Automated claims settlement for insurance companies
Claims settlement is one of the core processes in insurance and usually involves a great deal of manual effort. Automated claims settlement can save an average of up to 30% of effort saved and fraud cases identified even more reliably.
Much of the claims processing in traditional insurance companies requires a great deal of manual effort by employees. For this reason, claims are seen as a major pain point in the insurance industry: According to Insurance Nexus, 82% of insurance companies say claims innovation is their most important project or a key project on their agenda. At the same time, a McKinsey study shows that automation can speed up claims processing by up to 30%.
The challenges of efficient and standardized claims management relate in particular to the manual input of information and the different formats (such as paper, electronic documents, images and e-mails) from which the information must be extracted.
Automation of tasks in claims settlement
By digitizing and automating the repetitive tasks involved in claims settlement, PIPEFORCE can significantly reduce processing costs and save a large amount of processing time. The platform helps customers automate document classification, data extraction (with OCR for photos and handwritten text), automated routing of emails and documents to the appropriate departments through NLP (Natural Language Processing), data entry, and invoice payment. The process can also incorporate existing fraud models triggered by high loss amounts, for example. These cases are then forwarded to a staff member who reviews them before disbursement.
Automated claims settlement: Result
- Reduction of the effort by up to 30%.
- Increased customer satisfaction by optimizing response times by 50%.
- Audit-proof documentation of the entire process
- Improved identification of fraud cases
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