What are cloud-based claims?
Unlike traditional insurance claims, cloud-based claims are filed and managed using a digital system in which the insurer stores the relevant details within cloud-based computer infrastructure. This approach to claims management offers a more flexible and scalable alternative to on-premises computer systems for managing claims.
Perhaps most importantly, this approach to claims management allows for rapid implementation. While on-premises implementations typically take between one and three years, a cloud-based claims management solution (CMS) can be deployed in a matter of weeks. This way, insurers and other companies that need to manage insurance claims can very quickly start enjoying all the benefits of their CMS technology.
How are cloud-based technologies changing the field of claims management?
In addition to taking a different technological approach to claims management than on-premises platforms, cloud-based solutions have a different business model. Cloud-based claims management solutions are offered on a SaaS (software-as-a-service) basis, meaning that customers have ongoing subscriptions rather than paying the full cost of their technology up front. Combined with the technological differences between on-premises and cloud-based solutions, the SaaS business model offers significant benefits to insurers and other companies – benefits that are changing the face of claims management.
One key advantage of the cloud-based approach to claims management software is that users always have access to the latest version of the software, with no need to upgrade it for themselves. As a result, companies that use a cloud-based CMS can enjoy greater innovation and agility. And because this kind of software is offered on a subscription basis, vendors know they need to continually offer their customers a top-notch product to retain their business and prevent customer churn.
Meanwhile, cloud-based solutions offer far greater flexibility and scalability than on-premises technologies. Because a cloud-based CMS can handle deployments of any size, companies never need to be concerned that their technology will be unable to handle the scale of their needs. At the same time, they never need to worry that they are investing in a larger implementation than they need.
Moreover, cloud-based claims technology offers greater ease of use than on-premises platforms do, with only a minimal need for coding. And because they are offered as out-of-the-box solutions, customers don’t need to invest major IT resources in implementing them.
How does Five Sigma make the most of cloud-based claims management?
Five Sigma taps into the power of cloud-based claims technology to offer a convenient, flexible, and efficient claims management solution. Our customers benefit from a rapid setup process, letting them quickly start using our intelligent platform. And because of our software’s intuitiveness and just-in-time guidance, new users can speedily learn their way around it and start enjoying its advantages.
After a customer starts using our cloud-based CMS, they can continue to benefit from its scalability and user-friendliness. If the company grows and its need to manage claims expands, the company need not worry that its CMS could be insufficient. And each time our software is updated, the customer will instantly have access to the most recent version of our software. This way, the Five Sigma platform continues to meet our customers’ needs as those evolve.
For more on how our customers benefit from our cloud-based solution, check out our webpage on SaaS claims management.Back to Glossary