Oh My How Claims Management Has Changed!

In the last decade there have been many important changes in Insurance Claim Management that have improved predictability, the integration of data and added the convenience of mobility to increase processing speed. In fact, the industry has experienced far too many changes to attempt to enumerate them in a single post. Four of the most significant transformations include:

1. The optimization of processes achieved through integrated systems makes claims management more intelligent, predictive and proactive. Fragmented customer benefits, claims and transactional data are thankfully a thing of the past. The benefits of an integrated system are tangible. Loss predictability is more refined. Claim file information is entered once and shared in accordance with established rules, helping to eliminate the chance of duplication in data entry and thus reducing costs.

2. Enhanced customer service and reduced claims costs are not only possible but very achievable due to the upgraded ability to identify risks, which can lead to improved fact-based decision making and an increased business understanding of the risk of exposure and the value of case load capacity. This information can be used to improve processes, helping to achieve claim resolution more quickly by eliminating administrative delays and reducing errors. Quicker claims resolution and more accurate settlements can also lead to higher revenues as a result of positive brand equity.

3. More Information is available today than ever before. The explosion of Information available from web pages, social media, content repositories and document sharing file systems is remarkable. Clearly, there is a rapidly growing variety of digital content, including digitized voice, pictures, video, as well as adjuster notes, reports from investigators or first responders and even claim forms. Accessing this wealth of information, analyzing its relevance and integrating pertinent data into a single database has become much more sophisticated.

4. Mobile applications provide immediate accessibility to information as well as the ability to interact with collaborators on a wherever, whenever basis. Claims management is no longer restricted by time and geographic distance. Increasingly, insurance claim content is digital or existing content is almost immediately digitized including hard copy documents and telephone call reports from an insured with first notice of loss. Once the information is digitized, it flows to and from claims stakeholders' through web-enabled mobile communication devices achieving increased interaction speed and more intelligent collaboration.

Claims expenditure represents nearly 70% of premium for most insurers. Thus, one cannot overestimate the value of these four improvements to the claim management process. Increases in the use of available information, the integration of systems and new tools have enhanced our ability to communicate and collaborate with more speed and accuracy. The result is a streamlined claims management process that simultaneously improves the experience for claimants and the claims management professionals involved in deciding and resolving the loss events.

JDi Data Corporation has provided insurance claims software since 1992. Claims management software from JDi Data is preferred by many insurers, risk managers, and third party administrators for property and casualty, medical malpractice, and specialty lines. JDi Data has built a reputation in quality claims management software with special emphasis on complex litigation.

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Simple Tips for Buying Insurance

We have gathered together some tips to help in the insurance buying process. It is easy to fall into common traps when buying insurance and you end up buying in piecemeal and spending too much or not being properly covered. With just a little education you can avoid this.

Homeowners insurance

1- Homeowner insurance does not cover flooding. That is a hard lesson learned by a lot of people recently with the so-called 'super-storm'. If your location is prone to flooding, talk to your insurance company about an individual flood insurance policy. 2- Have you heard of 'incidental occupancy endorsement'? You can add this to your homeowners insurance and it will also cover personal liability - including liabilities for injury of guests on your property. This is a must-have if you are working from home. It costs less than $30 a year for this endorsement and is well worth it. Even if you don't have people working at your house, if you get deliveries it will cover the driver if he slips and falls on your property.

Car insurance

1 - Make sure you are properly insured for lawsuits. If you are covered for $100,000 per person that won't even cover medical bills in a serious accident. $500,000 to $1,000,000 is the minimum coverage you should carry. It is not that expensive to raise liability coverage and well worth it. 2 - Don't stop with your auto insurance when raising your liability insurance. Do it as well with your homeowners, boat, motorcycles... etc. The peace-of-mind alone is worth the additional cost. 3 - Make certain you have uninsured driver's insurance and raise it to the same levels as you have your liability insurance set at. It is estimated that 10-20% of all drivers are uninsured. It is best to be prepared. 4 - You can save money by dropping comprehensive and collision coverage on older vehicles if you feel like you can comfortably afford to replace it without car insurance. Save some money and it will decrease the risk involved. 5 - Self insure on small losses by increasing your deductibles. It will save you money and reduce the number of small claims you file, keeping your rates low.

