According to the Coalition Against Insurance Fraud (CAIF), a staggering $308 billion is lost yearly due to insurance fraud. This is why Insurance companies should turn to Digital Evidence Management Systems for Insurance Claim Management to stay a step ahead.
Insurance companies face many challenges in managing and settling claims, such as collecting and verifying evidence, assessing and calculating damages, communicating and collaborating with customers and other parties, and ensuring data security and compliance.
These issues can result in delays, errors, disputes, customer dissatisfaction, and increased costs and risks for insurance companies.
However, Digital Evidence Management Systems (DEMS) can streamline the claim settlement process.
DEMS are software solutions that allow insurance companies to collect, analyze, share, and secure various types of digital evidence, such as photos, videos, audio recordings, documents, etc.
Courtesy of Digital Evidence Management Systems, insurance companies can improve data quality, accuracy, and efficiency, as well as provide valuable insights and recommendations.
In this blog, we will explore how DEMS can streamline insurance claim settlements in terms of data collection, data analysis, data sharing, and data security.
However, you can jump right to our 7-day free trial (no credit card required) if time is of the essence.
What is Insurance Claims Management?
Insurance claims management refers to the procedure an insurance company undergoes to ensure:
- Claims are in accordance with policies
- Claims are legitimate
- Disputed claims are quickly resolved
Insurance claims management is a lengthy process and consists of everything from the initial claim filing to the final settlement.
To explain this better, here is a hypothetical situation: A homeowner had purchased a comprehensive home insurance policy to protect his property.
One day, a severe storm caused a tree to fall on the house’s roof, resulting in significant structural damage. To initiate the claims process, the homeowner promptly notified his insurer.
The insurance company dispatched a claims adjuster with expertise in storm damage. The adjuster inspected the property, took photos and videos of the damage, and documented the losses.
After a thorough investigation, the insurer determined that the homeowner was eligible for compensation.
They promptly offered a settlement covering the cost of repairing the roof, replacing the damaged furniture and appliances, and providing temporary accommodation.
Traditional Claim Settlement
Traditional claim settlements are often characterized by inefficiency, frustration, and a lack of transparency, leading to dissatisfaction for both customers and insurance providers.
The reliance on paper-based documentation, manual data entry, and siloed communication channels creates a cumbersome and error-prone process that can significantly delay claim settlements.
The prevalence of paper-based documentation in traditional claim settlements is a major source of inefficiency and frustration.
Policyholders must often gather and submit physical copies of documents, including medical records, loss receipts, and repair estimates.
This process can be time-consuming and error-prone, as documents may be misplaced, lost, or incomplete.
Reliance on manual processes and siloed communication in traditional claim settlements often result in an inconsistent and frustrating customer experience.
Policyholders may face varying service levels and communication depending on the adjuster assigned to their claim, leading to a sense of unfairness and dissatisfaction.
How does the VIDIZMO Digital Evidence Management System help with Insurance Claim Management?
Following are a few challenges that accompany traditional Insurance claim management, along with ways VIDIZMO DEMS addresses the issue:
Digital Evidence Management Systems help with Data Collection
One of the key challenges in insurance claims management is collecting and verifying the evidence that supports the claim. Evidence can include various types of digital data, such as photos, videos, audio recordings, documents, etc.
This data can come from different sources, such as body cameras, dashcams, CCTV cameras, phone recordings, etc.
Collecting and verifying this data can be time-consuming, labor-intensive, and error-prone, especially if done manually.
VIDIZMO Digital Evidence Management System (DEMS) is the ultimate solution to streamlining data collection in insurance companies. DEMS can reduce the need for manual data entry and human errors and improve data quality and accuracy.
All your digital evidence is in a centralized repository, which makes it easier to locate and assign.
Digital Evidence Management Systems help with Analyzing and Processing Digital Evidence
Another key challenge in insurance claims management is analyzing and processing the evidence that supports the claim. Evidence can include various types of digital data, such as photos, videos, audio recordings, documents, etc.
These sources may be in different formats, languages, and sizes and may contain sensitive or irrelevant information. Analyzing and processing these data sets can be complex, tedious, and subjective, especially if done manually.
VIDIZMO Digital Evidence Management System provides AI redaction to blur out sensitive information and Personally Identifiable Information (PII) of policyholders and produces translations and transcriptions in 50+ languages.
Multi-view playbacks are also essential to connect different pieces of evidence in a case and identify whether it is fraudulent.
Digital Evidence Management Systems Help with Evidence-Sharing
Another critical challenge in insurance claims management is sharing and communicating the evidence and the claim settlement result among stakeholders, such as customers, insurance companies, third-party service providers, law enforcement agencies, etc.
VIDIZMO DEMS can facilitate secure and efficient data sharing among different stakeholders and enable seamless collaboration and communication among the parties involved.
Digital Evidence Management Systems Keep Evidence Secure
One of the key challenges in insurance claims management is ensuring the security and compliance of the evidence and the claim settlement result.
Evidence and claim results may contain sensitive or confidential information that needs to be protected from unauthorized access, use, or disclosure.
Different stakeholders may have various legal obligations and standards to comply with, such as encryption, authentication, authorization, and chain of custody reports.
Ensuring data security and compliance can be difficult, especially if done manually or through multiple channels.
VIDIZMO DEMS provides impenetrable security features that ensure no data is compromised. Providing chain of custody reports coupled with tamper detection to ensure recorded digital evidence has not been played around with, and more importantly, to ensure evidence authenticity in court (in the case of a dispute).
Role-based access control is a handy feature, adding another layer of security so that only authorized personnel can view and add digital evidence.
Using industry-standard AES-256 encryption and TLS1.2, there’s no way data is getting breached.
Why is the VIDIZMO Digital Evidence Management System Ideal for Insurance Claims Management?
VIDIZMO DEMS provides a secure, controlled, and centralized platform for insurance companies to streamline their claims management. Here are a few from a plethora of reasons:
- Role-based access control: Only those authorized can view and share evidence.
- Encryption: All data going to and fro is layered with strong encryption, so even if it lands in the wrong hands, it will be of no use.
- Tamper Detection: Any change made to stored evidence is recorded, so if something is amended, it will be highlighted.
- Detailed chain of custody reports: With a complete audit trail, chain of custody reports highlight how a piece of evidence was stored, amended, or shared to ensure its authenticity.
- Evidence sharing: Evidence can be shared internally or externally with those authorized to view it.
- AI-powered redaction: All pieces of information within evidence irrelevant to the claim can be automatically or manually removed.
That is just the tip of the iceberg; there are several factors that improve upon the insurance claim management process.
Want to give it a shot? Here’s a 7-day free trial.