Benekiva’s Configurable Platform Delivers Efficient Claims Processing

For an insurance company, fulfilling their promise to their policyholders is really the hallmark of their business. In fact, 87% of claimants say that their claims experience directly impacts their decision to do business with the insurance provider.

Benekiva’s configurable platform revolutionizes the claims processing experience, delivering unparalleled efficiency and effectiveness. With our innovative technology, insurance companies can streamline their workflows, customize to specific needs, automate and integrate, enhance compliance and security, and provide advanced analytics and communication to provide faster and more accurate claim settlements.

How Benekiva’s Configurable Platform Delivers Efficient Claims Processing?

Did you know 61% of consumers prefer digital tools to monitor their  claims processing and application status?

The configurable platform offered by Benekiva revolutionizes the way insurance companies handle claims processing, enabling them to achieve optimal efficiency. 

Our solution ensures seamless end-to-end processing, from automated data entry and document management to intelligent workflows and real-time analytics.

This not only accelerates the processing time but also enhances accuracy and reduces the risk of errors or fraud.

Here is how our platform facilitates efficient claims processing.

Streamlined Workflows

With the manual system, insurance companies cannot manage tasks or distribute work to the right resources. 

Right from submission of the claim to payment of a reimbursement, customers expect complete transparency and speed that manual claims processing cannot provide. 

Implementing streamlined workflows can dramatically reduce the time required for claims processing. 

Studies have shown that companies using advanced claims management systems can achieve up to a 50% reduction in processing time, leading to faster claims resolution and improved customer experience.

This eliminates manual tasks, reduces processing time, and minimizes the risk of errors.

The configurable platform offered by Benekiva streamlines workflows in several ways, optimizing the entire claims processing journey. 

Here is how the platform achieves this-

• The platform intelligently assigns tasks to the appropriate personnel, ensuring efficient task distribution and reducing the chances of bottlenecks or delays.
• Insurance companies can configure workflows according to their specific business processes and requirements. 
• It provides a visual representation of the workflow, enabling users to track the progress of each claim easily. 
• It automatically populates relevant information from policy documents, claim forms, and external databases, reducing errors and saving time.
• It prioritizes tasks based on value and staffing, meets service delivery levels, and analyzes processes for insight and process efficiency.
• It facilitates efficient document management by providing a centralized repository for all claim-related documents.
• It provides a centralized platform for sharing updates, requesting additional information, and resolving queries, improving efficiency and reducing communication gaps.

Due to these reasons, workflow automation is a great way to streamline claims processing. 

The platform provides configurable workflows that automate and streamline the claims process, from submission to settlement. 

This results in improved operational efficiency, faster turnaround times, and enhanced customer satisfaction.

Customization

Insurance companies can tailor the platform to match their specific business requirements. 

They can define rules, workflows, and data fields according to their processes, ensuring seamless integration with existing systems and enhancing overall efficiency.

According to a study by PwC, 73% of customers expect an insurance company to offer real-time interactions and personalized services.

The configurable platform provided by Benekiva empowers insurance companies to customize their claims processing according to their unique business requirements. 

Here is how the platform enables customization

• It enables insurance companies to create and modify workflows to match their claims processing procedures. 
• It allows for creating dynamic forms and templates that can be customized to capture specific data fields and information relevant to different types of claims.
• It allows insurers to set up rules and conditions to automate specific actions and decisions in the claims process.
• Insurance companies can customize the data fields and forms within the platform to capture the specific information required for claims processing. 
• Companies can assign different access levels to various users based on their roles within the claims processing workflow. 
• The platform allows for customizing branding elements and user interface components. 

The configurable platform enables insurance companies to adapt the claims processing system to their specific needs by offering extensive customization capabilities.

This customization enhances efficiency, accuracy, and compliance, ultimately improving the insurance company’s and its customers’ overall claims processing experience.

Automation and Integration

The platform integrates with various data sources, allowing for automated data entry and retrieval. 

Did you know automation can reduce manual work by 80% and claims processing time by up to 50%?

This eliminates the need for manual data entry and reduces the chances of inaccuracies. Integration with document management systems also ensures the smooth handling of claim-related documents.

The configurable platform provided by Benekiva enables automation and integration in claim processing through various features and functionalities. 

Here is how the platform achieves this

• The platform allows insurance companies to design and configure automated workflows for claim processing. 
• For example, when a new claim is submitted, the platform can automatically assign it to the appropriate claims adjuster, send notifications to relevant stakeholders, and initiate the necessary follow-up actions. 
• The platform facilitates seamless integration with external data sources and systems, such as policy administration systems, customer databases, or third-party services. 
• Documents can be automatically generated, indexed, and associated with the corresponding claims. 
• This automation eliminates the need for manual document handling, reduces paperwork, and improves overall document organization and accessibility.
• Insurance companies can define specific rules and criteria for claims validation, eligibility determination, and payment calculations. 
• This automation of data analysis allows insurance companies to monitor and optimize their claim processes, identify flaws, and make data-driven decisions for process improvement.

