How RPA can Help Insurance Providers Retain their Customers
In the entire lifecycle of your relationship with your customer, the single most critical juncture is when they submit a claim. This is a defining moment in their life — when they’re in a need and are seeking assistance — but also in an insurance provider’s engagement with the customer. Yet, this is also the most customer-unfriendly interaction.
Typically, this process takes longer than it should, owing to manual processes and its corresponding inefficiencies. Despite your best efforts to educate the customers, they are unaware of the terms of their insurance policy and are unable to trust the provider in crunch situations. With social media at their fingertips, a word can spread around easily and this can cause further damage to the business and to the reputation of the brand.
The most common causes for delays or rejections of claims tend to be:
- missing information either from the customers or in the core insurance systems,
- a delay in communication between your claims department and the customer and,
- Human errors during processing.
Robotic Process Automation (RPA) in claims processing can help eliminate all these.
Firstly, by automating repetitive tasks. For instance, RPA can take care of toggling between terminals to read information from the claims form and writing the extracted data to the core insurance systems which are usually legacy systems. An intelligent automation engine, with AI capabilities, can extract data accurately through OCR, and build a fully automated workflow including decision making on the claims.
The story wasn’t far from the above scenario when we began our work for a global health insurance provider. The client’s operation team was thin and had to manually verify all the documents and details for the claims. This long overdrawn process took over 6 days to process a single claim and customer retention was taking a hit. Apart from the lengthy claims process, the error rates were very high leading to more reviews and loss of time.
JiffyRPA was put in action right from the start of the process (i.e.) reading the incoming claims email and extracting information from the claims form. Flagging of missing information and status checks on claims were added to the repertoire.
Claims in a Jiffy
With JiffyRPA we reduced the claims processing time down to 7 minutes. This was a shot in the arm for the operations team and their processing capability improved to 5000 claims per day. We ensured 100% accuracy in the claims processing data and most importantly the project started paying off in the sixth month after implementation.
To know more about our solution for insurance claims processing, read our case study here.