Staffware, a provider in Business Process Management (BPM) software, has launched Staffware Claims Management, a BPM solution tailored to the requirements of the Property/Casualty industry.
With the claims function reportedly representing the single largest overhead for P/C insurers, accounting for up to 85 percent of total operational costs, insurance companies are being forced to reduce the cost and time taken to process and settle claims. Staffware Claims Management has been developed to address these challenges by automating processes and tasks currently performed manually, enabling better management and control of the end-to-end claims supply chain.
Based on Staffware’s experience gained from working with customers such as Allianz Ireland, Fortis, HBOS (Insurance & Investment Division), MapFre and Zurich Financial Services Australia Ltd, the Staffware Claims Management solution combines the company’s BPM technology with its new Claims Management Framework – a suite of pre-defined, re-usable ‘best practice’ process components. The solution can be quickly and easily implemented to improve the management of claims by linking all participants, applications and resources in the claims value chain into a streamlined end-to-end process.
Staffware Claims Management designs, automates, manages and tracks all steps in the claims process from first notice of loss through to final settlement of the claim. Customer service and productivity are reportedly improved through optimum process automation and STP (straight through processing) of certain claims types. By automating routine and administrative tasks, claims specialists are able to concentrate on higher value, customer focused activities.
At the same time, parallel processing of work i.e. the processing of multiple tasks simultaneously helps to reportedly streamline the claims process and reduce the overall time taken to settle a claim. As a web-enabled solution, brokers, intermediaries and customers have the ability to submit new claims or track the progress of existing claims online.
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