Studies reveal that a staggering 87% of policyholders base their decision to stay with an insurance company on their claims experience. This underscores the crucial role of providing an exceptional claims experience in retaining current policyholders and attracting new ones. Our cutting-edge technology is revolutionizing the way claims are processed, playing a pivotal role in incorporating major technological advancements that are reshaping the insurance sector.
One multinational banking and financial services group faced these exact issues. They partnered with NewGen Software to implement a low-code automation framework. This not only sped up deployment cycles but also provided a more intuitive user interface and automated workflows.
The insurance industry is known for its complex processes, and claims processing is often a major bottleneck. But what if you could automate many of these tasks, freeing up your adjusters and saving your company money?
This guide which is powered by NewGen will walk you through the power of automation in claims processing systems (CPS) and how to implement it in your business.
Why Automate Claims Processing?
Think about your policyholders. A positive claims experience is crucial for their satisfaction and retention. Unfortunately, traditional claims processing can be slow and frustrating. Automation can change that.
Here’s how:
- Faster Claim Resolution: Automation eliminates manual tasks, speeding up the entire process. This means happier policyholders who get their claims settled quicker.
- Reduced Errors: Manual data entry is prone to errors. Automation minimizes this risk, ensuring accuracy and efficiency.
- Improved Efficiency: By automating repetitive tasks, adjusters can focus on complex claims and providing better customer service.
- Reduced Costs: Automation saves time and money by reducing manual work and administrative expenses.
- Better Decision-Making: Automated systems collect valuable data that can be used to improve pricing, risk management, and future claims handling.
How to Automate Your Claims Processing System
Ready to get started? Here are the steps to take:
- Identify Your Needs: Where are the biggest bottlenecks in your claims process? Focus on areas where automation can streamline tasks.
- Choose the Right Software: Consider features like automation capabilities, scalability, and integration with your existing systems.
- Prepare Your Data: Clean and migrate your existing data to the new CPS. This might involve data purification and document scanning.
- Train Your Team: Provide thorough training on how to use the automated features of the CPS.
- Manage the Change: Develop a change management plan to ensure your team embraces the new system and maximizes the benefits of automation.
What Can Be Automated?
Many aspects of claims processing can be automated, including:
- Data Entry: Automatically collect data from various sources, eliminating manual entry and reducing errors.
- Claims Routing: Route claims based on pre-set rules to the appropriate adjuster or reviewer, avoiding delays.
- Workflows: Automate repetitive tasks like email notifications, document collection, and appointment scheduling.
- Communication: Provide secure portals for communication between adjusters, policyholders, and other stakeholders.
- Payment Processing: Automatically initiate payments after a claim is approved, ensuring faster payouts for policyholders.
Beyond Basic Automation
The future of claims processing involves advanced technologies like:
- Artificial Intelligence (AI): AI can help automate complex tasks like claims triage and fraud detection.
- Machine Learning: Machine learning algorithms can analyze data to improve claim processing speed and accuracy.
- Chatbots: Chatbots can provide 24/7 customer support and answer basic questions.