8 Top Insurance Claim Management System & Software in 2024

Summary: Insurance claim management software is a robust solution to help insurance companies and firms evaluate, track, and manage their claims. The software plays a key role in reducing the risk of various fraudulent activities.

When it comes to the roles and responsibilities of an insurance company, the primary role of an insurance company is claims management. Important for their growth and development, well-established insurance companies are thriving to develop effective strategies that will play a key role in optimizing claims processes that will help avoid financial leakage.

From initial claim reporting to finding a resolution, insurance claim management software is an extensive tool that helps streamline the claims process. An insurance claim management system plays a vital role by allowing insurance firms to process claims efficiently and without hassles.

Moreover, with insurance claim management software, insurance companies can provide better customer service. The system will enable the management to solve user queries quickly and provide updates on their claim status.

What is an Insurance Claim Management System?

Insurance claim management software is a transaction-enabled system that is used for evaluating the circumstances of the claim. It is a robust software solution that ensures the smooth execution of transactions. It is used by claim handlers, and insurers to collect and process information related to policy, coverage claim, and claimant.

Top 8 Claim Management Software in 2024

• Ventiv Claims
• Applied Epic
• BriteCore
• Guidewire ClaimCenter
• Pega Claims Management
• FileHandler Enterprise
• Snapsheet
• A1 Tracker

We have curated a list of the popular claims processing platforms that will be major game changers for insurance companies in 2024.

• Ventiv Claims

Ventiv Claims is a web-based claim management system designed to streamline the claims process. Moreover, the software gives users complete control over important priorities like incident intake, claims consolidation, administration, supervision, legal risk, and litigation management.

Additionally, Ventiv Claims allows the user to track all the claim details, including the description and causes of the loss. It also allows the insurer to monitor claim trends, promote successful coverage outcomes, and provide accurate loss history.

Features of Ventiv Claims

• Accounting Integration
• Audit Management
• Claims Management
• Settlement Management
• Case Management
• Claims Tracking
• Forms Management
• Self-Service Portal
• Real-Time Analytics

Ventiv Claims Pricing: Pricing is available on request.

Ventiv Claims Free Trial: Not available.

• Applied Epic

Applied Epic is another iconic claim management system that makes it to our list is. The claims software enables organizations to manage their entire business with ease, offering them flexibility in terms of configuring the workflow, rules, and processes.

Moreover, Applied Epic also supports acquisitions and integrations of both applied and third-party applications that guarantees productivity and profitability.

Features of Applied Epic

• Document Management
• Insurer Connectivity
• Policy Management
• Accounting
• Quote Management
• Insurance Rating
• Workflow Management (Life and Health)
• Claims Management
• Contact Management

Applied Epic Pricing: Available on request.

Applied Epic Free Trial: Not available. 

• BriteCore

The robust system offers end-to-end claim management, allowing insurers to smoothly track and manage their claim settlement without any hassles. BriteCore cloud-based core native insurance platform enables insurers to administer their policies, manage billing and claims, and configure new products easily.

Besides policy generation, forms management, compliance and documents management, BriteCore offers real-time data analytics and customizable dashboards to help insurers make informed decisions.

Features of BriteCore

• Claim Management
• Policy Generation
• Carrier Upload
• Renewal Management
• Case Management
• Forms Management
• Compliance Management
• Documents Management
• Policy Generation

BriteCore Pricing: Available on request.

BriteCore Free Trial: Not available

• Guidewire ClaimCenter

Guidewire ClaimCenter offers unique features like an interactive user interface with customizable workflow and automated tools for streamlining the claims handling process.

It will enable the user to seamlessly automate and optimize all workflow-related activities and provide a transparent claims experience to the customer.

Get ready to resolve all the claims faster and more efficiently using Guidewire Claims Centre, the most trusted claims systems software.

Features of Guidewire ClaimCentre

• Billing and Invoicing
• Customer Portal
• Insurance Policy Management
• Broker/Agent Portal
• Claims Management
• Commission Management
• Document Management
• Insurance Rating
• Reports/Analytics

Guidewire ClaimCentre Pricing: Available on request.

Guidewire ClaimCentre Free Trial: Not available. 

• Pega Claims Management

Pega Claims Management offers an impactful and powerful platform that has been helping companies and firms around the globe by solving the most difficult and pressing business challenges.

From personalizing engagement to streamlining all operations, Pega Claims Management is a versatile insurance claim management software that has been helping enterprises cater to their needs.

