurance data and information. Key features include policies and benefits administration, license... Read more

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Recent recommendations: 24 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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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... Read more

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Recent recommendations: 2 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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i2go

i2go is a cloud-based, plug-and-play insurance management solution designed for insurance companies, brokers, banks, MGAs, and underwriting agencies. The customizable platform offers a range of modules, including policy management,... Read more

Platforms: MacWinLinux
Deployments: Cloud
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Centralpoint - Insurance

Centralpoint by Oxcyon is a content management solution that can be installed on-premise or accessed on the cloud from any mobile device with an internet connection.The modular applications can be deployed in a configuration that suits... Read more

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Platforms: MacWinLinux
Deployments: CloudOn premise
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SimpleINSPIRE

SimpleINSPIRE is an integrated multi-line insurance platform suitable for P&C insurance companies of any size. It combines policy management, billing and insurance accounting, claims management, business intelligence, efficiency tools,... Read more

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Platforms: MacWinLinux
Deployments: CloudOn premise
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TerraClaim

TerraClaim is a comprehensive claims management and benchmarking system. It can be used by risk managers, self-insureds, TPAs, and PEOs to manage the entire claims lifecycle. With automated controls and dynamic workflows, TerraClaim... Read more

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Platforms: MacWinLinux
Deployments: Cloud
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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 structure,... Read more

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Platforms: MacWinLinux
Deployments: Cloud
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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, calendars,... Read more

Platforms: MacWinLinux
Deployments: CloudOn premise
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Jenesis Agency Management

Jenesis is a cloud-based solution that helps insurance agents manage personal and commercial lines and obtain new potential customers. Key features include claims management, rating engine, policy processing and reinstatement tracking. Designed... Read more

Platforms: MacWinLinux
Deployments: Cloud
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HawkSoft

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. HawkSoft’s... Read more

Platforms: MacWinLinux
Deployments: CloudOn premise
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Agency Suites

Agency Suites is a cloud-based workflow management solution from EZLynx that integrates user websites with consumer quoting and client centers. Users can connect to the solution from home, office or mobile devices. The retail packages... Read more

Platforms: MacWinLinux
Deployments: Cloud
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UZIO Benefits Broker

UZIO for brokers is a cloud-based platform that empowers benefits brokers to transition smoothly from pen-and-paper, manual processes to a digital environment. It helps them manage their businesses more efficiently and stay fiscally... Read more

Platforms: MacWinLinux
Deployments: Cloud
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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 system... Read more

Platforms: MacWinLinux
Deployments: CloudOn premise
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Virtual Claims Adjuster

Virtual Claims Adjuster is a web-based claims management solution designed to help small to large businesses in the insurance industry create automated workflows to manage claims and identify different development trends. Features... Read more

Platforms: MacWinLinux
Deployments: Cloud
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Patch

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, treatment planning, messaging,... Read more

Platforms: MacWinLinux
Deployments: Cloud
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Insly

Insly is a cloud-based accounting solution that is designed for brokers, agents and accounting professionals. Key features include accounting and billing management, debt management and reporting. Insly helps in managing sales pipeline... Read more

Platforms: MacWinLinux
Deployments: Cloud
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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 features... Read more

Platforms: MacWinLinux
Deployments: Cloud
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NextAgency

NextAgency is an agency management solution designed to help small to midsize healthcare and life insurance businesses manage benefits administration, employees, commission, claims and more. NextHR includes NextBroker module that... Read more

Platforms: MacWinLinux
Deployments: Cloud
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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 management... Read more

Platforms: MacWinLinux
Deployments: Cloud
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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

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Buyers guide


Last Updated: August 1, 2020

Insurance 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?
Recent Events You Should Know About

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.

Claims management in insurance software Insly

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.
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  • Better customer service based on the ability to provide more accurate insights into the status of a claim and self-service functionality.
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  • Fewer fraudulent claims using tools that connect you to multiple sources of data to verify claim information.
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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.

Recent Events You Should Know About

Current world events can have a significant impact on claims management. Here are some recent happenings that could impact your software search:

Growing advancements in technology enhance fraud detection. For years, fraudulent claims were simply a part of the insurance world, but technology is changing that. Predictive and machine learning capabilities in software are allowing insurance providers and agencies to identify fraudulent claims before they are paid out, saving time spent trying to reclaim losses.

Modern vendors are helping to make these tools feasible for smaller agencies. You can ask vendors about their product road map to see if these capabilities are planned for a future release.

2017 was the most expensive year to date for agencies, due to natural disasters. Damages from the 2017 Atlantic hurricane season topped more than $200 billion in damages with 17 major storms, including Harvey, Irma and Ophelia.

These types of disasters cause a surge of claims for insurers, so proper automation is necessary to handle this increase, and software is capable of processing a large volume of claims during catastrophes.