Claims automation can elevate the end-customer experience and potentially turn claimants into clients. I had the privilege of participating in Insurtech Insight’s “How Automation is Revolutionizing the Claims Experience” panel today. I want ed to share my #5ClaimsInsights with anyone who couldn’t attend.
1. Automation Doesn’t Replace Human Interaction — It Enhances It
Automation can fast-track simple claims, giving associates more capacity to focus on complex claims. A beneficiary expecting an automated experience is satisfied with an expedient digital process. Automation supports the complex claim experience by freeing associates from time-consuming tasks and manual processes so they can provide claimants with the level of care they are expecting.
2. Evaluation is Critical to Determine the Automation Needs
Carriers and their technology partners determine where in the claims process automation makes sense. For every claim processed, there are hundreds of sub-processes, many of which don’t need to be done by a person. For instance, automating certain correspondences can free up staff for more complex claims needing a “human interaction”.
3. Don’t Assume Automation Mean Months of Data Clean Up
All carriers have multiple systems with disparate data formats. Companies like Benekiva need to take that burden off the carrier. We don’t require a specific schema or format. Our carriers expediently migrate data and systems without a heavy lift by their internal teams.
4. “Learn Fast and Adjust Intelligently”
Automation facilitates faster data collection. This means that usable data feeds faster analytics and modeling so carrier leadership can make informed decisions and take corrective actions swiftly when necessary.
5. Fraud Reduction and Claims Automation Efforts Needs Analysis
Analyzing fraud mitigation expenses against claims fraud amounts is important. It comes down to experience. What type of experience does the carrier want to give? Fraud detection models can be built into the claims process.
Founder & CEO, Benekiva