Life insurance

1 - Nothing can replace a family member. The emotional loss is staggering. When purchasing life insurance it is wise to consider a policy that is ten times the lost income. Think about it this way. Why stress the remaining parent by making them work that much harder to compensate instead of spending precious time with their family. 2 - Term life insurance is a great way to start for a young family just getting started financially. It is very cost effective. Try and lock in the price for 20-30 years and make certain that it is convertible to a permanent policy for when the time comes.

For a comprehensive and fair quote on auto, homeowners or life insurance visit us at Confia.

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Cheap Insurance and Other Options

As we well know, owning a vehicle of any kind is a big responsibility and like any big responsibility, a person's main objective is to stay accident free. However, getting insurance is a time consuming hassle but one that you must take in order to save money month after month. People find themselves paying ridiculous amounts of money for the insurance for their car or motorcycle hoping to get a break as well as save a little extra money, and I thought I was doing the same thing when I had my car but the insurance company gave me so little while having me pay so much for the car insurance.

Case in point, I remember when I bought my first car and I remember that I had to buy some insurance for it. So, I got online to research and saw a lot of insurance companies who were making good offers but those same ones were very expensive. I bought some cheap insurance for my car but the price was more than I could pay and I still had rent to pay, I was coming out of my pocket 100 dollars every month for the insurance which I hated because I always came up a little short on the rent.

Another reason why I hated paying for my insurance every month was because the insurance company I was with promised me that after I was with them for 3 months, my next due payment would only be 70 dollars instead of 100 dollars. However, when that next month came, I discovered that my payment was still 100 dollars; I later learned that I wouldn't qualify for the 30 dollar decrease unless I was with the car insurance company for one year. I felt so betrayed by the insurance company because I really thought that they had my best interest at heart.

The really bad thing about the car insurance that I was paying every month was that it was only liability insurance which didn't really cover everything, I also discovered that if I was ever in an accident then I was responsible for finding my own auto body shop which sucked for me because I didn't have the time to do that or worry about it. I hated paying for the insurance every month because I felt like every time I was there the rules would change and I felt like I had to give them more and more money in order to keep my car insured.

The biggest negative experience with the car insurance company was when I finally did have an accident which was a hit and run from the other driver, and the liability insurance didn't cover anything. When I called the insurance company to inform them of what happened, they told me that the situation was out of their hands and they couldn't fix it. The news only got worse, the insurance company also told me that I had to pay to get my car towed to a shop even though they told me in the beginning that the liability would cover the towing as well.

In closing, be mindful when you're buying car insurance because you might be getting ripped off when you think that you're getting a good deal or saving money.

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SelectQuote and Its Competitors Broaden the Market and Clarify Products

With a market as incredibly expansive as the life insurance market is; it's foolish to expect the average consumer will make impulse purchases regarding a serious life decision. No single life insurance plan is designed to fit every person's needs. An objective opinion on what policy is best for you is difficult to find amid companies that are primarily concerned with their own profit. SelectQuote is an online service that provides consumers with a realistic understanding of their life insurance options, helping them browse the market to find their best options. Finding the right policy goes well beyond simply choosing the best price, and the average buyer will need the presence of the professional opinion.

Founded in 1985, SelectQuote is the single largest insurance quote service in the US, and has connected consumers with a better understanding of insurance, removing that once opaque barrier between provider and seeker. Users of SelectQuote are able to input their life insurance expectations, as well as provide very basic health info. In return, users receive a good projection on what life insurance options are available to them, and what they can expect to pay for these policies.

SelectQuote is limited in that it only serves US customers, but it's only the first of many that have populated the internet. Other sites have copied SelectQuote's model and have had success offering the same or similar services to entice customers to use their brokerage services. While it still operates as a for-profit business, the SelectQuote model offers some unique advantages that buying life insurance directly does not allow.

The primary draw of this model is impartiality. As companies like SelectQuote represent dozens if not hundreds of life insurance providers, there is little if any incentive for a broker to sell one product over another. By the very nature of the business, they can't favor one provider. This allows the broker site to offer a better range of product options than any provider. It can fairly assess the customer's needs and offer them the best possible deals on a product.

