With intelligent claims automation, insurers can expedite claims processing, improve customers experiences, reduce fraud, and ultimately helpiyour business run smoother. But what kinds of insurance claims automation tools do you need? And how can you make sure they serve your organization well?
Automation vs. Intelligent Automation
It’s important to recognize that the term “intelligent automation” isn’t just a fancy modifier for the automation tools we’ve been using for the past couple of decades. This is arguably an entirely new category of technology, and one that can transform the claims portion of your business in fundamental ways.
Traditional automation tools that can help us simplify and streamline rules-based workflows and automate repetitive tasks. If a process can be predicted, mapped out, and easily understood, it can be automated by a wide variety of tools that have been available on the market for many years.
When you add AI to the equation, automation becomes even more powerful – and more capable. With a layer of artificial intelligence, automation tools become better capable of handling complex datasets, parsing complex queries, and calculating insights based on data. It can take on automation of tasks that are somewhat less predictable, somewhat less repetitive, or subject to a broader range of influencing variables.
Even more notably, intelligent automation can simulate thinking like a human, taking complex sets of variables and thoughtfully considering them with broad goals in mind. Instead of merely replicating pre-programmed steps like a robot on an assembly line, intelligent automation can consider more data points and more options, weighing them carefully like a business leader.
How Insurance Claims Can Be Accelerated
These are just some of the ways that you can use intelligent automation to accelerate and streamline insurance claims.
- Workflow optimization: Optimizing a workflow means making it more efficient by reducing delays. Chances are, you already have a structured workflow in place that meets requirements while still accelerating the process and minimizing time waste. However, there are probably minor inefficiencies that could be eliminated or points of waste that could be reduced with the help of an intelligent automation tool. With AI, you can identify multiple potential points of improvement and execute on them.
- Workflow automation: Instead of forcing manual intervention to execute every step of your process, you can allow your intelligent automation to handle executing decision making on your behalf. Not only will this make your processes more consistent and reliable, but it will also make them faster, as intelligent automation tools offer nearly instantaneous reaction times.
- Customer conversations: Intelligent automation can help you host and manage customer interactions. Your customers can have legitimate, valuable discussions with AI-driven systems, and your AI can pull out all the most important details so the claim can be processed. This saves a lot of time, headaches, and miscommunications on both sides. Your customer support team can focus on more important matters, and your customers can get the answers they need in a streamlined and straightforward way.
- Proactive issue resolution: Intelligent automation is excellent when it comes to proactive issue resolution. If there’s a missing piece of information, AI can track it down. If there’s a problem with the claims process, it can flag it in real-time. · Knowledge and information: You can provide your AI with access to all the information it needs to handle the job competently. With all the requisite knowledge and information in the insurance industry, as well as access to individual customer policies, you can handle insurance claims much faster and with fewer potential problems.
- Scalability: For any enterprise businesses, scalability matters. If you plan on expanding your business in the near future, you’ll be happy to know that intelligent automation can make scaling into new lines of business or enterpring new markets much easier. Instead of more outsourcing, you’ll simply can much easierscale up the AI Agents available to you. Even if your enterprise is already operating at scale, it can be comforting knowing that your intelligent automation can flexibly adapt to serve almost any number of insurance claims.
- Data and analytics: Intelligent automation is also incredibly valuable for gathering data and analyzing it. Over the course of thousands of customer conversations, your AI can learn more about who your customers are, then use that data to generate insights and assist you with decision making.
With more refined, more powerful tools to accelerate insurance claims, you’ll be able to process claims and serve your customers both faster and more reliably. In the long term, this can help you win and retain more customers, iron out inefficiencies within your organization, and drive profitability higher.
