What is Claim Automation?
The first step in automating insurance claims is using data extraction technology to examine and analyze claim-related documents. Insurance companies expedite claim resolutions by sending information via email and other internet channels.
A digital claim is a mode customers use to reach an insurer in the least possible time when insurance is most needed.
Claim automation can improve the efficiency of all insurance processes, including marketing, renewals, and sales. One of the most widely utilized tools in insurance automation is RPA (Robotic Process Automation).
RPA can assist insurers in developing a responsive, high-growth business while keeping costs low. RPA performs repetitive administrative tasks based on rules and does not require decision-making or planning.
What are the business benefits of Claim Automation?
Claim automation software improves operational efficiency by reducing turnaround time in the insurance claim process.
Claim automation process is transparent as it leaves an audit trail behind it, i.e., the enhanced audit process.
It improves cost-efficiency as there is no use of physical resources for data extraction and physical form filling due to automation.