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Insurance workflow automation is the next big innovation in the risk management and insurance industry. Companies that get it right benefit from lower expenses, greater customer satisfaction, and reduced cycle time. But getting it wrong can be expensive and time-consuming.

McKinsey estimated that by using technology to streamline workflows, 69% of data processing and 64% of data collection could be automated. Since the insurance and risk management industry is filled with processes to manage, move, and maintain data, there are plenty of opportunities for insurance workflow automation.

Learn how you can implement insurance workflow automation in your company using simple solutions from Integratz. Read on to learn more, then contact us for personalized solutions to fit your automation needs.

Ways to Implement Insurance Workflow Automation

Try some of these ways to implement insurance workflow automation in your business.

Create rules to automate simple decisions. Underwriting and claims are filled with similar decisions, like determining if a driver’s motor vehicle record meets underwriting guidelines or approving the payment of a routine medical bill for an injured Workers’ Compensation patient.

Some of these simple decisions don’t need to be reviewed by an employee. Instead, you can create guidelines and rules to allow a bot to make these decisions for you. Consider the example of routine medical bills for an injured person and the rules you could program:

  • Bills that fall below a dollar threshold
  • Bills for treatment for an approved injury (for example, a bill for follow-up femur x-rays when a patient sustained a leg fracture)
  • Bills that contain approved procedure codes, such as routine physical therapy or lab testing
  • Invoices for pain medication up to a dollar or dosage threshold
  • Receipts for reasonable out-of-pocket expenses, like over the counter pain medication or bandages

If your staff would approve these bills without further review, you should consider automating the workflow to approve them without human intervention. Use robotic process automation to help streamline your decision-making processes. Look at claims, billing, and policy management workflows to find more examples of routine decisions you can automate without risk.

Automate your document management system. Finding ways to automate even part of your document management system will save you time. Traditional insurance processes have depended heavily on paperwork — think about mailing invoices to customers, receiving claims documents from attorneys and medical providers, or maintaining policy documents and endorsements. And consider the cost that goes along with document management.

If you could automate documents by using digital technologies, like electronic signature, you could save the time it takes for the mail to go back and forth and the effort of an employee to handle the mail and file the signed documents in the right claim. By using an automated process, documents can be sent digitally, signed immediately, and returned directly to your file system —reducing cycle time and saving costs. And your staff can focus on more critical tasks.

Try some of these document management insurance workflow automations:

  • Schedule documents to send automatically to customers based on events in their claim or policy
  • Use electronic signature to encourage policyholders to sign and return documents promptly
  • Try OCR (Optical Character Recognition) technology to sort and triage incoming documents so employees can work on the most critical ones first
  • Scan and drop less urgent documents directly to the claim or billing file for review on diary

Connect with vendors to streamline integrations. Insurance processes often have many assists from vendors. But legacy systems at traditional carriers can make it challenging and time-consuming to integrate with new digital vendor technology. And if you can’t integrate, you can’t take advantage of insurance workflow automation with vendor processes.

We can help find ways to integrate new vendor systems with your legacy systems, giving you the benefit of innovative technology without the expense of a whole new system. Data management is a key part of many insurance workflows and using tools to streamline the way you manage your data means saving time and money.

Sometimes data gets siloed through the different insurance workflows —the claims department doesn’t always share what it learns with the underwriters; billing has details policy management may need, and it can be challenging to ‘unsilo’ your data with the traditional workflows.

By integrating your systems, data can flow freely from vendors and among departments quickly. This increased transparency can make it easier for your team to make consistent and timely decisions.

Automate customer interactions. You can automate your AI-assisted chatbots to help customers when they go to your landing page. You can program a chatbot to pop up when a visitor lingers on your page or moves to a certain part of your site.

Once your customer engages with your chatbot, you can automate responses and options to help the customer. You can program the chatbot to answer routine questions or route customers automatically to the right department if the bot can’t assist. With machine learning, your chatbot can get better with each interaction and learn more ways to help customers based on your input and direction.

Imagine how much time you could save if your chatbot handled 10% of customer inquiries. What if it took over 20 or 30%? As your chatbot learns more it will be equipped to manage more of your customer’s needs — freeing your employees to shift their attention to more complex tasks.

Implement Insurance Workflow Automation With Integratz

Which of these insurance workflow automations is right for your business? Connect with us for a personalized approach to automation. We’ll collaborate with you to map out your current processes and workflows, identifying the right places to start automating.

Contact us to book your free preview call today and get started with insurance workflow automation!


External Links:

  1. https://www.mckinsey.com/business-functions/operations/our-insights/operations-management-reshaped-by-robotic-automation
  2. https://www.irmi.com/articles/expert-commentary/insurtech-claim-function