In this complex business age, many companies are struggling to maintain the delicate balance of
managing top and bottom lines while maintaining customer loyalty.
For the insurance industry, this is proving to be an
elusive goal. The trend of deteriorating losses begs the question “how long can we
continue without fundamental change in how we conduct our business?” In the face of
competitive, political and consumer pressure to resist rate increases, the industry
continues to suffer from soaring loss ratios against a backdrop of diminishing investment income.
Claims are particularly vulnerable to ongoing adversity.
The ultimate results of any insurer are largely dependent on the performance of external
participants assigned to specific tasks that affect the outcome of a loss. These members
of the service chain include lawyers, independent adjusters, rehabilitation firms, brokers
and a host of others that influence the top line, the bottom line and your customer.
Most look to technology as the single biggest contributor
to a better future. New technology produces another set of complications that may prove to
be new barriers to the elusive goal. How can any company implement a satisfactory solution
without embracing the interests of their business partners, suppliers and customers?
Inward looking solutions can only produce partial gains.
Collaboration is a more complete solution. The challenge is that collaboration introduces
multiple agendas, confidentiality and privacy issues. Every business has a need to protect
their own interests while adapting to the complexity and demands of their customers. Not
collaborating means that you are not working as effectively as your competitors are. The
greatest fear is that despite excellent niche products in the marketplace, the best of
technology is defeated by human nature. The absence of collaboration forces many companies
to learn multiple systems and passwords to meet the demands of their customers.
New Technology, the Competitive Edge
Technology and the Internet will play a key role in
overcoming these barriers to shape the future of business. Though there may be many
roadmaps …the destination is clear. Only technology can link business processes and
information systems of different companies together more closely to achieve common goals.
Web based services enable businesses to design new ways of working with partners,
suppliers and customers to cut costs, share information and pool resources while
maintaining the flexibility to respond to rapid change in the marketplace. Collaboration
and the Internet offer speed of information and transformation of processes that are the
primary ingredients to streamlining claim handling and promoting self-service concepts.
Powering Claims Communities
Correlation Technologies Inc. designed its ClaimCore
product for the insurance community with this challenge in mind. It is based on the
concept of “electronic hubs” as a central workplace for document storage and
communication for all parties involved in a claim. The “hub” promotes
information sharing, compliance and increased efficiencies for everyone involved.
ClaimCore introduces claims specific automation that
embraces the entire buyer, seller relationship. This is a fully flexible work management
solution where all business participants are supported regardless of size, nature of
business and expertise. You enjoy the benefit of an Intranet with all of the advantages of
an Extranet for real time on-line connectivity to anyone with access to the Internet.
ClaimCore enables each user the flexibility to tailor claim handling to their preference,
whether it be to an internal standard, your client’s wishes or a combination of both.
By allowing each user to set limits on what information can be shared, a seamless, privacy
compliant, collaborative environment prevails.
Within this easily managed paperless environment are
auditable features such as electronic assignments, customization of forms and templates,
document management, management and performance reports, alerts and notifications,
wireless device alerts, collaborative file notes, digital images /audio/video, claim event
calendar, group messaging / integrated communications and workflow. The collaborative
environment accommodates hierarchical reporting within a company and performance
measurement of your business partners.
Correlation Technologies Inc. has developed an enterprise
class solution that spans the entire claims community. Harness the power of the Internet
to lower costs, reduce cycle time and improve customer satisfaction. You need new tools to
adapt to a rapidly changing business world.
ClaimCore, the ultimate claims tool!
Authored by: Brian Gordon, VP Sales & Marketing
Correlation Technologies Inc at
ClaimCore at www.claimcore.com