For any insurance firm, Claims Processing is a mission-critical task. Since the majority of these tasks are done manually, it is often error-prone resulting in increased costs and poor customer experience. Moreover, insurance agents put in their valuable time and effort to verify documents identifying errors and risks involved. To overcome this challenge, insurance companies are embracing Hyperautomation to streamline processes and improve productivity.
Leveraging Hyperautomation such as Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) and deploying programmed bots enables insurance companies to automate repetitive tasks faster and with more accuracy. Thus, Hyperautomation proves to be effective and essential to ensure seamless claim settlement.
Claim Processing is a procedure followed by insurance companies to assess the claim requests made by healthcare providers or their customers. Post claim submissions, firms inspect whether the entire expense or part of it can be reimbursed. The process is quite challenging and thus requires technology intervention to help organizations stand out in the competitive world.
Challenges in claims processing
Manual claims processing is an arduous task. Key decision-makers are embracing automation to reduce errors, improve operational speed and enhance productivity. Hyperautomation in banking and finance helps eliminate human intervention and reinforce technologies, thus enabling the insurance industry to keep up with the market needs.
Here are the key challenges of claim processing and Hyperautomation use cases to overcome them:
- Huge operational expenses: Optimum utilization of Hyperautomation help perform tasks in one go resulting in the reduction of time and cost required as opposed to when done manually.
- Lack of consistent delivery: Calculating claims for a large customer base is error-prone if evaluated manually. But with Hyperautomation technologies it is computed accurately and efficiently.
- Rising customer expectations: Quick response to customer queries becomes challenging when done manually. Assigning RPA bots to answer queries saves employees’ time while increasing customer satisfaction.
Role of Hyperautomation in streamlining claims processing
Leveraging Hyperautomation reduces the gap between legacy systems while improving operational efficiency and ensuring a better client experience. Here are some of the critical functions that are easily transformed:
- 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 claims processing
- Accelerated process: Unlike the typical manual claims process, Hyperautomation uses RPA enabling clients to receive quick responses while filing their claims.
- Improved customer service: With Hyperautomation, claims processing is done seamlessly with a wide variety of data-enriched processes pertaining to policy cancellations and client onboarding. For instance, RPA bots help in storing and collecting diverse and complex information to improve client retention.
- Enhanced data accuracy: Hyperautomation is gaining prominence in the BFSI sector due to its ability to ensure data accuracy and reliability. With Optical Character Recognition (OCR), data from the registration forms is easily scanned and updated into the relevant systems.
Hyperautomation helps financial companies reduce the gap between legacy systems while enhancing operational efficiency and client experience. This drives the Insurance industry to be on the meteoric rise to sustainable success.
How can Neebal help?
With Hyperautomation, Neebal automated several processes and provided detailed insights into sales forecasts of one of the leading agrochemical companies, resulting in an 80% reduction in time taken for achieving similar results.
Are you ready to implement Hyperautomation for your business? Schedule a call with our experts to get your digital transformation journey started!