Claims management software reduces claims processing cost
November 16, 2007 (PRLEAP.COM) Technology NewsAquariumClaims, an innovative web-based case management software solution developed by Aquarium Software of Hale, Cheshire, is outperforming the sector and is now one of the most cost effective claims management software tools available.
This is when compared to the results of a recently published study - on the correlation between utilising claims management software and reducing operational costs. The survey demonstrates that increased IT spending results in lower claims processing costs for property and casualty insurers. It also better positions insurers in the marketplace. The research shows a headline revenue growth figure of over 5% for companies investing in claims management software; Aquarium Software can boast revenue increases of over 1600% where its software is installed and running as the client’s main case management software system.
The study looked at the relationship between IT spending on management of claims and the overall expense of processing a claim. The average total cost to process a claim was £292 for the participants. Of this total, 12% was attributed to IT costs such as hardware, software and applications development, while the rest was dedicated to non-IT functions such as salaries for claims management personnel. The study found that an average 1% increase in the portion of claims processing dedicated to IT correlated with a decrease of £90 in total cost per claim.
The survey also found that revenues for the companies using claims management software increased by an average of 5.1% from 2005 to 2006.
AquariumClaims, officially launched in May 2007 has already surpassed the anticipated results for its clients. The software so far has been successfully implemented in several companies in the claims sector, all of which recorded increased profits. They were all able to process more claims with higher effectivity and less people.
“Our aim is to deliver the next generation claims management software to the claims handling sector; the solution that decreases the total cost and the cycle time of processing claims and provides higher customer retention,” says Mark Colonnese, Managing Director of Aquarium Software.
“And this goal has already been achieved with some clients. The most spectacular benefits were noticed by Brunel Franklin whose revenues grew by 1600% annually while staff number has only risen by 250%, just during the first two years after implementation of two Aquarium products - AquariumClaims and eCatcher. Our software enabled Brunel Franklin to become a top 10 fast growth company in a very short space of time,” adds Mark.
AquariumClaims is designed to be quick to set up and tailored to individual business requirements. Aquarium offers an innovative pay-per-usage model and uses the latest web-based technology, therefore it can give 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