We’re launching a new claims management tool. Here’s what this means for you.
Sometimes, the next step in your journey is impossible to ignore.
After speaking to so many of our users about what more you need from your insurance software, one issue came up again and again: claims management.
You asked, we listened.
From May 2022, you’ll be able to access Insly Claims – a purpose-built tool, designed to tackle the difficulties so many of you have been facing when processing claims. To be among the first to hear any updates, to get involved in BETA testing, or to simply register your interest for when the product launches, you can do so here.
But first, here’s what it means for you.
What is claims management?
A quick overview to make sure we’re on the same page. Claims handling and claims management are the processes you carry out when receiving, validating, verifying a compensation and payment to an insured person.
The process itself is end-to-end. This means it accounts for everything from the minute the application is submitted, through your internal assessment of any risks or discrepancies, a review of their policy and the alleged damage, and finally your decision on the claim.
After carrying out some research into the market, as well as consulting our in-house experts, we were able to validate many of our users' concerns. For Insly clients, many of them MGAs and Insurers, there was a lack of a satisfactory solution – one that acted as a one-stop-shop for their unique needs.
Currently, there are solutions that cater for two different ends of the spectrum. On the one hand, there are large-scale, end-to-end suppliers that offer claims handling as part of a full package – product and policy management, claims reporting, ledger, and more. So far, so good.
But platforms like TIA and Sapiens.com are solutions built to cater for huge companies, often set up as one monolithic system in order to meet these needs. Implementation and running costs are high, and bespoke support solutions can become more difficult to come by. As a result, many of these platforms are not cost-effective options for MGAs.
At the other end, the opposite problem occurs. There are a number of businesses that currently cater to one or two elements of that full package, but there is no single solution that covers all bases and is suitable for MGAs. Support capabilities present a problem here too, with suppliers often reluctant to commit to an approach that works for fast-paced, agile insurance providers.
That’s where Insly comes in.
Claims software that works for you
Our solution is designed to sit in that sweet spot, right in the middle of the marketplace. By that, we mean cost-effective: no huge outlay, but still deliver a full package of services to meet your needs. Oh, and it's carbon neutral, too.
Insly Claims will also work seamlessly with other modules (Product Builder, Underwriting and Accounting), as well as operating as a standalone claims handling system or integrating to your existing (legacy) stack.
We don’t want to give too much away just yet, but here is a quick run down of some of the features currently being developed ahead of the May launch.
- FNOL. Receive First Notice of Loss (FNOL) forms through specific business lines.
- Reserving. In-built processes that support your indemnity to pay out the claim.
- Payments. A seamless way to manage payments to the policy holder.
- Reporting. An analytics platform plugged into your accounting and bookkeeping needs.
- Fraud checks. Safeguard your business against potentially dangerous claims.
In short, these features can help you – and the companies you protect – reach a new level of speed, simplicity and security.
With a streamlined claims management process in place, underwriting itself becomes easier, as well as unlocking countless opportunities to improve not only client satisfaction and retention, but your bottom line too.
Want to register your interest to our claims management product, or stay up to date with any new Insly developments? You can do so here.
Still want more? One of our team will always be on hand to answer your questions. You can get in touch here.