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This is when compared to the results of a recently published study - on thecorrelation between utilising claims management software and reducing operationalcosts. The survey demonstrates that increased IT spending results in lower claimsprocessing costs for property and casualty insurers. It also better positionsinsurers in the marketplace. The research shows a headline revenue growth figure ofover 5% for companies investing in claims management software; Aquarium Software canboast revenue increases of over 1600% where its software is installed and running asthe client s main case management software system.The study looked at the relationship between IT spending on management of claims andthe overall expense of processing a claim. The average total cost to process a claimwas 292 for the participants. Of this total, 12% was attributed to IT costs such ashardware, software and applications development, while the rest was dedicated tonon-IT functions such as salaries for claims management personnel. The study foundthat an average 1% increase in the portion of claims processing dedicated to ITcorrelated with a decrease of 90 in total cost per claim.The survey also found that revenues for the companies using claims managementsoftware increased by an average of 5.1% from 2005 to 2006. AquariumClaims, officially launched in May 2007 has already surpassed theanticipated results for its clients. The software so far has been successfullyimplemented in several companies in the claims sector, all of which recordedincreased profits. They were all able to process more claims with higher effectivityand less people. Our aim is to deliver the next generation claims management software to the claimshandling sector; the solution that decreases the total cost and the cycle time ofprocessing claims and provides higher customer retention, says Mark Colonnese,Managing Director of Aquarium Software.
And this goal has already been achieved with some clients. The most spectacularbenefits were noticed by Brunel Franklin whose revenues grew by 1600% annually whilestaff number has only risen by 250%, just during the first two years afterimplementation of two Aquarium products - AquariumClaims and eCatcher. Our softwareenabled Brunel Franklin to become a top 10 fast growth company in a very short spaceof time, adds Mark. AquariumClaims is designed to be quick to set up and tailored to individual businessrequirements. Aquarium offers an innovative pay-per-usage model and uses the latestweb-based technology, therefore it can give users a powerful solution at a cost thattraditional software providers cannot match.
Aquarium has set up a 60 second online test which allows claims companies tocompare their current processes with state-of-the-art claims processing usingAquariumClaims. The test is free and confidential, and the results are emailed backimmediately to the user. Interested claims managers can take the AquariumClaimsonline test at www.aquariumclaims.com.
For further information contact Aquarium Software, free of charge, on 0800 781 7570or visit www.aquariumclaims.com
