Manual claims processing takes an extensive amount of time, is prone to human error, and worst of all, greatly damages the client experience. It is one of the biggest hurdles insurance companies have to overcome on their path towards efficiency.
Automating your claims processing can set you apart from your competition in the insurance industry. Because claims processing is extremely document-heavy, implementing automation offers a number of benefits to you.
Here are four ways that your organization can benefit from automated claims processing.
1. Maintain Accuracy
Since insurance is a highly regulated industry with strict compliance standards, it’s of utmost importance that you handle confidential information carefully and avoid data inaccuracies at all costs. Manual claims processing makes that difficult because you’ll have to double check your work and take time to fix your mistakes.
Automation allows you to eliminate human error because a computer doesn’t tire from repetitive work the same way that humans do. You’ll be able to maintain data accuracy that will keep your claims moving forward.
Download Guide: Transforming Your Claims Processing for the Digital World
2. Save Time and Promote Efficiency
Manual claims processing takes up too much of your employees’ time. Routing documents, extracting and comparing data, and sending reminders to stakeholders are all time-consuming areas of the claims process.
The biggest problem with these manual processes is that humans can only do one thing at a time, while computers can do many.
Automation can stop your team from having to put their energy towards those tedious tasks. As the computer takes on those processes, they can put their impressive skills to work—which they don’t use to do something as simple as sending a reminder.
Now your employees can use their time to be more attentive to customer needs. And speaking of claims processing, they can solely focus on the human aspect of them, paying close attention to the necessary details to approve or deny them. As an added bonus, your employees will likely be more satisfied in their role by not having to do the same monotonous tasks every day.
3. Save Money
While some people are hesitant about investing in an automation system because of its added cost, it will actually save you a significant amount of money in the long run. There are long-term savings in multiple areas.
Headcount
With automation, there’s no need to increase headcount to keep up with the demands of the incoming claims. Automation simplifies the human role within processing claims so labor costs can be decreased.
Recruitment costs go hand-in-hand with this too. On average, it costs an organization around $4,000 to hire a new employee. By lessening the need for increased headcount through automation, your organization can save a lot of money.
Physical Resources
Automation can also save you money spent on physical resources like paper and postage. Automation can be so critical to businesses because it uses modern technology to digitize traditionally paper-heavy processes. Traditional claims processing involves printing out paper and sending it through the postal service. With automation, those costs are gone, so you can experience significant savings .
4. Process Claims Faster
Customers submitting claims have already gone through unfortunate events. The one thing they want from you is to get their payment quickly. The speed at which you process their claims can make a bad situation worse or completely turn it around.
One of the best benefits of automation is the speed at which you can get claims processed and payments to your customers. When you exceed their expectation for how quickly they can get their payments, you can guarantee your customers will be satisfied. Having satisfied customers has a domino effect on some of your other most sought-after benefits.
Satisfied customers stick around and will let others know they’re happy with how you’ve done business. They’re more likely to spread positive reviews to those who are looking for an insurance provider. Sustainable growth is only achievable with customers that are excited to be your customers.
Start Your Automation Journey with Revver
Getting started on the automation path to experience all these benefits can be surprisingly easy. Revver, an intelligent document processing system, makes your claims processing completely simplified. Revver enables you to create an entire automated workflow that will turn your responsibility within claims processing to just a few steps.
Revver’s automated workflows can:
- Route documents to the right person
- Request documents from customers
- Request eSignatures from customers/employees
- Extract data
- Store documents for easy access later
Revver has all of that functionality and more to help you focus more on the big picture projects. All of these benefits are yours to experience with this digital transformation. Discover Revver to get started.
