Effective Workers Compensation Using Claims Management Software

The worker’s compensation claims are on the rise and experts predict that such costs will continue to grow in the future. Increased costs mean less room for profitability and one way insurers can effectively handle such increasing costs is by implementing a claimsmanagement software that allows companies to effectively handle claims procedures and formalize the workplace injury process.

3iInfotech’s Premia Insurance Software helps employers better manage such costs related to such compensation injuries through the following important components that it facilitates:

1.     Accurate Injury Reporting:

The claims management software accurately processes the information related to an accident as soon as an injury is reported. It helps in following detailed reporting procedures and manages the first 24 to 48 hours of a worker’s compensation claim by collecting accurate accident related information that eventually helps in the better processing of such claims.

2.     Claims Reporting:

As soon as an injury is reported, a claim reporting process is generated that effectively allows insurers to investigate the accident and set cost mitigation techniques into motion.

3.     Accident Investigation:

To prevent any fraudulent claims, a detailed investigation report of the accident and its cause is an essential step to perform. Implementation of Premia Insurance Software provides various steps to ensure the investigation of the accident is conducted by following a step-based approach that includes immediate reporting followed by a written statement from the employee, written witness statement, Supervisor report and internal follow up that reviews all the accident-related documents. This helps in managing costs and prevents any business losses.

Such comprehensive claims management software is developed to address the needs of changing trends in occupational hazards and worker’s compensation benefits and while it allows an effective handling of worker’s compensation claims, it also includes various other systems that include:

-          Illness Claims Management

-          Lost Time Indemnity Processing

-          Medical Payment Processing

-          Extensive formats of customizable reports

-          Fund Accounting

-          Litigation tracking

-          Easy configurability of security systems

-          Easy integration with present enterprise solutions

An efficient software solution not only helps in automation of the systems but also helps in implementing sophisticated systems that develop a flexible approach along with a user-friendly interface for employees to understand its use and manage the daily operations effectively.