This ultimately leads to faster and more effective claim resolution, improved customer satisfaction, and increased operational efficiency for insurance companies.

Check this infographics our for information

Advanced Analytics

According to Deloitte, advanced analytics can improve decision making and reduce costs by up to 50%.

The platform provides real-time analytics and reporting capabilities, offering valuable insights into claims performance. 

Insurance companies can monitor key metrics, identify trends, and make data-driven decisions to optimize their claims processes and enhance efficiency.

The configurable platform provided by Benekiva empowers insurance companies with advanced analytics capabilities to enhance claim processing. 

Here is how it enables advanced analytics.

• It allows for collecting and integrating data from various sources within the claim processing workflow. 
• This includes collecting data from claim forms, policy information, customer profiles, and external data sources. 
• It offers robust data visualization tools that transform complex claim data into visually appealing and easily understandable charts, graphs, and dashboards. 
• It provides real-time reporting capabilities, allowing insurance companies to monitor claim processing metrics. 
• By applying machine learning and statistical techniques, the platform can predict claim outcomes, detect fraud, estimate reserves, and optimize claim processing workflows. 
• Companies can set realistic goals by analyzing performance benchmarks, tracking progress, and optimizing claim processes.
• It facilitates a data-driven approach to continuous improvement. 

With advanced analytics, the configurable platform empowers insurance companies to gain actionable insights, improve decision-making, enhance operational efficiency, and optimize their claim processing workflows. 

Furthermore, it helps identify opportunities for process improvement, reduces costs, enhances customer satisfaction, and ultimately drives business growth.

Enhanced Communication

About 71% want to process claims through digital platforms, like voice or chat, instead of in person.

By automating communication and providing easy access to claim details, insurers can enhance transparency and build customer trust.

It facilitates seamless communication between insurers, claims adjusters, and policyholders. It enables policyholders to submit claims online, track the status of their claims, and receive timely updates, improving transparency and customer satisfaction.

Here is how Benekiva’s configurable platform enhances communication in claim processing.

• It provides a unified platform where policyholders, claims adjusters, insurers, and other relevant parties can easily communicate and collaborate throughout the claim journey.
• It enables the automated generation and delivery of notifications to keep stakeholders informed about the status and progress of claims. 
• Automated notifications ensure that all parties are kept in the loop and reduce the need for manual follow-up.
• It incorporates secure messaging capabilities allowing secure and confidential stakeholder communication. 
• Claims adjusters can communicate directly with policyholders to gather additional information or clarify claim details. 
• Insurers can communicate with claims adjusters to provide guidance or address concerns. 
• It facilitates the seamless sharing of documents and files among stakeholders, such as medical reports, receipts, or photographs. 
• Users can assign tasks, track progress, and leave comments or notes for better coordination and communication. 

The configurable platform ensures smooth and transparent stakeholder communication throughout the claim processing journey. 

Besides, it improves customer satisfaction, reduces communication errors, minimizes delays, and leads to more efficient and effective claim resolution.

Compliance and Security

According to the insurtech Cowbell, 91% of small and medium-sized firms in the United States with cyber insurance plans received assistance from their policy provider to avoid cyber incidents. 

Automatic claims systems implement encryption, secure data storage, and access controls to safeguard customer data, reducing the risk of data breaches and ensuring compliance with data protection regulations.

The configurable platform offered by Benekiva enhances compliance and security in claim processing through various mechanisms and features. 

• The platform incorporates robust data encryption techniques to protect sensitive claim information during transmission and storage. 
• Encryption ensures that data remains secure and confidential, reducing the risk of unauthorized access or data breaches.
• It implements role-based access control mechanisms, ensuring only authorized individuals can access specific claim data and functionalities. 
• It incorporates necessary controls and features to ensure compliance with data protection regulations, privacy laws, and other relevant requirements. T
• It maintains a detailed audit trail that records all activities and interactions within the claim processing system. 
• It ensures secure claim data storage by employing the industry’s best data storage and backup practices. 
• It offers reporting capabilities that enable insurance companies to generate compliance reports. 
• The platform undergoes regular security updates and patches to address vulnerabilities or emerging threats. 

By staying updated with the latest security measures, the platform ensures ongoing protection and reduces the risk of security breaches.

This ensures a secure and compliant environment for claim processing, giving stakeholders peace of mind and minimizing the risk of security incidents.

Conclusion

Experience the power of efficient claims processing with Benekiva’s configurable platform and unlock new levels of productivity and profitability for your insurance business.

By leveraging the configurable platform provided by Benekiva, an insurance claims management system, insurance companies can achieve efficient claims processing. 

Furthermore, the intuitive user interface enables adjusters and claims professionals to navigate the system effortlessly, ensuring a smooth and productive experience.