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August 12, 2022
Get rid of manual processes & automate claims processing with VisionERA. This will not only speed up the workflow but also cut costs.
Insurance companies spend a lot of time and money on manual processes, such as handling claims. This is done to keep premiums affordable for customers. Even though manual processes have their benefits, they are also time-consuming and prone to human error. The result is that it takes longer to settle a claim and often leads to increased costs. Additionally, the cost of settling a claim manually can skyrocket if historical data isn’t accessible or trustworthy.
By automating your insurance claims workflow, you can reduce the cost of settling a claim, improve customer service experiences, streamline internal processes, and cut operational costs by reducing manual labor. Let’s take a look at why you should invest in insurance claims automation if you work in this industry:
Insurance claims automation is the use of technology to streamline the insurance claims process. By automating key steps in the claims process, insurers can improve efficiency and accuracy, and provide a better experience for policyholders.
In any automation effort, these three critical components will remain constant regardless of your approach.
Before we dive into the benefits of claims automation, let’s first discuss why claims automation is important. Suppose you work for an insurance company and a customer calls to file a claim for their broken car window due to an act of vandalism. After the claim is filed, there are several steps to follow. First, an adjuster investigates the incident to determine if it’s covered under the policy. If it is, they evaluate the damage and determine the cost of repairs. Next, they’ll file a report and send it to the insurance company. Once the report is received, the company pays the customer and schedules the payment to be sent to the vendor (for example, the glass repair shop that will fix the window). In the worst-case scenario, each of these manual steps can be extremely time-consuming. It can take several days or even weeks for an insurance company to settle a claim. The customer in our example above has to endure a longer-than-expected wait time before they’re compensated for the broken window. Needless to say, this can negatively impact customer retention.
There are many benefits of automating your insurance claims process. Perhaps the most obvious benefit is that it can save you a lot of time. With an automated system, you can simply enter all the relevant information once, and then the system will take care of the rest. This can be a huge time-saver, especially if you have to deal with a lot of claims on a regular basis.
Another big benefit is that it can help to improve accuracy and reduce errors. When everything is done manually, there is always the potential for human error. However, an automated system can help to eliminate this risk by ensuring that all the data is entered correctly. This can help to improve the overall accuracy of your claims process.
Automating your insurance claims process can also help to improve customer satisfaction. If customers have to wait a long time for their claims to be processed, they are likely to be unhappy. However, if claims are processed quickly and efficiently, customers will be much more satisfied. This can lead to repeat business and improved brand loyalty.
Overall, there are many benefits of automating your insurance claims process. It can save you time, improve accuracy, reduce errors, and improve customer satisfaction.
Consider opportunities that will provide the greatest business value once your core components are in place. Many businesses are ripe for automating their claims processes, while others have already experienced success. Let's look at some examples of how you can automate your claims workflow.
Before you invest in a claims automation solution, it’s important to understand the obstacles that might be standing in your way. Some of the top roadblocks include the following: Lack of a clear business case - Before you can implement a claims automation solution, you need to have a clear business case. In other words, you need to understand why you’re implementing the solution in the first place and what benefits you expect to get from it. It’s also important to consider the cost of the solution, too. Lack of a strong technology foundation - You need to make sure that your company has the right technology foundation before you implement a new solution — otherwise, you risk negatively impacting the performance of your current systems. This can be especially problematic if your current systems handle sensitive data, such as customer information.
When all is said and done, investing in a claims automation solution is well worth the initial cost. This is especially true if you consider the long-term benefits, such as reduced operational costs and increased customer satisfaction. Additionally, claims automation can help you comply with new regulations that are designed to protect individuals’ personal information.
Intelligent Document Processing, or IDP, is an automated way that businesses can use to manage documents. It allows organizations to automate a range of different business processes, such as document scanning, document routing, and document indexing. While these tasks may sound simple, they can quickly become complicated if you are not using the right tools. For example, if you don’t use a well-designed document routing system, it can be challenging for employees to find the information they need. IDP is an important part of modern business operations. It allows organizations to process documents quicker and more accurately. This is good for the business since it can convert more documents into revenue.
The VisionERA IDP platform provides features that can facilitate the processing, retrieval, and validation of huge amounts of unstructured data. Some of the complicated proprietary technologies that went into its development include Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Computer Vision. These technologies, when combined, provide a constantly developing solution that becomes smarter with each iteration. Furthermore, it takes advantage of the human-AI alliance, which means you won't have to do anything to process your papers, and the results will be accurate and simple to export in the format of your choosing.
VisionERA IDP has no trouble processing unstructured documents or pulling data from several tables (even without any line of separation). The VisionERA IDP comes with features such as auto-correction, auto-grid line, a recognition system to identify the best tables, and more. This platform, with its do-it-yourself document selection and workflow, can be utilized for a variety of areas and purposes. The platform may be tailored to your specific requirements, and it provides useful key performance indicators (KPIs) via intelligent insights boards. For any organization, VisionERA IDP can unlock information in documents of various sizes, structures, and formats.
The VisionERA IDP has a higher level of accuracy than traditional tools. It helps to shorten the time it takes to process the claim. The goal is to eliminate human error with manual entry, allowing for operational accuracy and speed. With VisionERA IDPs, any complex document structure that cannot be processed by traditional OCR tools can be processed through artificial intelligence, machine learning, and computer vision.
The insurance industry is growing and expanding rapidly, which leads to an increase in the number of documents that need to be processed. This is why it’s important to process documents quickly and accurately since most of the documents are digital. The best way to process documents quickly and accurately is through automated data extraction from documents. VisionERA IDP is a one-stop solution for any organization looking to automate its claims.
With VisionERA intelligent document processing (IDP), you can automate claims processes with sophisticated functionality and accuracy. Get a free demo today.
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