Information Management and Automation for the Insurance Industry

Information Management and Automation for the Insurance Industry

Automating your document intake and workflow processes can significantly assist you in streamlining your business by ensuring that claims, underwriting, policy services, new business applications and customer service are all handled swiftly and accurately. Much of the battle is getting precise data into your systems of record as quickly as possible. Information management and automation make sure that documents and data are captured with less user intervention and then inserted into the appropriate workflow process to automate the routing and approval of that information. Once approved, your systems of record (claims, policy, finance, and CCM) will be updated automatically.

Benefits of Automation and Information Management

Process automation and information management software can complement your core insurance systems with configurable workflow, eForms, document and data capture, document storage and retrieval and case management tools. When each step within the information management process is executed properly, your organization will experience key benefits that can enhance your business including:

Eliminating Data Entry – Extracting data from incoming paper and electronic documents that your company receives eliminates the need for manual data entry. This critical process can be enhanced by automating data collection with eForms. Information collected from eForms is embedded into a standard industry-accepted template, allowing for greater efficiency, while reducing duplicate data entry. Customers can use eForms to file new account forms, claim forms, applications and other pertinent insurance documents. Internal employees and external customers can easily access eForms via the Intranet and Extranet.

Information Access – When a case or client gets assigned to a user or user group, the user is granted permission to all of the information needed to process that transaction. Users have access to documents and data no matter where it is in the process. Document retrieval tools used by customer service representatives allow users to find documents in seconds via search fields or when working within the electronic file. Remote workers can open any claim file from their laptop or mobile device, enabling a higher level of productivity and attention to customer service.

Improving Accuracy – For routine tasks and forms, business process automation can help improve accuracy and reduce or eliminate errors. Fields can be configured to accept data in specific formats; use constrained drop-down lists and make fields required or unique. Other areas can be filled in based on entry into one field, so entering a policy number can fill in four to five different fields and provide you with the search and reporting granularity you need.

Expediting Information -Ensuring the data your team has to work with is accurate and instantly accessible, can speed up processing and expedite claims, policy services, underwriting and new business applications. Process automation software will allow your team to immediately retrieve and share the files, forms, and images they need, while data is updated instantly. Automating business processes pushes information and tasks to the appropriate resources without delay. Notifications and timers help safeguard that these functions are performed within the time frame established with additional notifications and escalations occurring after time periods are exceeded. By enabling users to rapidly access the information they require and convey this information to your claimants and third-party vendors with ease, you can expedite transactions and improve your customers’ experience.

Boosting Productivity – Productivity means to encourage, increase, and improve the quality or effectiveness of production. Process Automation and Information Management software boosts productivity by merely allowing more transactions to be processed in a shorter timeframe with stricter and more defined guidelines. Regardless of the type of transaction (claims, policy services, underwriting and new business applications), these solutions will allow you to do twice, ten times or even 100 times as many transactions in a shorter period. The life of a transaction spends a majority of its time waiting to be processed; however, Process Automation and Information software eliminates 100% of that time because the solution knows where every transaction is at any given point. Users will be alerted when they have new transactions to process and can be reminded with automatic notifications. Rules and logic against the data eliminate the need for making manual decisions. Knowledge of your data, alerts and notifications and automated system tasks can boost productivity immediately from the start while continually being optimized as time goes on and processes change.

Contact us to learn more about how our innovative business process automation and content management solutions designed for the insurance industry can augment your business.

ACCELERATING Business Processes