Features of Pega Claims Management

• Claims Operations
• Inventory Management
• Process Control and Configuration
• Accumulator Management
• Coverage Determination
• Workflow Automation

Pega Claims Management Pricing: Available on request.

Pega Claims Management Free Trial: Free to use. 

• FileHandler Enterprise

FileHandler Enterprise is an extensive software solution designed to streamline the claims management process for insurance companies.

The system offers end-to-end functionality for claims intake, adjudication, and settlement, offering a seamless workflow for claims adjusters and other stakeholders.

Moreover, the software comes with a centralized platform where organizations can easily manage all tasks, including claim intake, investigation, evaluation, resolution, and reporting.

Features of FileHandler Enterprise

• Risk Management
• RMIS Reporting
• Third-Party Integrations
• Built-In Dashboards
• Enhanced Automation and Seamless Communication
• Claim Notes and Diaries
• Claim Chronology
• Integrated Images and Attachment
• Billing Functionality

FileHandler Enterprise Pricing: Available on request.

FileHandler Enterprise Free Trial: Not available. 

• Snapsheet

From entry-level to well-established firms and organizations, Snapsheet Claims has been helping business organizations of all sizes with their claim-settlement processes.

Moreover, companies can use the versatile claim management system to improve their overall customer experience, drive organizational agility, and deliver transformational benefits through a suite of cloud-native solutions.

Features of Snapsheet

• Automated claims processing
• Digital payments
• Mobile claims processing
• Real-time communication
• Analytics and Reporting

Snapsheet Pricing: Pricing is available on request.

Snapsheet Free Trial: Free to use. 

• A1 Tracker

Using the comprehensive A1 Tracker Software, companies can easily track their claims of all types, including injury claims, hazard reports, omission claims, warranty claims, and product warranty asset claims.

The A1 Tracker insurance claim management software supports claims across all industries, offering better management and efficiency.

Features of A1 Tracker

• Incident Management
• Risk Management
• Dashboard and reporting
• Project Management
• Vendor Management
• Compliance Management

A1 Tracker Pricing: Pricing is available on request.

A1 Tracker Free Trial: Not available. 

Why Use Insurance Claim Management System?

In today’s time, robust insurance claim management software has become a blessing for business organizations, whether small start-ups or well-established firms. Using claims software, you can seamlessly automate claims processes, thereby increasing the profit margin and providing an excellent level of customer service.

A claim management system can also help you manage the complete claims cycle from creation to settlement. Listed below are some reasons you need to invest in an insurance claim management system.

• Improves Claim Processing

Insurance operations consist of various tasks; among those tasks, processing and settling claims is vital and time-consuming. However, with the help of claim management software, this process can be simplified and made more efficient.

Using this advanced-level software solution, companies and firms can accelerate the management and resolution of claims and access extensive reports that will seamlessly support your business operations. 

• Improves Accuracy

Users can automate various tasks related to claims processing, like claims intake, claims investigation, claims evaluation, claims adjudication, claims payment, and claims closure. This aids insurers in avoiding errors, which will lead to better accuracy and reduce the risk of possible errors.

• Enhance Fraud Detection

Insurance claim software can help insurers by detecting the possibility of fraud by carefully studying and scrutinizing the data and tracking various patterns that could increase the risk of fraudulent activity. This is a comprehensive approach that will play a significant role in safeguarding the profit margin.

• Offers Better Customer Service

Claim management software can offer real-time updates and send out notifications to customers regarding the status of their claims. This transparency and timely communication can enhance customer satisfaction and reduce the need for frequent follow-ups.

Features of Insurance Claims Management Software

Planning to invest in robust claims management software? Mentioned below are some of the features you need to look into while choosing the claims management system for your company.

• Claims Processing Automation: Your claims processing software should be able to automate different and diverse aspects of claims processing, including data entry, evaluation, and payment processing.
• Integration Capabilities: The solution should integrate with other software and platforms like accounting and policy management systems.
• Reporting and Analytics: The claims software should be able to provide detailed reports and analytics to help insurers track claims and analyze the latest claim trends. This will help them in making data-driven decisions.
• Mobile Access: Mobile access to the system is very important, especially for field adjusters and remote workers, so they can easily access real-time data.
• Security and Compliance: Considering the safety of the user’s sensitive data, insurance firms should look for claims software that will enable them to meet industry security and compliance standards easily.

Takeaway

With the increasing number of claims and customers, investing in a robust system that is flexible, customizable, and safe is extremely important. With the right claims processing software in place, you’ll be able to reduce errors and focus on what is important for your insurance company: offering excellent service to your customers.

FAQs

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