As insurance premiums increase and customer expectation with it, insurance companies need to become more efficient. Claims need to be processed quickly and accurately.
Here we look at the challenges in claims and how to increase your efficiency with one change.
A challenge of managing claims is that they require fast yet accurate processing. You also need to meet high customer expectations. Another complicated factor is the 20% of insurance claims is that are fraudulent.
At the same time, the insurance workforce is getting smaller, making it harder to keep up with demand.
Adjusters face a high workload and lack of information around their claims. Special Investigation Units battle a constantly changing fraud landscape. While claims leaders deal with complex, misaligned processes and old technology.
Many insurance companies work with different tools that aren’t connected to each other. The problem with unintegrated systems is that information gets lost. Insurance adjusters must spend more time checking different platforms for information. This time sink leads to a loss of productivity.
Insurance processes are often controlled by employees. They can send a claim to the SIU or the next stage without all the necessary information. Down the line this causes issues as claims have to bounce back and forth until all documents are gathered together. Without a single system that forces you to add all the obligatory documents, your team and clients will continue to be frustrated. It also affects your bottom line as the hours spent on a claim tick upwards.
When a claim goes to the Special Investigation Unit, they have to go through all the details of the case. Having a clear and detailed recording statement is important. As is having the correct and precise supporting documents to prove the claimant’s allegations. When insurance documentation is unclear or incomplete SIUs need to spend more time investigating, which holds up the claim.
Using n2uitive’s innovative Recorded Statement Life Cycle Management (RSLM) you streamline your processes with a single tool. We help you with every stage of your recorded statement to strengthen claims and save you time.
With n2uitive, you can record your statement straight from your phone using our app, or you can start a conference call from your office. Either way, your recorded statement will be backed up automatically and securely to the cloud.
From there, you can review your statement and share it with all stakeholders. Your recorded statement will be safely saved to the cloud and organized in your library, so you can find it in seconds. If you use Guidewire, we automatically share it to your Claims Center, so you never have to waste time doing that again.
Finally, you can request an Allegis transcription with a click of a button. No downloading and uploading, you just request it and it arrives in your library. We’ve also found that our clients spend 20% less on transcripts when they start using n2uitive.
With n2uitive, your insurance documentation becomes more complete and centralized. And since it connects to your other systems, you save time, increasing productivity. SIUs save time during their investigations, saving you money and reducing the risk of fraud. Our clients capture 100% of their claims using n2uitive and settle up to 40% faster than before.
With n2uitive, your claims process becomes simpler and more efficient. We provide you with all the support you require and our customers get up and running within a week.
Join the top insurance companies in the country and try n2uitive! Become more competitive, efficient, and improve customer satisfaction with a single change.