We live in a time in which automation is taking many industries by storm. The insurance industry is perfectly poised to enjoy the advantages that automation brings to the table. This is particularly true when it comes to claims processing, which is laden with tedious and repetitive tasks that are subject to human speed and error.
In order to keep up with an ever-changing industry, it is vital that insurance companies adopt an automated approach to claims processing. Thanks to advancements in artificial intelligence (AI), automation is the perfect solution to handle the claims process. It allows companies to process claims more quickly and at a reduced cost.
How Automation Can Help
Automation makes use of AI in the form of bots (intelligent software) that are capable of processing large amounts of data quickly and efficiently. This is precisely what is required during claims processing. Here are the main benefits of using automation in claims processing:
Streamlining the claims process by automating tasks that are traditionally done manually means these tasks take less time and have no errors. Regardless of how the claim is submitted (email, phone, or another method), the information in the claim can be extracted, organized, and transmitted within seconds, making the entire process move more quickly.
Being able to increase the speed of claims processing increases customer satisfaction, which is the goal of every business. When the claims process is automated, customers will get their money more quickly and with less hassle than ever before. This leaves them happy at the same time as it lowers the cost of claims processing for the insurance company.
Triaging claims to single out those that look suspicious is an important task that can be difficult to do manually. However, it is vital this is done to avoid paying out fraudulent claims that can cost you billions of dollars each year. Tangentia’s Automation Anywhere provides insurance companies with a means of reducing the number of fraudulent claims they process by automatically extracting claim data and identifying and isolating potentially fraudulent claims. These isolated claims can then be sent to a team that can put them under the microscope and take a deeper look.
The ability to automate analytics and insights regarding claims can help you make better decisions regarding your claims process as a whole, as well as each individual claim you process.
Best of all, the bots used in automating the claims process can be customized based on industry segment and the tasks you want them to perform. They can be programmed to handle any level of claims processing, whether you want them to take over the entire claims process from beginning to end, making the final decision on each claim and making the payout, or just certain parts of it, leaving the final claims decision up to the claims adjustor.
Want to learn more about Automation Anywhere and what it can do for your claims process? Reach out to our Tangentia team today. We’d love to hear from you.
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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.