Why Insurance Companies Need Contract Management Solutions
In every sector ranging from healthcare, to automobile, to home, to life insurance and more, insurance providers must negotiate and establish contracts with providers, clients, and more. No matter what type(s) of insurance a company provides, contract management solutions are necessary. The business of insurance consists of a multitude of contracts. Insurance contract management software is needed to effectively and efficiently manage the high volume of important contracts. For all types of insurance companies, negotiating and executing contracts with providers is a detailed and complicated process. When dealing with insurance, the health, safety, and/or well-being of clients is often at stake so it is paramount that the contracts are accurate and the record keeping is organized.
Challenges of Contract Management in Insurance
There are many potential challenges of contract management in insurance. Today, insurance companies are under pressure to reduce costs for clients while simultaneously meeting compliance requirements established by various government entities. If an organization is still using an antiquated, manual contract management system, all of the contracts are isolated from one another. Keeping up with the documents and tracking document versions is incredibly challenging. As versions of a contract bounce between company departments, errors and miscommunications can easily arise. With a manual system, it is difficult and time consuming to detect or correct issues. This disorganization substantially increases the risk and potential for liability. Because insurance companies deal with high volumes of contracts, even the smallest degree of disorganization can be hugely problematic.
Why Choose Koho Software
Koho Software partners with the top vendors in the industry to allow insurance companies to have high-performing and efficient contract management solutions. With sophisticated contract management for insurance companies, all of the contacts, legal agreements, and related documents are organized in a centralized contact repository. Management teams have access to all the pertinent details, and document lifecycle management tools improve administrative workflow and eliminate opportunities for errors.
Koho Software’s contract management solution for insurance companies empowers enterprises to take control of the entire lifecycle of their documents. A complete end-to-end contract automation solution flawlessly handles the previously exhausting and error-prone manual tasks like renewals, contract generation, and approval tracking. The Koho Software solution includes a contract repository, template and clause libraries, automated approval workflows, automated alerts and tracking, security and compliance support, artificial intelligence features, and integration on both the buy and sell sides.
The contract repository gives your insurance company immediate access and visibility to all of your contracts, from any location. The file types are easily searchable, so no document ever goes missing. The template and clause libraries provide your insurance company with the ability to easily manage language across contracts and create contracts instantly using standardized, approved language and a dynamic clause library. Furthermore, the clause and template library can ensure timely execution of key processes through an alert system.
In the Koho Software solution, automation is a key feature. Even the most complex approval routing process can be automated. Additionally, the automation capabilities manage the workflows with outside parties through vendor/client portals. Redlining and version controls streamline the contract review process. With Koho Software’s insurance contract management solution, no key process will ever slip through the cracks. You can ensure the timely execution of key processes with automated alerts, escalations, and assignments. You can even measure KPIS and spot bottlenecks using configurable dashboards that articulate data in graphic charts and custom reports. The automation is supported by advanced AI capabilities that streamline document migration and search. With these tools, risky contracts are automatically identified, and solutions are automatically suggested.
Koho Software empowers insurance companies to comply with every privacy and compliance standard. The application and hosting infrastructure is validated by third party security firm audits and government organizations. The doubly redundant infrastructure protects your data from disaster, and precise access controls allow you to select who can engage with specific documents. Koho Software also provides tools for insurance companies to comply with regulatory requirements and manage risk. Special tools monitor and report on the commercial health of contractual relationships.
On the buy and sell sides, the Koho Software contract management solution includes smart integration capabilities. Your insurance company can easily monitor contract obligations, measure supplier performance against service level agreements, view customized reports for budgets and spend, and generate proposals instantaneously. With the proprietary Koho Software tools, you can manage and monitor complex future commitments, deliverables, expirations, and compliance with licensing agreements to minimize revenue leakage.
As the most flexible contract management solution on the market, Koho Software focuses on providing software and services for organizations looking to execute on their Digital Transformation, Process Improvement, and Growth strategies through the use of our trusted partner’s legal-tech solutions. With a number of offerings, we have a solution to fit every organization’s needs when it comes to finding the perfect CLM tool. If your insurance company needs a comprehensive contract management software solution, contact Koho Software.