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Claims Management Software
Compare All Claims Management Software
Vertafore Agency Platform
Vertafore Agency Platform
Vertafore Agency Platform is a cloud-based insurance management solution designed for insurance companies of all sizes. It offers accounting, customer management, document management, policy management and reporting within a suite...Read more
Stream Suite
Stream Suite
Stream Suite is an insurance management solution designed for insurance companies of all sizes. It offers claims management, customer management, billing, policy administration and distribution management within a suite. The produ...Read more
Applied TAM
Applied TAM
Applied TAM is a cloud-based insurance management solution designed for small and midsize businesses. It offers business process management, risk management, insurance renewals, marketing management and reporting functionalities w...Read more
Agency Suites
Agency Suites
Agency Suites is a cloud-based workflow management solution from EZLynx that integrates user websites with consumer quoting and client centers. Users can connect to the solution from home, office or mobile devices. The retail pack...Read more
HawkSoft CMS
HawkSoft CMS
HawkSoft is an insurance management solution designed for independent agencies. HawkSoft offers workflows for commercial and personal lines and an auto-documentation process that builds a trail of every client interaction. Ha...Read more
Partner XE
Partner XE
Partner Platform’s agency management system (Partner XE) is praised by clients for its ease of use, breadth of capabilities, and long-term affordability. Built for the agency that cares about community values and is tired of the s...Read more
Software pricing tips
Read our Claims Management Software Buyers GuideSubscription models
- Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
- Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.
Perpetual license
- This involves paying an upfront sum for the license to own the software and use it indefinitely.
- This is the more traditional model and is most common with on-premise applications and with larger businesses.
Rated best value for money
1insurer Suite
1insurer Suite
1insurer Suite is a cloud-based and on-premise insurance solution that combines software modules such as policy management, billing, claims management, agent/customer/repairer portals and insurer analytics. Businesses can choose t...Read more
InsuranceEnterprise
InsuranceEnterprise
InsuranceEnterprise by CodeObjects is an integrated insurance solution that can be deployed on-premise or in the cloud. The solution offers four modules, which include policy administration, claims management, ratings and billing....Read more
VCA Software
VCA Software
With a claims engine as its core, VCA Software (formerly known as Virtual Claims Adjuster) is a global SaaS platform focused on improving policyholder satisfaction and retention, while providing a next-generation ecosystem to impr...Read more
FINEOS Claims
FINEOS Claims
FINEOS Claims is a cloud-based solution designed to help businesses of all sizes streamline and manage accident, health and life insurance claims. The centralized dashboard enables employees to automate and optimize the entire cla...Read more
Applied Epic
Applied Epic
Applied Epic is a cloud-based insurance solution that assists agents, brokers, insurance providers and consumers with the exchange of insurance data and information. Key features include policies and benefits administration, licen...Read more
DRC Insurance Platform
DRC Insurance Platform
DRC's insurance system is a cloud-based insurance solution that enables property and casualty insurance businesses to manage their policy quotes, ratings, billing and claims. The solution offers features for brokers, carriers and ...Read more
ISI Enterprise
ISI Enterprise
ISI Enterprise is a cloud-based insurance solution that assists businesses in policy administration, billing, claims and other related services. Key features include reinsurance management, a policy rating engine, document managem...Read more
Popular Claims Management Software Comparisons
Buyers Guide
Last Updated: February 21, 2022Insurance providers need an efficient way to handle the entire claims management process from end-to-end—from the first notice of loss to setting up a claim, processing and settling.
When the insurer is first notified, the claims processing life cycle is kicked off. During this workflow, insurance professionals need to track the claims in a way that reduces costs, avoids fraud and improves customer service and communication.
This guide is designed to help insurance providers and agencies searching for a claims management system. In it, we look at common features, types of buyers, costs and trends that may impact your business.
Here's what we'll cover:
What Is Claims Management Software?
Common Claims Management Software Features
Benefits of Claims Management Software
Key Considerations When Purchasing Claims Management Software
How Much Does Insurance Software Cost?
What Is Claims Management Software?
Claims management software offers tools to streamline the process of moving a claim through the initial contact all the way to a resolution that is satisfying to the customer and your company.
A view of claims being tracked in Insly
Throughout this task, users can leverage external sources to verify information, manage important documents, track customer details and utilize reporting tools to spot trends in operations.
Common Claims Management Software Features
Claims management systems potentially include several features designed to guide users through the full workflow. These can include:
| Claims tracking and workflows | Provides core claim workflows to standardize the majority of incoming claims. Many systems also offer the ability to modify existing or customize new workflows to fit the service provider's needs. |
| Electronic claims | Enables the filing of claims from customers electronically. |
| EDI data exchange integrations | Helps manage a large number of claims at once, importing from multiple insurance carriers. |
| Fraud management | Allows insurers to identify and manage cases of fraudulent claims by tapping into various sources of information and verifying details. Sources may include other claims the customer has submitted, publicly available information or social media. |
| Document management | Assists companies with the many paper and electronic documents necessary in the claims management process by storing and organizing them. |
| Customer portals | Allow customers to submit and view claims information online, increasing convenience. |
| CRM | Provides for integration with a customer relationship management (CRM) module so customer details can be easily reviewed during the claims management process. |
| Reporting | Claims processing data can be analyzed to reveal areas of improvement, which may involve processing times or specific details about claims that can highlight trends. |
Benefits of Claims Management Software
The customizable workflows and tracking capabilities available in claims management systems result in some significant benefits for agencies:
- Reduced costs due to a streamlined workflow and a quicker resolution for most claims.
- Better customer service based on the ability to provide more accurate insights into the status of a claim and self-service functionality.
- Fewer fraudulent claims using tools that connect you to multiple sources of data to verify claim information.
Key Considerations When Purchasing Claims Management Software
For any software purchase, there are some important factors to consider that can impact the success of the investment. Some are universal, and some are specific to your particular type of business:
On-premise or cloud-based deployment? Insurance and claims management software are offered via two different types of deployments—on-premise or cloud-based. On-premise is the traditional method of installing a system on the buyer's computers, while cloud-based software (also called Software-as-a-Service, or SaaS) is accessible through a web browser.
On-premise is usually a more customizable option, but requires more IT resources. And cloud-based systems don't typically include a large upfront cost to get started. Evaluate these options for each vendor to determine the best fit.
What integrations do you need? Some types of software, such as CRM, accounting or advanced business intelligence systems, are used by a wide variety of industries. You may want these systems to connect with the claims management functionality. It's important to discuss integration options with any vendor you decide to work with.
What type of insurance do you offer? Based on whether you provide property and casualty (P&C), life and annuities (L&A) or health insurance, some claims management software vendors can offer workflows for different types of claims. Ask whether vendors can customize aspects of the system so your daily tasks are as streamlined as possible.
How Much Does Claims Management Software Cost?
Unlike some other software types, claims and insurance software vendors don't often list this information online, for a reason. Usually, it's because they want you to call for more details, so they can sell you on other software features.
Most insurance systems are offered on a subscription pricing plan, and you're likely to find a stand-alone claims management system for a few hundred to $1,500 per month.
Some subscription costs may also include specific parameters, such as a price per user. Keep your budget in mind when evaluating pricing plans to find one that makes the most sense for your needs.