Claims module

Capturing, managing and reporting on claims information is a critical component of managing your company’s total cost of risk. Whether you self-administer claims or rely on a third party claims administrator, RiskConsole’s claims module allows you to be in control of your claim situation with one consolidated central repository.

Claim information can be linked to other information being tracked in RiskConsole. This integration gives you a single environment for a 360-degree view on data management, risk analysis and risk reporting.

Key benefits

Managing and reducing your total cost of risk:
 

• monitor claim trends and identify key drivers for optimal loss control investment
• ensure that optimal reserves are established and under reserving is avoided
• provide accurate loss history for optimal risk financing and gauging the best split between retention and transfer of risk

Raising your profile, managing your service providers and looking to your customers:
 

• distribution of risk management throughout your organisation
• manage your service providers by monitoring key measures such as settlement lags and recovery efficiency
• provide your clients with an efficient process for third party claims processing

Improving your efficiency:
 

• provide an efficient claims management process
• integrate with your external claim providers to eliminate re-keying
• simplify your renewal process with consolidated claims information and analysis

Key features

  

Claims module
Feature	Details
Full support for the claims lifecycle	Including incidents, losses below the deductible and insured claims. This allows each stage of the claim to have different parties involved.
Full range of coverage lines supported with extensive data elements and business rules	RiskConsole tracks many coverage lines such general liability, employer’s liability, property damage, professional liability and logistics/inland marine.
Flexible and adaptable to meet your current and future business and workflow needs	RiskConsole’s flexible architecture allows you to track and manage information according to your business practices. Configurable fields include data elements, security, business rules and event notification.
Reserve and payment tracking	You can track changes to reserve and payment detail information on a claim, with reports to show period-to-period change in claim values. Payment detail information can be sent to any accounting system for integration with your general ledger.
Transactional data storage	Every change to every data field is stored transactionally, including the date the change occurred and the user (data source) that made the change providing a complete audit trail of changes made to your data.
Diary, task and contact management	RiskConsole allows you to track diaries, tasks and contacts, while linking them to claims. This allows you to maintain and manage claims as they are being adjusted. RiskConsole can also receive claims adjuster notes from other systems.
Document management	RiskConsole allows you to attach documents, images, videos and spreadsheets to a claim, creating a complete claim file.
Extensive analysis, tracking and reporting	All the claim information is available via RiskConsole’s reporting and querying features.

 

CLIENT SUCCESS
A large utility company has outsourced its claims management to a number of external parties. With different providers for each major coverage, RiskConsole has enabled them to keep control and have a single point of reference for their claim analysis. With some parties using RiskConsole directly to manage the claims and some parties interfaced with RiskConsole using regular data loads, the client has the flexibility to match their outsource approach. This has also been extended to their captives, who use the system to manage the claims that impact the captive retention.