How insurance companies automate their claims processing and significantly reduce throughput times
Reducing the processing time of claims with an increasing number of insured customers at the same time? In processes with unstructured and complex insurance documents, as in claims processing, this seems to be an impossibility. Especially when insurance companies have to rely on legacy automation solutions. Well, there is another way.
Leading insurance companies are using IDP to automate their claims processing and reduce costs in order to remain competitive and increase customer satisfaction.
Claims processing can be automated with robust and forward-thinking Intelligent Document Processing (IDP). The AI-powered IDP solution excels at handling complex documents, allowing insurance companies to finally automate their claims processing end-to-end, massively reducing turnaround times.
The main problem in claims processing
Insurance companies have to deal with a large digital document flood, which will only continue to grow in the future. Two characteristics of the document types to be processed in claims processing are crucial: they are mostly unstructured and complex. These include, for example, TARMED bills, pharmacy receipts, optician bills, gym bills and other, insurance-specific document types.
Legacy solutions are too weak for automation, making manual intervention unavoidable. Unstructured and complex document types create a lot of work for employees. This leads to bottlenecks in claims processing and, in view of the long process cycle times, ultimately results in dissatisfied customers.
Manual intervention in claims processing has further disadvantages:
– There is always a certain risk due to error-proneness
– Operational efficiency is not possible
Intelligent Document Processing for Health Insurers: In the United States, Medica uses IDP to increase their process accuracy, reduce processing time, and minimize the cost of submitting changes in their systems.
IDP for automated and optimized claims processing
Automating the processing of insurance-specific document types requires a fundamentally different approach than is possible with a legacy OCR solution. With several powerful AI components, IDP brings the best prerequisites for automating the unstructured invoices in claims processing.
Insurance-specific document types, ready to use: With the document types pre-trained and ready to use, effective and efficient claims processing automation can be achieved with IDP for the first time. The automated classification and extraction also enables insurance companies to prepare the data for further processing using business logic.
End clients and insurance companies benefit equally: From the time the client submits a claim to the time the insurance company settles the claim, the significantly reduced turnaround times create a positive experience for both the insurance company and the end client.
Important factors for insurance companies
IDP additionally addresses particularly fundamental factors for insurance companies:
Data protection: All transmitted and processed data is protected according to the latest IT security standards.
Integration: Thanks to the SaaS solution in the cloud, the actual integration of the powerful IDP solution is successfully completed within a very short time.
Know-how: One-to-one data capture with IDP means that insurance-specific know-how always remains with the insurance company.