Claims management software makes claims process swifter and smarter
November 07, 2007 (PRLEAP.COM) Technology NewsInsurers beware – fraudulent claims are reportedly costing insurance companies £1.6 billion a year, with each claim averaging £800. The good news is that smarter, more efficient and flexible claims management software from AquariumClaims now makes the case handling process easier for claims companies, thus helping to avoid insurance fraud.
The Association of British Insurers (ABI) said between March 2006 and March 2007 one in every 11 claims made on general insurance policies, including home and contents cover, mobile cover and pet insurance, was fraudulent. Of these, 85% involved the policyholder exaggerating a genuine loss, fake claims and claims on property that had been deliberately damaged.
Nearly half the detected fraud was on household insurance policies, with the scams exposed including deliberate damage done to carpets. Insurers uncovered dishonest claims worth £1.3m a day – three times the figure in 2003. The ABI said it believed false claims worth a further £1.6 billion were going undetected each year.
Proper handling of claims is therefore vital for the insurance industry. New and improved case management software from AquariumClaims makes the process simpler, smarter and swifter for claims companies. AquariumClaims is a state-of-the-art claims management software solution specially designed for fast growth claims companies. Version 2.1 delivers even more benefits to the user, further speeding up the claims handling process.
“Fraud has always been a problem for claims companies. But increasing numbers of professional swindlers are coming up with savvier scams, while customers not fully aware of their insurance policies are unwittingly committing fraud. Thus, it is becoming harder for claims handlers to detect fake claims.
AquariumClaims helps makes the job easier. The new easy-to-use features in Version 2.1 make it an even better product, delivering greater simplicity and reliability to the claims handling process,” said Aquarium’s product marketing director Mark Colonnese.
Claims software from Aquarium has been designed specially for claims handling businesses. It is quick to set up and is available at a comparatively lower cost. It uses the latest web-based technology giving users a powerful solution at a cost that traditional software providers cannot match.
Aquarium has set up a “60 second” online test which allows claims companies to compare their current processes with state-of-the-art claims processing using AquariumClaims. The test is free and confidential, and the results are emailed back immediately to the user. Interested claims managers can take the AquariumClaims online test at www.aquariumclaims.com.
For further information contact Aquarium Software, free of charge, on 0800 781 7570 or visit www.aquariumclaims.com
Notes to editors
Traditional software is installed locally on the user’s own server, so requires the user’s IT staff to install and update the software. By using a Software as a Service (SaaS) model, Aquarium does away with this, taking care of installation, maintenance and upgrading of the software as well as secure data storage. The company has also revised its pricing model so, instead of the traditional upfront license costs, ongoing maintenance charges and heavy consultancy set-up fees, Aquarium can offer users faster start-up and much more flexible pay-as-you-go pricing, if they want.
Media Contact: BeyondPR. Tel: 0114 275 6996. Mob: 07930 697773. www.beyondpr.co.uk
Ref: ECA018 – Insurance fraud