Editor's Note: This article has been contributed by Michael Chochrek, insurance solutions principal consultant, Harte-Hanks Trillium Software.
Despite the massive expenditure of money, time and resources to implement and maintain a claims management system (CMS), many claims professionals are not satisfied with the capabilities that they provide. In fact, a recent study by Accenture states that 78 percent of claims executives surveyed are upgrading their claims management systems. Moreover, 66 percent of survey respondents believe their claims management systems are not optimized to collect and analyze the growing volume of data to improve overall claims management.
Given the challenging economic environment, most insurers do not have the money or the people-resources to “rip and replace” their CMS. The good news, however, is that now insurance organizations have options to extend the life of their CMS by improving the quality and breadth of data flowing into it and by adding more comprehensive capabilities for data analysis.
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