The Silicon Review
In the digital world we live in, insurance companies are continuously challenged by the new government regulations and high customer expectations. The marketplace has become extremely competitive, and it is important for insurance companies to manage their claims effectively, irrespective of their size. Some of the major components of the claims handling process include prevention of frauds, customer satisfaction, and developing new strategies to reduce costs. Customers of insurance companies expect the settlement process to be done quickly and provide satisfaction. This is mainly due to the fact that higher customer satisfaction levels will contribute immensely to the insurance company’s success.
Globally there are various claims management system software providers, but one that stands out from the rest is Virtual Claims Adjuster. The company reimagines the insurance claims management process with intelligent automation to help resolve claims faster. VCA Software is a SaaS offering that automates the insurance claim process for Insurers, TPAs, MGAs, Independent Adjusters, CAT firms, Self-Insured entities, and Captives. VCA’s cloud-based software cuts file handling costs by as much as 30%. It can triage thousands of claims within minutes and smart-distribute them to adjusters based on location, workload capacity, and productivity scores. Extend your enterprise beyond the four walls for real-time updates to claims information – from the field or from your home.
In conversation with John Varghese, CEO of Virtual Claims Adjuster
Q. Claims management software provides numerous capabilities, but that also means the software can be complex and difficult to use. How do you train the users and educate them about your claims management software?
VCA is so intuitive that new users can start resolving claims with less than an hour of training, and if you get stuck – you can relax knowing that customer service calls are addressed in less than 30 minutes. Customers choose the training option that works for them and their business or can mix-and-match – for a truly customized training solution.
Q. How has the emergence of new technologies contributed to your success? How do you update your solutions?
Our internal processes ensure that our clients have the ability to provide input regarding future features. Once a feature is approved, it flows through rigorous business analysis and design process before being developed by our in-house team of senior-level development staff. We are constantly evolving and adding to our solution suite. During COVID, for example, we integrated third-party applications that made life easier and more efficient for the adjuster and the claimant.
Q. Tell us about your data management system and compliance.
We take data security seriously. We were the first software provider to comply with Lloyd’s of London Bordereau specifications. We’re SOC II compliant and automatically encrypt all customer data. Our data centers are located in the US, Canada, UK, and Australia.
Q. How do you market your services?
Because VCA is a SaaS solution, companies can easily scale up in the high-volume months and scale back as the volume dies down - from as little as 60 to over 10,000 claims per month. Our Standard License is customizable and configurable right out of the box, to meet the needs of small and mid-size firms averaging up to 250 claims/month. An Enterprise License is ideal for larger, more complex organizations. It provides robust customization, API and platform integrations and more, to help you manage large claims volumes averaging 500 – 10,000+ claims/month.
Q. Do you have any new services ready to be launched?
While meeting with many clients worldwide and reviewing their individual needs, it has become clear that most companies are frustrated by outdated and inefficient manual processes inherent with the insurance industry. Managers and business owners alike need to easily track the performance of their company and their staff at all times - securely and from anywhere. We are constantly enhancing our feature set, adding more third-party integrations as well as business intelligence solutions, while expanding into policy management over the next 18 months.
Q. What are your trajectories for the next 5 years?
VCA’s promise is to add value to the insurance industry and reimagine a more efficient and automated claims management process. Over the next 5 years, our growth and commitment to the industry will see product line expansions, growth to our global Enterprise client base, and targeted acquisitions.
Meet the leader behind the success of Virtual Claims Adjuster
John Varghese is the CEO of Virtual Claims Adjuster. He is a tech industry veteran with experience building teams and growing companies organically and through M&A. As the CEO of Virtual Claims Adjuster, John aspires to create a team of professionals who always make the attainment of customer success their goal. Relationships with customers are paramount, so best-in-class customer service teams at VCA are non-negotiable. John is dedicated to keeping up with industry trends and changes in order to provide maximum value to our customers.