Interconnectivity among insurance providers is nothing but a benefit to customers and the market on a whole. The hegemonic practices of the old establishment meant that potential buyers product choices were limited by their own independent research. Independent brokers were one way to get a customer in contact with life insurance products, but it places the buyer in a selling process that a broker has control over. What products are discussed, and the time of a successful closing, are out of the hands of the buyer and it creates an artificial urgency to buy instead of exploring the buyer's options. Certainly brokers are the qualified professionals in this relationship, and it behooves a life insurance buyer to listen to their advice; their decisions are still informed by their past selling experience and potentially limited product knowledge.

Life insurance quote sites like SelectQuote are analogous to the Web 2.0 trend of internet shopping malls like Amazon or Google; which have removed themselves as representatives of the market, and have become a direct liaison to the customer. This compels insurance companies and brokers alike to be more transparent with their services, as information is more readily available. SelectQuote and its industry have inadvertently made life insurance more honest, ensuring that companies are no longer after just your money: they also want your respect.

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No Medical Is No Problem

One thing you'll notice if you shop online for insurance or speak with a broker is that nearly all life insurance policies requires some form of medical exam in order to qualify. This makes sense; an insurance underwriter wants to ensure that you'll live long enough to make the insurance company a profit and collect on their investment, but it can also be prohibitive.

After all: poor health or illness is something we can't always foresee, and when it strikes it can have a debilitating impact on all aspects of your life. Something as simple as genetics can disqualify you from coverage if you're suffering through a condition through no fault of your own. Additionally, a major health scare such as a heart attack or cancer may be what spurs a lot of people to consider their final affairs and put a plan in place to protect your family.

These reasons, and many more, have prompted a rise in what's called No Medical insurance. It opens up a new possibility for those who have, in the past, been ineligible for coverage or have been difficult to insure. The difference is self-evident: there is no medical exam to qualify for this life insurance, and coverage is on terms similar to standard term life insurance policies. Often what is required is three to twelve medical questions to qualify.

There is a distinction between No Medical and Guaranteed Issue, which is another life insurance policy with less prohibitive stipulations. Guaranteed Issue is life insurance you cannot be denied for, with no medical exam, but its life insurance that can incur up to 50% to 60% higher premiums with a much lover coverage ceiling, making it less desirable for those who don't need it.

However, No Medical life insurance has gradually become a more reliable option for both individuals and insurance providers. This is in part due to a greater capacity for care and greater prognosis for major illnesses. Conditions that normally prohibit people from seeking insurance are now no longer as risky a projection for underwriters, and the hassle and time needed to apply for life insurance is greatly diminished.

There are, however, some things to keep in mind about No Medical life insurance policies. While premiums still remain competitive, you still face higher rates than standard term or permanent insurance due to associated risk. Factors such as age, gender, and smoking status can raise these premiums even higher. Yet coverage may still remain within the bounds of what most people are seeking for their life insurance, some may find the amount of coverage offered may be lower than most plans.

The greatest thing lacking in No Medical life insurance is flexibility. Some providers have made it their business to diversify a line of No Medical Insurance products. Most, however, offer limited flexibility which can take the form of permanent-only plans, more stringent age restrictions, or a lack of available options normally offered through whole policies. This can limit planning for the future by giving less flexibility, essentially selecting an insurance plan by compromise.

It can seems like No Medical insurance is settling for less, and in a lot of ways it is. As an insurance option, it certainly offers less than a conventional policy. However for many, it may be the best option or even the only option due to past health concerns. And sometimes the most important factor in your coverage is that you can get it in the first place.

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The Value of CRM in Insurance Management

If you are new to the business, or used to the archaic methods of the past you may not fully understand or appreciate the power of a customer relationship management (CRM) system. The value of a CRM system is invaluable, a paradox that I will explain.

Customer relationship management is a system for managing a company's interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.

