4 Solutions that Make the Complex World of Handling Claims More Profitable
Claims handlers increasingly need technology to reduce unnecessary manual involvement and support decisions that must be made quickly. By offering near-instant interactions with internal and external resources, end-business users can swiftly handle complex communications to support attempts to maximize revenue.
It sounds like a sweet deal. But upgrading existing technology is not without its risks.
Insurance is a highly-complex field, filled with deadlines, regulations, infrastructure requirements and an increasing number of state mandates. It’s not enough to be able to know how to navigate new technology. One must also be efficient at it.
Technology has the power to analyze incoming claims documents, organizing and sorting big data. For example, solving the correlation between how incoming claims documents compare to historic claims documents can better allow a claims handler to process the current claim faster and with less error.
How claims handlers’ jobs can be made easy, efficient and more profitable depends largely on how technology can help. The following solutions are essential in paving the road toward an easy, efficient and profitable path.
1. Standardize Forms
By using standardized forms, the creation of communications can be streamlined. When resources and data can be made available for aggregation into new templates, administrators can “lock” compliance-oriented components from any changes and enable a structured review of certain communications prior to delivery. In addition, developing various templates that ease the management of content inclusion or exclusion based upon dates or jurisdictions allows for elimination of document error and more efficient processing, ensuring quality and compliance.
2. Have Policy Execution
This is critical for claims operations. Having consistent execution ensures eliminating manual processes, editing time, training and rework associated with claims processing. Today’s customers want to interact across multiple communication channels including phone, e-mail, the web, mobile apps, SMS, fax, interactive voice response (IVR), interactive chat and/or walk-in visits to brick-and-mortar offices. Modern technology allow insurers to provide a consistent level of service and consistent information for customers regardless of channel.
3. Shorten Decision-Making Times
While technology offers help processing items associated with a claim, there are many other ways this information can help claims handlers. The correct technology-solution can take an existing claim or situation and present information from that claim that makes the claims handler’s job easier and less prone to error. This allows the handler to then make needed decisions to keep the claim moving.
4. Automate Simple Decisions
Automated processes ensure the desired actions are taken consistently every time. This saves on time and costs. For example, a single document communication template can be written once and published to any channel (print or electronic), format or language. This reduces the burden on IT departments and offers line-of-business users a learning curve measured in hours, not days.
To learn how Cincom Eloquence can better improve the success of your business by providing timely and accurate claims processing, visit our solutions page for Claims Processing.
Source: Document Solutions