For any insurance firm, claims processing is a mission-critical task. Conventional claims processing is becoming a challenge as insurance agents have to put in lots of time and effort to verify documents and look for errors and risks involved. As the majority of these tasks are done manually, it often results in human induced errors resulting in loss of customers and expenses. To overcome this issue, insurance companies are embracing hyperautomation to streamline processes and improve productivity.
Hyperautomation encompasses Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) and deploy programmed bots, which help insurance companies automate repetitive tasks faster and with accuracy. Thus the process can become effective and purposeful to ensure seamless claim settlement.
What is claims processing and how it works
Claim processing is a procedure followed by an insurance company to assess the claim requests made by healthcare providers or their customers. This begins when healthcare service providers or their customers submit requests to insurance firms. The firms then check whether the entire expense or part of it can be reimbursed. All these tasks are quite challenging and therefore require technology intervention to stand out in the current competition.
Average satisfaction levels depend largely on the initial claim filing procedures. RPA plays a pivotal role in enhancing the accuracy of the employees to meet the business objectives. Case studies by McKinsey and Company have revealed that using RPA, insurance companies can increase their ROI between 30 to 200% within one year.
Challenges which hyperautomation can resolve in claim processing:
Manual claims processing is an arduous task. Key decision makers are embracing automation for reduce errors, improve speed of operations and enhance productivity. Hyperautomation in banking and finance has already proved to be beneficial in eliminating human intervention and reinforcing technologies, and the Insurance industry is not lagging far behind.
Key challenges where hyperautomation is applied for claim processing are:
Huge operational expenses: Optimum utilization of automated techniques can perform tasks in one go resulting in reduction of time and cost required when done manually.
Lack of consistent delivery: Calculating claims for a large customer base can have errors if evaluated manually. But with suitable technologies those can be computed with accuracy.
Rising customer expectations: Quick response to customer queries becomes challenging when done via human workforce. But again with bots in place identifying the changes becomes convenient.
How hyperautomation streamlines claims processing
Using automation technology the gap between legacy systems and improving operational efficiency can be reduced to ensure better client experience. Some of the critical functions which this technology can transform are as follows:
Reconciling and verifying claims data
Data entry by collating details from multiple systems
Accumulating and compiling email data
Cognitive automation for analyzing audio, images, and natural language texts
Benefits of automated claim processing
Faster process: Unlike the manual process, hyperautomation uses RPA where clients just by a single click can avail quick responses while filing their claims.
High satisfaction levels: Using hyperautomation, claims processing can be done following a wide variety of data enriched processes pertaining to policy cancellations and client onboarding. For instance, RPA bots can help in storing and collecting diverse and complex information to improve client retention.
Increase data accuracy: Hyperautomation is gaining prominence in this sector due to its ability to ensure data accuracy and reliability. With optical character recognition, content from the registration forms can be scanned and updated into the relevant systems.
How Neebal can help
We at Neebal are prime advocates of automating business processes across industries. With more than a decade’s presence across the BFSI, Agro, Pharma and FMCG sectors, our purpose-driven outcome-oriented solutions have transformed business models to enter new markets, ensure safety and transparency, reduce complexities, increase customer satisfaction, engagement and enhance overall productivity.
Automating the claim processing is a key challenge for insurance enterprises. Our Hyperautomation solutions are capable of streamlining such real time practical scenarios. Feel free to reach out to our experts and start your digital transformation journey today.
Conclusion: Are you ready to automate your claim processing structure? If you are looking out for Hyperautomation companies, do get in touch with us to resolve your operational and customer issues.