Insuranceciooutlook

Five Ways Insurers can Improve Claims Process

Insurance CIO Outlook | Thursday, April 01, 2021

A centralized workflow automation system that allows for the management of business rules and activity tracking can aid in the development of a standardized process across all channels.


Fremont, CA: Claims payment is one of the most critical tasks for insurance companies and their customers. Customer satisfaction is directly affected by the speed and accuracy with which claims are settled. Insurance companies are refocusing their efforts to simplify the claims process to achieve faster turnaround times, better claim outcomes, lower processing costs, and a pleasant customer experience.

Here are five ways insurance companies can transform their claims processes:

Plan a Transformation Roadmap for Implementation

It is critical to understand where developments in your claims process are needed. Identifying value chain gaps will help you evaluate potential process optimization solutions and weigh the benefits against the estimated investment. It will also assist you in prioritizing and developing a long-term plan.

Fully Automate the Claims Lifecycle

End-to-end process automation gives insurers more leverage over the lifecycle of a claim. Digitizing both front-end and back-end processes offers an integrated view of the customer and monitors real-time updates on the claim's status. An automated system ensures a smooth settlement process and an omnichannel customer experience.

Build a Flexible and Agile Platform

The nature of claims disbursement varies from case to case, necessitating a flexible and customizable platform. An agile framework built on a configurable platform responds more quickly to change and adapts to any situation.

Streamline the Journey with Centralized Workflow Automation

Create an easy-to-use claims management system by digitizing documents and leveraging mobility with a distributed capture model. A centralized workflow automation system that allows for the management of business rules and activity tracking can aid in the development of a standardized process across all channels.

Use solution accelerators for seamless integration

Pre-built solution accelerators improve the claims management process's efficiency, allowing organizations to implement an automation system quickly. The accelerators are designed to work in tandem with existing core systems and third-party applications. They can be quickly and easily deployed.

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