Insuranceciooutlook

Intelligent Self-Driven Claims Management is not a Dream Anymore, Automation is the Secret!

By Insurance CIO Outlook | Thursday, August 01, 2019

Claims management innovations have opened the door for end-to-end automation,  that can deliver value and increase customer satisfaction.   

FREMONT, CA: A combination of modern-day technologies also has the potential to change many things about claims management in the insurance industry. The good thing about the current business ecosystem is that it is dynamic and responsive to customer expectations like never before. Dynamism comes from the increasing number of global competitors. These competitors are equipped with all the resources and all the capital they need to edge out traditional players. However, if the right amount of automation is incorporated into claims processing, one can bet on improved capabilities, simpler claims and fewer frauds.

In an industry like insurance, customers are the top priority. Unless the customers feel valued, it is difficult to vouch for growth. The only way to deliver on customer expectation is by making services consumer-friendly and convenient. Cumbersome and time-taking steps are a significant hindrance. Improving digital capabilities can assist companies to evolve in a timely and relevant manner. Intelligent and automated claims management is the one real solution to all the setbacks that the industry is currently facing.

Intelligent claims management lines a process of managing claims with the help of machines as far as possible. There is minimum involvement of claims handler. Customers can have direct access to everything, right from applying for policies to applying for claims. A claimant can use a personal device to file claims. An automated, machine-generated response is directly sent to the claimant without any lags. Detailed decision making regarding the claim is also a part of automation in addition to possible repair or replacement options. The whole process becomes extremely uncomplicated and simple for a customer.

For the insurers as well, intelligent claims management works out well. Apart from increased customer satisfaction that is a direct result of convenient services, insurers benefit from shorter processing times and quick closure of claims. Insurers are also able to track individual customers better and provide highly customized and personalized experiences. Costs of operating fall and the chances of frauds reduce, making automated claims management very advantageous.

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