Claims management is a key focus point for insurers worldwide. After all, revenue is generated by policy sales and underwriting, and claims management is an expense and a burden. Most claims management activities do not add value. Cutting costs is a logical way of improving your financial performance, and in today’s competitive market, that puts the spotlight on your claims processes.
At the same time, claims management is the one process that is most heavily supported by IT. The tools you use can make the difference between simply managing your claims or optimizing this process so that it is an advertisement for your company, while reducing costs across the board, propelling your business into the next decade. That is the goal of Claims 2020 software.
Claims 2020 is positioned as an ‘implementation accelerator’, on the balance between comprehensive, pre-made claims systems and fully custom solutions. It aims to include the best of both worlds – the advantages of an out of the box, tested and maintained application, whilst still providing the fit with your business that only custom development provides. The right selection of Claims 2020 modules can reduce your project time by as much as 70%.
The application makes full use of generic components and cross-company, cross-country similarities in the claims management process, but simultaneously recognizes the specific requirements of each. Initial design and development of Claims 2020 was done by consolidating the shared functionality of three separate large, custom built claims management solutions across several countries. From these solutions, the core claims management process was extracted:
Notification – First Notification of Loss (FNOL) registration
Verification – Checks and validations such as client and policy details and fraud detection; assignment or rejection of claim
Assessment – Skilled evaluation of claim; correspondence, and expertise
Settlement – Solving the case; payment, recovery, and repair / replacement
Closure – Archiving of the claim, reporting, and data processing
Based on this process, we developed a set of base application modules that serve as a starting point for all our claims management automation projects. There is no redundancy; all elements are shared, cross-project, cross-country. The resulting application is maintained centrally and gives new claims management software projects a tangible head start (and getting the start right is the most important step).
Choose your functionality
But that’s not all there is to Claims 2020. Claims management operations are characterised by a multitude of supporting processes and interfaces are always present. Different from the base process, however, depending on their current IT application landscape and business processes, each of our clients has a different set of requirements. To support these differences, but still utilize the advantage of having an application ‘off the shelf’, Claims 2020 consists of an ever growing set of supporting modules that can be added onto the core application layer with ease. Each of these modules consists of base functionality that can be expanded and adjusted upon with flexibility, while still providing that level of standard functionality that gets the whole project going along quicker.
The driving force behind Claims 2020 is the Mendix development platform. Using Mendix we are able to effortlessly integrate Claims 2020 into an existing application environment and customize functionality to each customer’s specific needs and processes.