Claims processing is a mission-critical task for insurance firms. It is a big challenge for insurance agents because of the time and effort spent sifting through documents to find errors, assess risks, and ensure customers receive adequate coverage. The result often involves mistakes that may lead to high payouts and lost customer confidence in the business.
This blog will provide in-depth details into claims processing and how robotic process automation for insurance (RPA) can improve the entire workflow.
For established insurance companies, operations have relied mainly on outdated legacy systems, which led to the need for IT experts to bridge these disparate systems effectively. Automation allows them to bridge the gap in ways that improve back-office efficiency and customer service.
Robotic process automation (RPA) involves using programmed bots to act as digital workers and take over mundane repetitive tasks. It can help insurance companies automate their claims processing, making the process faster and more efficient.
Why do insurance companies struggle with automation in insurance the first place? One big reason stems from the nature of insurance — insurance processes are unstructured to incorporate into the digital workflow easily. For example, claims data exists in numerous formats – handwritten documents, photos, voice memos and is shared via multiple channels – email, chats, phone calls, etc., which makes it extremely hard to receive and analyze with high accuracy without an agent’s attention. And when it comes to decision-making, it’s even more difficult as understanding the context of each case is required. That’s where modern automation techniques come in.
An insurance company receives an average of 40 claims a day, which can even increase immensely if a storm or hurricane occurs. The claims received by the company must be recorded in a system. Collecting all documentation in one central location allows the insurance agency to detect possible fraud and assess whether the claim is granted.
The high volume of claims that continue to come in requires a lot of the employees´ time. The repetitive nature of this process results in a high risk of error, which could translate into increased costs and hence there’s a need to automate the insurance claim registration.
With the implementation of RPA, we can automate the insurance claim registration. Our robot can perform the following steps:
• Extract relevant data from the email, such as address, damaged object and its cause.
• Prepare an excel sheet with updated information.
• Read the file, processes all items and register the claims.
• Forward email to the concerned team, which automatically links communication with the system.
• Employees can spend time on more rewarding work by automating the entire registration process.
For decades, organizations have been using Optical Character Recognition (OCR) to process physical documents, converting handwritten and printed text into machine-encoded text. OCR uses manually created templates and can make small mistakes in crucial information, like someone’s name, date, or price.
Intelligent Document Processing (IDP) is a modern alternative to OCR. This AI-based technology uses NLP, computer vision, and deep learning to classify docs, and extract unstructured data that can then be converted into usable, structured data.
Solve Critical Challenges with Intelligent Document Processing
1. Capture Documents – Automatically capture document data in an instant from various sources — PDF, email, etc.
2. Quickly Identify and Organize Documents – Intelligent document classification mimics how a human would identify documents.
3. Avoid Manual Data Entry – Eliminate manual processing in your systems.
4. Faster Processing and Approval – Speed up approval times on invoices and other documents with electronic routing.
5. Decrease Errors and Streamline Access – Reduce delays and errors in processing documents and ensure accuracy.
6. Meet Regulatory Compliance – Adhere to ongoing regulatory requirements and create greater transparency in storing and managing documents with compliance controls.
7. Optimize Resources and Cut Costs – Automating manual data processing helps your team get back to more strategic, value-adding work and saves big on costly errors.
Conclusively, the real-life applications of technology can’t be overlooked anymore. When you invest in Robotic Process Automation, claims processing becomes more streamlined. Begin your claims registration and processing automation journey today and empower your claims personnel and get real-time insights, and also ensure customer satisfaction.
Please visit our website to know more about our RPA solutions.