I should start by saying that the workers’ compensation package from David Corp. is already in use. My company needs a general liability package to add to it. It doesn’t necessarily need to be the same vendor. We can throw out designing an in-house package because there really is no one to develop it, much less support it. In terms of our project, hiring a third-party to develop a new system not out of the question. However, existing systems vendors may be the best way to go. At least existing vendors will support their product. This ca be part of our cost/benefit analysis.
In order to understand what services are best for our company with respect to the liability system, one should take a close look at the products offered by David Corporation and Valley Oak company.
The liability product of David Corporation is a product designed primarily to facilitate user’s management of claims and incidents within the certain lines of business and existing corporate policies. The new liability system will provide useful and efficient approach to entering data, claims and incidents, update existing claim information, and existing reserves. The new liability system would issue payments and create loss reports with just a few mouse clicks.
The new liability program as created by David Corporation can generate over 50 standard reports as comprising in the core product while at the same time providing financial activities. The new liability system of David Corporation is concerned with security which is extremely important in the global technology-dependent world. As a result, David Corporation created a liability software that allows the system administrator to assign certain levels of access and permission by user groups or individual users. The access to databases is also controlled. The system can be easily tailored to meet different business and work on different lines of business with respect to claims and incidents, general, auto, marine, and property liabilities and casualties. Furthermore, the system allows to store images and link them to documents in the claims management system. The system also allows to integrate databases and generate reports and queries to work with financial statistics and user-defined parameters.
The Valley Oak company liability software is focused on the one-system solution, the IVOS review software that allows the companies to perform review of bills and liabilities within the installed claims management system. The given ability of the system increases the corporate productivity, efficiency, speed of operations and improved accuracy. The Valley Oak company liability software allows companies like our to access different types of data and eliminate the need for daily data links to third-party bill and documents review services.
The system effectively adjudicates to the compensation bills, and requires no specific interface. The payment processing, EOR production are integrated in the Valley Oak liability systems. One is able to integrate state fee schedule and the PPO network. The workflow design is said to be very efficient and allows quick data entry.
As it is with the David Corp software, the software of Valley Oak company includes the document imaging which contributes to the paperless office that effectively attach scanned documents to an existing claim. The documents and claims are all stored in a database which allows users to effectively and conveniently keep all claims and documents in a database. The auditors are allowed to efficiently access these databases and clearly see the files that need to be examined. The scanned documents also receive the needed backup and information protection
In conclusion I would like to note that the liability software that we should pick should be the one of David Corporation rather than Valley Oak for the following reason:
Price. To add the general liability system from David Corp will cost about $20,000 to purchase, and another $8-10,000 to implement – this includes user licenses, annual maintenance fees, and training. The Valley Oak software costs $18,000 to purchase and $10,000 to implement. Still, as the valley oak software required additional modules for the liability module to run efficiently our company will have to replace the existing software with Valley Oak software and thus incur additional expenditures.
Utility. From the information depicted on the two websites, one can say that the David corp. software provide more efficient and effective solution that we might need than the software of Valley Oak.
Adjustment. Since our company already has the software of David corporation, the users of software are used to it and know how to use it most effectively. The liability mode uses similar logic, layout and user interface. It would take our company less time to adjust and use the software more effectively.
Integration. While David corporation provided independent liability modules, the Valley Oak software liability module works in the presence of other Valley Oak software. For our company it means that we will have to replace the existing David Corp software with the one of Valley Oak.
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