Automating Insurance Claims Processing: A Comprehensive Guide

The insurance business is famous for being very paper-heavy, but that’s changing. Technology is improving insurance, especially the claims sector. By automating insurance claims processing, you improve your entire business. Find out why and how to automate your claims process.

Can you Automate Insurance Claims?

In short, yes you can. Automating insurance claims can help your analysts to work more effectively, efficiently, and strategically. Automation won’t do claims analysts' jobs for them, but it’ll help them do their jobs better.

Top 3 Advantages of Automating the Claims Process

By automating claims you tap into different benefits for your teams, business, and customers.

1 - Reducing Manual Errors

Naturally, manual processes will have mistakes. We can do everything to reduce those errors, but a few always slip through. By automating your processes, you cut down on mistakes. You’ll no longer have to rely on one person to know the workflow, or for the team to remember to follow every step. If it’s automated, the process has to be followed perfectly. This means you have fewer mistakes and greater accuracy.

2 - Reducing Processing Times

As you automate data extraction and entry, you speed up the claims process. You can have all the data you need in minutes rather than days. Automation speeds up the routing and handling of claims, cutting down on costs and improving efficiency and satisfaction.

3 - Enhancing Customer Satisfaction Through Automation

Automating client communication, reducing re-work, and processing times improves the customer experience. When someone puts in an insurance claim, they’re normally in a stressful situation. This stress increases customers’ frustration, leaving insurance companies in a delicate place. If you can speed up your client’s settlement, and do it accurately you’ll help your customers and improve their loyalty and satisfaction with your business.

How Do You Automate Insurance Claims? Top 5 Ways

According to McKinsey automating the claims journey can reduce the cost of a claim by up to 30%. If we consider how complex a single claim’s journey through your insurance company is, this figure makes sense. One claim normally goes through 20+ checkpoints before being settled.

1. Automate claims data extraction:
   Rather than having a claims analyst read through all the first notice of loss (FNOL) documents to find the necessary information to process a claim, you can train an AI model to extract it. Using intelligent document intake software you can use an AI model to identify names, addresses, policy numbers, damage estimates, and other essential information. Automating data extraction speeds up the claims process, and saves an analyst valuable time.
2. Automatic data entry:
   Rather than manually typing in all the claims information into your claims processing system, you can use an integration to take the key information that you’ve automatically extracted into the system. 
   A practical example is rather than downloading and reuploading your recorded statement (or even typing it all out again), you use n2uitive’s complete integration with Guidewire ClaimsCenter which will send your statement to Guidewire. It’s now safely stored in Guidewire and ready to be used.
3. Claims triage: 
   To sort claims and route them to the correct department, you can set up automatic rules to do that for you. These rules could include type of claim, location, amount, or personalized filters based on your categories. With these filters, claims are routed automatically, saving you time and speeding up the process.
4. Fraud detection:
   You can train a machine learning model (MLM) with past insurance claims data so that it can learn the patterns and similarities that fraudulent insurance claims have. With a fully trained and validated model, you can save time across departments. Your MLM will analyze all claims that your business processes, and can flag any potential fraud so that the fraud team can investigate in depth. 
5. Client communication with AI:
   During the claims process, customers often reach out to their insurance company to see how their claim is going. 
   By deploying AI chatbots, customers could input their claim information and see the status of their claim automatically. This innovative channel would free up your support team to focus on strategic or complex issues. 

How Recorded Statements Can Help You Automate Claims Processing

At the heart of claims, is the customer’s report of what occurred. It’s a key document for an insurer to determine if the claim is legitimate or not. This recorded statement needs to be clear and to answer all key questions.

To ensure that your recorded statements are as useful as possible, recorded statement lifecycle management software (RSLM) is a must-have.

It takes the 4 stages of recorded statements and automates them for you.

1. Record: Rather than using cumbersome recording tools that you have to carry with you, then upload to your computer and move to your claims software RSLM simplifies that process. You can record statements from your phone, and then it is automatically sent to your RSLM.
2. Store: Using RSLM, all recorded statements are well-organized and safely stored in one place. They’re encrypted, and only accessible to authorized users who can access them easily, saving time.
3. Transcribe: Transcribing recorded statements makes them easier to use. At n2utitive, we have an integration with Allegis so that you can request professional transcriptions at the click of a button.
4. Share: You can easily and securely share recorded statements with approved third parties. With this feature, you stay compliant and also increase transparency and collaboration.

n2uitive: Streamlining the Claims Process with Automated Recorded Statements

n2uitive specializes in transforming the claims process by automating recorded statements. Discover the unique advantages n2uitive offers, our seamless recording, secure storage, automatic integrations, and efficient management of statements are all designed to enhance the accuracy and speed of claims handling.

Set up a call with our team of experts to understand how our unique solution can improve your company’s efficiency, flexibility, and transparency.