Claims is the decisive moment for insurance policyholders. For many customers, they’ve paid premiums for years —often to the same insurance company —based on the promise the insurance will be there when they need it. Because of the importance of claims, carriers spend time focusing on how to speed up insurance claims.
Saving time and money are compelling reasons to improve the claims experience. One way to do this is by automation. The claims process has many steps and parts to it, many of which are ripe for automation.
Any manual process could potentially be automated —it’s up to you to decide which is the right place to start on your automation journey. Integratz will collaborate with you every step of the way to map your current workflows and find the right places for automation.
Read on to learn more about how to speed up insurance claims using automation then contact us for more information.
How to Speed Up Insurance Claims Using Automation
Claims a crucial time for carriers and customers alike. Lots of insurance customers never make a claim, and so if they do it could be their first experience. The claims journey from end to end is often a long one and reducing cycle time makes for happier customers and a less expensive resolution. Automation is a way insurance companies can save time through the claims process.
Here are nine ways automation can optimize the claims experience:
First notice of loss. Automation can take over many parts of the first notice of loss (FNOL) experience. The FNOL process involves taking data from many diverse sources —police reports, witness statements, ACORD forms, recorded statements, medical reports, and more —and compiling it in one claims system. A bot can take over this data entry, reducing manual work and errors while also saving time.
Answering routine claims questions. Claims adjusters don’t have to spend time answering phone calls and returning voicemails when a chatbot can manage routine questions for them. Instead of calling for simple requests, claimants can ask a chatbot on your landing page for help. You can program your chatbot to give out claim status, payment details, adjuster contact information, and more. Reducing calls to your claim center and claims staff means less time spent on these routine tasks.
Straight through claims processing. Bots can make decisions about simple claims once you structure the parameters. For example, you could program the bot to approve property damage estimates under $1500 or routine physical therapy bills for someone injured in a car accident. Removing the low-value claims from your adjuster’s pending means they can focus on the policy-limit claims.
Evaluation help. Claims evaluators have to review a lot of paperwork to extract the relevant details. Consider bodily injury adjusters reviewing hundreds of pages of medical records from years of a complex injury claim. While human expertise remains critical in assessing and evaluating information, there is a lot of extra data in the records to weed out. That’s where automation comes into play —OCR technology can help pull out the important parts of records and add those details to your claims system for your staff to review. Rather than spending weeks evaluating medical specials, your adjuster can review the critical details efficiently.
Claims settlement. Settling claims often requires disclosing information and getting releases signed and back into the file. You could program forms to send automatically based on time-based triggers or events that happen in the claim. Using e-signature programs, claimants can sign releases and other claims documents instantly —no more waiting for a claimant to send back an auth to proceed with settlement.
Stay in compliance. Automation can help claims teams stay in compliance with ever-changing insurance regulations. Program your system to send out documents when needed —don’t miss a second request ever again. Avoid fines and hits on your audits by automating reminders, notifications, pushes, and documents whenever possible. Human error costs you time and money but automating your systems can reduce the possibility of human mistakes.
Integrate your legacy systems with vendors. Legacy systems are often expensive and risky to replace. Instead of replacing your legacy claims system, use RPA and automation to help integrate your systems with vendors. With so many different vendors involved in the claims process, like rental car agencies, IME providers, and vehicle appraisers, integrations can be a critical time-saver throughout the entire claims process.
Add digital inspection capabilities. Digital inspections are one way to speed up claims investigations. Policyholders submit photos of their damaged property for review. In many cases, the photos are enough for the carrier to write an estimate and send a check. Digital inspections save time and help keep adjusters safe. Field adjusters don’t need to go see the damaged property in person, saving them from traveling in poor weather, climbing ladders to view hail-damaged roofs, and being in dangerous areas following catastrophic storms. Carriers can combine digital inspections with automated payments to create a truly hands-off claims experience.
Assist with fraud red flag detection. Automation can catch red flags to triage potentially fraudulent claims so adjusters and SIU can take the right claims for further investigation. Fighting fraud is important for carriers, customers, and the industry so automation efforts to combat fraud are important. Carrier systems can link to the NAIC database for referrals and to share aggregated data more easily using automated systems and RPA.
Learn How To Speed Up Insurance Claims With Integratz Today
With so many ways automation can help speed up insurance claims, now is the time to explore ways to automate your claims experience. Integratz can help you automate your claims process to find efficiencies and save time and money. Learn more about how to speed up insurance claims with Integratz.
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