Automated Claims Processing
What is automated claims processing, and why is it important for the insurance industry?
Claims processing can be time-consuming with the documentation, data entry, and countless manual hours it takes to complete each claim. However, Robotic Process Automation (RPA) can digitally transform your insurance agency and streamline claims processing, making the steps move faster. For example, a claims adjuster can automate the extraction and transmission of data with a simple software robot — or use something as sophisticated as machine learning-enabled IQ Bot to automatically extract and organize unstructured data.
This innovative technology will help create a claims system that will improve current business practices and help the claims department enhance the overall customer experience. In addition, claims processing automation will help make efficient auditing practices and records keeping to meet regulatory compliance standards.
What are the benefits of automated claims processing?
RPA and artificial intelligence can help overcome current documentation processes and claims management challenges. For example, claims processing automation helps replace outdated methods and systems to improve the pace of claims operations. It also assists the claims department with providing an overall better customer experience.
The current business processes, including manual data entry and time-consuming document processing, can be replaced with intelligent document processing bots to analyze data and quickly pull pertinent information. As a result, the processing time and required work hours are far shorter by automating these previously manual claims operations.
By eliminating manual processes, claims adjusters have more time to upskill and focus on the customer experience. Intelligent automation can streamline claims processing, leading to higher morale and employee retention by eliminating the tedious and repetitive work that once consumed their workday.
With large amounts of data entry and an abundance of unstructured data to sift through, human error is inevitable. Claims automation processing can utilize bots and machine learning to compile and analyze data for accurate client files.
After incorporating this digital acceleration tool, claims adjusters have more time to focus on meaningful and impactful customer experiences. Adjusters can communicate efficiently, expediting client onboarding and claims documentation.
Using artificial intelligence and machine learning technology for early risk detection in documentation reduces the overall potential for fraud and ensures regulatory compliance. Accurate real-time data creates better auditing systems and reliable templates for insurance organizations.
Insurance providers need reliable centralized data to route information between departments for collaboration across systems and processes. If data exists across multiple formats and systems, it slows claims processing time. RPA improves existing infrastructure by integrating automation solutions instead of replacing current systems.
Transform Your Claims Processing Workflow
Claims process automation will streamline the way claims management operates and take your company to the next level.
Who benefits from claims processing automation?
Claims process automation can assist workflows throughout claims operations, from processing, investigation, and claims management to the customer experience.
With data in multiple formats and systems, the current claims process is more than arduous - from the first notice of loss until payment processing. Incorporating intelligent automation reduces processing time for adjusters and customers.
Claims processing automation with Bot Insight can analyze data and evaluate risk per claim to assist with claims investigation. As a result, low-risk claims automatically process payment, and those with moderate to high risk can be investigated quickly.
Decision-making is made easier for claims management with real-time data and reliable documentation on a centralized system. In addition, robotic process automation and AI help with claims management audits to meet regulatory compliance.
The overall customer experience changes with claims process automation. Not only does the processing time decrease, but there is less back and forth to reverify information with policyholders because automation increases overall data accuracy.
US commercial property and casualty insurance company reduces audits by 80%
"The once lengthy and very manual worker's compensation claims process is now done by bots in half the time."
Decrease in processing time
Reduction in audits
How claims processing automation can help your insurance agency
The changing market and technology innovation requires automated solutions to evolve the current claims system for faster processing and increased customer satisfaction. In addition, claims processing automation improves communication and assists with accurate documentation for other departments, as well, such as fraud investigation and underwriting.
- Automated first notice of loss and intake process
- Gather specific information across documentation formats
- Centralized documentation system for real-time results
- Identify incorrect information per claim
- Distribute data to different departments and systems
- Locate and notify claims adjuster of missing information
- Analyzing consolidated data for pertinent information
- Enhanced customer data security and management
- Quick insurance verification automation
- Routing relevant information throughout the claims department
- Sending updates on the claim to the customer
- Automated payment processing for low-risk claims
- Easy customer research through a centralized system
- Identify and analyze problematic patterns
- Early detection for high-risk fraud cases
- Intelligent automation to gather further information
- Fasten the pace of fraud investigation
- Eliminates human error in data entry and documentation
- Informed policy update and management
- Managing the process flow for department assistance opportunities
- Route emails and data to other supporting departments
- Replace unstructured data for a reliable unified system
- Claims processing meets regulatory compliance with bot accuracy
- Bot notification for claims processing to claims management
What to look for in claims processing automation
It's crucial to consider numerous factors before incorporating claims process automation. First, it's essential to review existing technology structures to integrate RPA capabilities. How will your chosen automation system integrate with legacy systems?
What kind of security does your automation solution offer? Claims processing necessitates the handling of multiple data sources with sensitive client information. Therefore, ensuring security protocols and regulation compliance are ingrained in the RPA system is imperative.
How scalable is your automation solution? Automation Anywhere’s Cloud RPA works with any size company. And, claims processing automation is only a part of what insurance companies provide. Your RPA vendor should be able to grow outside of the claims processing department.
There are numerous use cases to consider, such as document processing and centralizing information to maximize output and lower cost. Incorporating RPA can begin within claims processing, but the success can be used as a template to apply to other departments throughout your organization.
How to get started
Automation Anywhere provides all the resources you need to figure out the best way to incorporate claims process automation into your company. First, try the free trial to evaluate our RPA solution's robustness. A demo takes you through all the steps you need to utilize Robotic Process Automation and artificial intelligence capabilities. You can also work with our experts to build a concept on how RPA might be applicable throughout your business.