There are different types and variations of CRM. Some the main functions/variances are marketing, costumer service and support, appointments, non-profit and member-based, and social media. CRM systems for marketing usually track and measure projects or campaigns over multiple medians, such as search, e-mail, social media, direct mail, and via cellphone. The system for costumer service and support manages clicks, responses, and leads. CRMs of this nature can also be used to create, assign, and manage inquires made by customers. An example of this would be a call center software which would direct customers to costumer service agents.

CRM software can also be used for reward programs. Appointment CRMs serve more or less like an automated secretary by which the CRM provides available appointment times to customers via e-mail or through other medians. Then the appointments are synchronized with the agent's calendar. CRM systems are available for specific markets as well, but these often have to be made tailored to a client's request. For example, a CRM can be design for the finance market. Be cautious though, having a CRM designed is expensive. CRM, especially in this day and age, can also manage social media so as to establish and sustain relationships with existing and new costumers.

Some CRM systems integrate social media sites like Twitter, and Facebook to track and communicate with customers. So that costumers can provide valuable feedback on products, services, and experiences that can be us to identify trends. Through these trends businesses can be proactive in their management, execution, and direction.

Lastly, there are CRM systems for non-profits and/or membership-based organizations. This type of CRM deals with an organization that needs to interact with its users on a more invested level. For example, users must log-in to use the services provided, or log-in to gain more added features that enhance the consumer experience. Further more, just like with other CRMs, you can manage projects, facilitate fundraising, etc. What you should have noticed is that your business may demand the tools of several different CRMs. No worries, many CRMs out in the market include modules that offer the complete CRM experience. The way I have organized the CRM industry is just an orthodox was of looking at how it can be used. In terms of programming, it is just a matter of putting in the extra time and effort to put it all together in one bundle.

With that being said, I wanted to provide you with a clear takeaway. CRMs are meant to streamline your supply chain, management, and services in such a way that as a business you will be more efficient, more productive, and will be able to deliver higher quality work. In other words, having a CRM is a must for your business.

Impowersoft is the leading provider of agency management software solutions, CRM (Customer Relationship Management) software, search engine optimization (SEO) services and custom software development. For more information visit http://www.impowersoft.com, or call 866-574-0008.

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4 Reasons To Have Marine-Related Builder's Risk Insurance

Marine-related builder's risk insurance is a type of policy that helps to provide financial protection to businesses that are constructing ships. The policies cover a wide range of different events that could derail construction or prevent the delivery of the finished vessel. Different policies have different scopes, depending on the insurer. Businesses building a new vessel want to have this type of marine insurance for a number of reasons.

Mitigate Construction Risks

One reason to hold builder's risk marine insurance is that it helps to cover unexpected damage sustained during actual construction of a ship. This includes problems such as defective building materials, contractor injuries and destroyed equipment. It also sometimes covers any defects in the construction or design that stop the vessel from operating properly or meeting regulations before delivery. The coverage can pay to replace lost assets, take care of contractors and purchase new materials so that construction continues forward as quickly as possible.

Unexpected Events

Any number of outside events could have a negative impact on the construction of vessels. An issue that is always a concern is a collision with another ship, a piece of equipment or even a mobile structure on the water. Shipyards are busy places that have large amounts of traffic moving through the area every day. A builder's risk marine insurance policy protects a vessel and the workers from this type of damage. Businesses will not have to worry about unexpected events outside the control of the company.

Protection During Trials

Sea trials are a necessary part of building any marine vessel. Sea trials ensure that there are no problems with the construction and that the ship operates according to specifications. Trials also place the ship at risk on open waters. Independent vessels in the area, navigation issues or other problems could all damage or destroy a seaworthy ship that is just days or weeks away from final delivery. Marine insurance that covers builder's risk will provide financial protections for ships that are undergoing sea trials.

Guarantee Investments

Another main reason to have builder's risk marine insurance is to guarantee investments. Construction of a ship takes time, planning and resources. An uninsured project could encounter any number of problems that make continuing more expensive than originally planned or impossible. Builder's risk insurance guarantees that certain issues won't result in an incomplete project or a ship that takes far longer to build than originally planned. With this type of marine insurance, businesses can plan for the future delivery of the new ship without worries.

Author is a freelance writer. For more information on marine insurance please visit http://cultd.com/

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