The insurance industry is a unique entity. It doesn’t sell an actual product and, instead, sells the promise of a service the customer may use in the future. If life were the tabletop game Monopoly, the insurance industry would specialize in selling “Get Out Of Jail Free” cards. Woven into the fabric of the industry is the commonality that people filing claims are typically in states of high emotion. It is often this moment that not only decides whether the insurer retains the customer, but also impacts how the customer spreads the insurer’s reputation.
And in today’s world, a business might be one tweet away from going “belly-up.”
Across the board, claims processing is an incredibly manual and time-consuming procedure that is vulnerable to errors; a cocktail of characteristics that makes for unhappy customers. However, advents in technology have opened the door for revolution in the claims process and insurance industry as a whole. These technologies operate with the purpose of attacking the inherent inefficiencies of claims processing, such as:
- Manual Data Entry
- Multiple Information Sources (Paper, Fax, Scanned Documents, Email, Voice Calls)
- Data Access Complications
The answers to these inefficiencies are rooted in the same foundation: Automation.
Automating Claims Processing with Claims Manager®
The automation of claims data entry is one of the most critical tools in accelerating the claims filing process. At the time of First Notice of Loss (FNOL) and subsequent steps, a solution like Claims Manager® expedites the data entry processes, while minimizing the instances of error.
Claims Manager® takes a configurable approach to the claims process, enabling insurers to automate their claims processing with intelligent case management. The behind-the-scenes processes are streamlined, easing the influx of information regardless of the source. Furthermore, the compilation of claims data ensures that accessing that data will not be subject to complications and/or obstacles.
What Does It All Mean?
Through the automation of claims processing, businesses gain a definitive competitive advantage because of a system that reacts to customer needs and while adjusting to dynamic markets, economics, and regulations. The micro and macro focus creates a “pincer-attack” that captures between each approach, while reducing costs and risks with adaptive, yet consistent workflows. These words typically accompany an improved ROI. Automation
- Saves Time
- Centralizes Communication
- Standardizes Processes
- Enhances Transparency
- Increased Insight
The investment in automation, while broad, is an investment that is crucial to the success of the insurance industry. Claims processing must march along with advancements in technology in order to guarantee the continued success of the industry. Only through automation can claims management achieve new plateaus.