Improve Claims Processing in the Insurance Industry
Is it time to improve the way that you organise your key processes?
How can you keep the escalating volume and complexity of claims from overwhelming your company? The answer is simple: Eliminate the slow, error-prone manual processes that are obstructing your organisation’s productivity.
Insurance claims are by far the biggest expense for insurance companies. Claims pay-outs and loss-adjustment expenses can account for up to 80 percent of an insurance company’s revenue. The way an insurance company manages the claims process is fundamental to its profits and long-term sustainability.
The insurance industry has seen a huge change over the past decade with data capture solutions for insurance claims processing becoming an important factor to improving customer service, processing claims more efficiently and reducing costs – paving the way to ‘doing more with less’.
Whether you’re a customer-facing employee, carrier, agent or broker the need to improve the customer’s experience has never been more important to ensure you stay ahead of your game and create a sustainable advantage in an increasingly competitive global marketplace.
Claims processing is the fundamental backbone that underlines your business and Insurance organisations are under constant pressure to increase process efficiency and improve customer satisfaction—while cutting operational costs.
The insurance sector is traditionally known for processing claims via phone and paper documents but now must move quickly to keep up with the high demands of the new digital generation who will expect to communicate from mobile technology in order to get what they need processed in the shortest time possible.
How could the process work?
Incoming claims documents and correspondence can be received on paper, as faxes, emails and email attachments. These can be classified and processed as soon as they enter the organisation. Utilising touchless processing, all relevant data is identified and validated so that only complete and correct claims are routed for processing and any claims with errors or omissions are identified straightaway and separately routed for investigation.
Solution software then handles the complete and correct claims and puts them into an orderly queue for processing. It handles both structured and unstructured documents such as first notice of loss (FNOL) documents, claims documentation, reports and other information needed to help provide a timely service to claimants with ease.
What are the benefits?
Here are some of the benefits to automating the claim process:
• Automates the throughput of complete and correct claims
• Shorten claims processing times
• Dramatically cuts claims backlog
• Significantly reduces the cost of claims management
• Provides better control and standardisation for exception handling
• Improves productivity and visibility
• Mitigates customer complaints
• Increased responsiveness to policy holders
• Adapts to changing compliance requirements
• Helps identify and escalate complex cases to the appropriate adjusters
• Improves marketability of company with improved customer service reputation
• Handles all claim formats: paper, fax, email and attachments in a secure workflow
• Benefits sales agents by allowing them to market a quick claim turnaround time
AAC Systems works with insurance companies to optimise the transformation of policy administration systems and improve the customer experience. We’ve helped many insurance companies successfully manage their documents, improving the efficiency of their business processes and allowing them to benefit from better information management.
We provide leading-edge software solutions that put you in control of your own data and processes enabling you to adapt quickly to market conditions, new requirements and regulatory frameworks, providing you with an agile service that guarantees customer satisfaction.
For more information on how AAC Systems can help your insurance business please contact us on 01628 421569 to speak to one of our specialists.