New Whitepaper: How to Make the Most of Claims Automation
Automation is increasingly both a necessity and an opportunity for claims organizations. To learn how to make the most of it, check out our new guide.
No matter what kind of insurer or insurance-related company you work for – whether it’s an insurance carrier, a self-insured company, an MGA, or a TPA – claims management can have a serious impact on your bottom line. That’s because how effectively claims departments run affects their companies’ efficiency, loss adjustment expense (LAE), claim cycle times, customer satisfaction (and loyalty), and payouts.
The problem is that excellence in one area of claims management often comes at the expense of other key measures of success. For instance, improvements in the accuracy of indemnity payments often require adjusters to spend more time on each claim, resulting in a higher LAE. And while customer satisfaction is important, that’s no reason for claims organizations to let their incurred losses or LAE become excessively high.
Given this challenging situation, the power of claims automation is that it empowers claims organizations to improve all of the key aspects of their performance.
That’s why we recently published our new whitepaper to help claims organizations make the most of automation. You can now download it now right here.
What you’ll learn from the new whitepaper
Our new guide, Bringing the Power of Automation to Insurance Claims Management: How to Boost Efficiency, Customer Satisfaction, and Profitability with Claims Automation, covers the basics of automation for claims organizations.
In addition to examining the need for claims automation and the benefits that it offers, the guide explores which processes are ripe for automation and how to automate them most effectively. It also covers the roles of APIs, integrations, claims data, and cutting-edge technologies such as ChatGPT in helping claims organizations maximize the value that automation offers them.
Reading the guide will teach you:
- Why automation is both an opportunity and a necessity for today’s claims organizations.
- How an automation-first approach can help claims organizations optimize their processes.
- Which claims management processes can be automated, and how.
- What intelligent automation and hybrid automation are, and how claims organizations can use them.
- How claims organizations can use APIs, integrations, and data to maximize the benefits of automation.
- How new technologies such as ChatGPT will continue to create new opportunities for claims automation.
Why claims automation is a necessity for today’s insurance companies
Automation empowers claims organizations to boost their efficiency significantly, while maximizing the reliability and accuracy of their work. This way, they can lower their LAE without needlessly increasing their incurred losses. At the same time, automation can help them prevent costly mistakes that could result in excessively high payouts (and excessively high incurred losses).
In addition, automation offers claims organizations an efficient way to improve the customer experience. Specifically, claims automation can help by accelerating claims processing, increasing transparency, and giving adjusters the time to deliver high-quality customer service.
Those improvements are particularly important given the impact claims management can have on customer satisfaction and loyalty. That’s because, for claimants, the claims process is the moment of truth, an experience that can make the difference between whether they’ll stay or switch insurance providers – and whether or not they’ll recommend their insurer to others. In fact, 87% of policyholders say the claims experience impacts their decision to remain with an insurer, according to EY.
Taken together, technological advances and the challenges facing claims organizations make automation a promising way to improve their overall performance. By exploring the key issues surrounding automation and giving some careful consideration to which processes to automate and how to automate them optimally, claims organizations can start to prepare themselves to realize the full benefit of claims automation.
To discover how to make the most of claims automation, check out Bringing the Power of Automation to Insurance Claims Management: How to Boost Efficiency, Customer Satisfaction, and Profitability with Claims Automation.