Automated Claims Processing & The Insurance Industry

Claims processing can be time-consuming with the documentation, data entry, and countless manual hours it takes to complete each claim. However, Robotic Process Automation (RPA) can digitally transform your insurance agency and streamline claims processing, making the steps move faster. For example, a claims adjuster can automate the extraction and transmission of data with a simple software robot — or use something as sophisticated as machine learning-enabled Document Automation to automatically extract and organize unstructured data.

This innovative technology will help create a claims system that will improve current business practices and help the claims department enhance the overall customer experience. In addition, claims processing automation will help make efficient auditing practices and records keeping to meet regulatory compliance standards.

What are the benefits of automated claims processing?

RPA and artificial intelligence can help overcome current documentation processes and claims management challenges. For example, claims processing automation helps replace outdated methods and systems to improve the pace of claims operations. It also assists the claims department with providing an overall better customer experience.

Save Time and Money

The current business processes, including manual data entry and time-consuming document processing, can be replaced with intelligent document processing bots to analyze data and quickly pull pertinent information. As a result, the processing time and required work hours are far shorter by automating these previously manual claims operations.

Productivity

By eliminating manual processes, claims adjusters have more time to upskill and focus on the customer experience. Intelligent automation can streamline claims processing, leading to higher morale and employee retention by eliminating the tedious and repetitive work that once consumed their workday.

Increase Accuracy

With large amounts of data entry and an abundance of unstructured data to sift through, human error is inevitable. Claims automation processing can utilize bots and machine learning to compile and analyze data for accurate client files.

Customer Satisfaction

After incorporating this digital acceleration tool, claims adjusters have more time to focus on meaningful and impactful customer experiences. Adjusters can communicate efficiently, expediting client onboarding and claims documentation.

Regulatory Compliance

Using artificial intelligence and machine learning technology for early risk detection in documentation reduces the overall potential for fraud and ensures regulatory compliance. Accurate real-time data creates better auditing systems and reliable templates for insurance organizations.

Centralized System

Insurance providers need reliable centralized data to route information between departments for collaboration across systems and processes. If data exists across multiple formats and systems, it slows claims processing time. RPA improves existing infrastructure by integrating automation solutions instead of replacing current systems.

Who benefits from claims processing automation?

Claims process automation can assist workflows throughout claims operations, from processing, investigation, and claims management to the customer experience.

Claims Processing

With data in multiple formats and systems, the current claims process is more than arduous - from the first notice of loss until payment processing. Incorporating intelligent automation reduces processing time for adjusters and customers.

Claims Investigation

Claims processing automation with Bot Insight can analyze data and evaluate risk per claim to assist with claims investigation. As a result, low-risk claims automatically process payment, and those with moderate to high risk can be investigated quickly.

Claims Management

Decision-making is made easier for claims management with real-time data and reliable documentation on a centralized system. In addition, robotic process automation and AI help with claims management audits to meet regulatory compliance.

The Customer

The overall customer experience changes with claims process automation. Not only does the processing time decrease, but there is less back and forth to reverify information with policyholders because automation increases overall data accuracy.

US commercial property and casualty insurance company reduces audits by 80%

"The once lengthy and very manual worker's compensation claims process is now done by bots in half the time."

60%

Decrease in processing time

80%

Reduction in audits

100%

Accuracy

Read Case Study

How claims processing automation can help your insurance agency

The changing market and technological innovation require automated solutions to evolve the current claims system for faster processing and increased customer satisfaction. In addition, claims processing automation improves communication and assists with accurate documentation for other departments, as well, such as fraud investigation and underwriting.

Data Collection

Automated first notice of loss and intake process
Gather specific information across documentation formats
Centralized documentation system for real-time results
Identify incorrect information per claim
Distribute data to different departments and systems
Locate and notify the claims adjuster of missing information

Claims Processing

Analyzing consolidated data for pertinent information
Enhanced customer data security and management
Quick insurance verification automation
Routing relevant information throughout the claims department
Sending updates on the claim to the customer
Automated payment processing for low-risk claims

Fraud Investigation

Easy customer research through a centralized system
Identify and analyze problematic patterns
Early detection for high-risk fraud cases
Intelligent automation to gather further information
Fasten the pace of fraud investigation
Eliminates human error in data entry and documentation

Department Communication

Informed policy update and management
Managing the process flow for department assistance opportunities
Route emails and data to other supporting departments
Replace unstructured data for a reliable unified system
Claims processing meets regulatory compliance with bot accuracy
Bot notification for claims processing to claims management

What to look for in claims processing automation

It's crucial to consider numerous factors before incorporating claims process automation. First, it's essential to review existing technology structures to integrate RPA capabilities. How will your chosen automation system integrate with legacy systems?

What kind of security does your automation solution offer? Claims processing necessitates the handling of multiple data sources with sensitive client information. Therefore, ensuring security protocols and regulation compliance are ingrained in the RPA system is imperative.

How scalable is your automation solution? Automation Anywhere’s Cloud RPA works with any size company. And, claims processing automation is only a part of what insurance companies provide. Your RPA vendor should be able to grow outside of the claims processing department.

There are numerous use cases to consider, such as document processing and centralizing information to maximize output and lower cost. Incorporating RPA can begin within claims processing, but the success can be used as a template to apply to other departments throughout your organization.

How to get started

Automation Anywhere provides all the resources you need to figure out the best way to incorporate claims process automation into your company. A demo takes you through all the steps you need to utilize Robotic Process Automation and artificial intelligence capabilities. You can also work with our experts to build a concept on how RPA might be applicable throughout your business.

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More claims processing automation resources

Solution

Read about the different RPA+AI methods for the insurance industry.

Blog Post

Find out how to simplify claims processing through robotic process automation.

Use Case

Discover the insurance industry's robotic process automation and artificial intelligence use cases.

Case Study

Learn how other companies in the insurance industry are using RPA to maximize performance and accuracy.