Modern Core Technology: Enhancing Stewardship of Public Funds for Public Entities
Public entities hold a crucial responsibility: to be diligent stewards of taxpayer dollars. Every decision made should reflect a steadfast commitment to efficiency, transparency, and cost-effectiveness. One significant area where substantial savings can be realized is in claims management.
The Role of Modern Claims Management Software
Modern claims management software, equipped with advanced capabilities such as artificial intelligence (AI), advanced analytics, and automation, has the potential to transform how public entities handle claims. These technologies not only minimize risk but also improve operational efficiencies, leading to a significant reduction in overall claim costs.
Key Benefits of Advanced Claims Management Technology
- Reducing Claim Frequency and Severity: Advanced analytics help identify patterns and trends, allowing for preemptive measures to reduce the number and severity of claims.
- Decreasing Average Time to Settle: Automation streamlines the claims process, ensuring faster resolution and reducing administrative costs.
- Preventing Claims Leakage: Enhanced oversight and controls prevent unnecessary payouts and ensure accurate claims processing.
- Decreasing Litigation Rate: By addressing issues early and effectively, the need for costly litigation is minimized.
- Increasing Subrogation Recovery Rate: Improved identification and recovery of subrogation opportunities lead to greater financial returns.
- Lowering Claims Handling Expenses: Efficiency gains from modern technology reduce the overall cost of handling claims.
Embracing Technology for Better Stewardship
Public entities that embrace modern claims management technology position themselves to make smart, strategic decisions that benefit the public in the long run. By leveraging these advanced tools, every dollar is spent wisely and effectively, reinforcing the entity’s commitment to fiscal responsibility.
To see first-hand how your organization can enhance its stewardship of public funds with SpearClaimsTM, our award-winning claims system built by industry experts on a modern low code platform that delivers the power of built-in AI and Analytics while lowering your total cost of ownership, Schedule a Demo.
To discover how Spear’s solutions are accessible to insurers of all sizes, Request Pricing.
