It’s probably safe to say no one has gotten excited about submitting an insurance claim. Perhaps some may disagree with me but it seems unlikely that anyone has ever sat down to submit an insurance claim with the same joy that one might take to an amusement park or to the airport right before a long awaited vacation. And I would be lying to you if I said automation is going to change all of that.
But – it can make the claims submission process easier.
The insurance industry has been long overdue for a step into the future and, according to a report commissioned by Five Sigma, about 50% of companies are ready to make their move. While there are many ways the industry will benefit from leaping into modernity, automating the claims submission process can be a game changer in the way insurance providers do business.
So, how can automation improve the claims submission process?
Faster Claims Processing
It’s no secret that computers work faster than people. By introducing automation to the claims submission process companies can eliminate the tedious act of manual data entry and paperwork. The faster the paperwork for a claim is filled out the faster it can be submitted to the appropriate departments or personnel. This would speed up the processing period and would create a quicker turnaround for policyholders. A quicker turnaround means higher satisfaction levels and better peace of mind for your customers. Additionally, by eliminating the repetitive process of filling out document after document, employees become more efficient and can focus their attention on more fulfilling tasks.
Accurate Data Capture – OCR
Claims often require a fair deal of supporting paperwork. Things like ID information, accident reports, invoices, etc. are often required and, usually, the information on these documents needs to be typed out by the person submitting the claim. This can be exhausting and time consuming. It can also result in errors if a person isn’t paying close enough attention. Optical character recognition (OCR) can fix that. OCR technology can capture and extract information from vital documents that might be required when submitting a claim. It can then submit that information to the company’s systems. This makes the process of relaying important documentation quicker, easier, and can reduce the frequency of errors that might be made by human hands.
Automated Communication and Updates
Naturally, humans want to stay in the know. We want (and expect) updates in a timely fashion and without having to seek these updates out ourselves. The claims submission process is no different. Customers want to know the status of their claims and don’t want to have to work hard to figure it out. After all, we live in a modern era where information is always readily at our fingertips – why should insurance claims be any different? Automation can help provide automatic updates to policyholders the moment there’s a status change on their claim or if anything additional is being requested of them in order to process the claim further. This saves the time of both employees and policyholders as neither party has to take time out of their already busy day for a phone call. Automated communication also helps customers feel informed at every step of the process which can improve customer satisfaction.
Integration with External Systems
By integrating with external systems such as medical records systems or vehicle databases, the claims submission process can be significantly accelerated. Integration makes it easier for companies to verify important information like medical history or accident reports without the need for humans to manually search for this information themselves. It also improves the accuracy of the information being reported within the claim as automation reduces the likelihood of human error. Furthermore, integration improves the efficiency of employees and provides them with more time to carry out tasks that actually require a human to conduct them.
Enhanced Claim Assessment
One of the overwhelmingly obvious benefits to automation in the claims submission process is the increase in employee efficiency. This also goes for the process of claim assessment. Automation can speed up the process of claim assessment as it doesn’t require a human’s critical thinking. Instead, it can leverage historical data and benchmarks to define the correct amount to award a claim. This ensures fairness and consistency for the claims submission process. This consistency can make the job of a claims adjuster easier as they can base their decisions purely on logic and disregard any other outlying factors.
On demand service
Humans are constantly on the go and don’t always have time to sit on the phone with their insurance provider or in front of a computer to submit a claim. Automation can provide policyholders with the ability to submit a claim from wherever they are whenever they want from the comfort of their smartphone. Specifically, by using chatbots, policyholders are provided with an always-on experience that many people crave these days. Gone are the days of waiting until business hours to conduct business. With automation your company is there for its policyholders 24/7 .
It’s time for the insurance industry to step up its game. By incorporating automation companies stand to improve the way they do business for both their customers and their employees. It’s quickly becoming a race to the top as the companies that do invest in automation rise to success and those that don’t get left in the dust. What will your company choose?
If you’re ready to see how automation can transform your antiquated call center into the call center of the future, contact us today!