Article Synopsis :
The supplemental health insurance market faces key challenges and this is largely due to the volume of paperwork it still has to process.
Policy submission, proof of eligibility, benefits enrolment, claims and policy updates results in millions of unstructured documents, both printed and handwritten, being produced – and all require validation.
North American carriers will handle on average 12 to 15 documents per claim from paper forms, email images, etc.
Less time spent processing these leaves more time for underwriting, claims management, and customer engagement.
Customers demand almost instant feedback these days, but old fashioned data entry cannot keep pace and errors always creep in. Using an automated service, like Capgemini’s Cognitive Document Processing (CDP) service allows insurers to take control of this arcane aspect of its processes and future proof it against technological advancements.
Capgemini claims that by using such a system, cost savings of between 40% and 60% can be made in systems along the chain. This delivers accurate information directly into the business process management, core policy administration, claims and billing systems via APIs or RPA allowing straight through processing..
Greater efficiency improves the customer experience, reinforcing the relationship and compliance scores are also improved.
Such a system also scans procedure and diagnosis codes to prevent the keying of notes into the system, providing care managers with summaries.
Appeals processes are also improved by automating the processing of incoming documentation.
Link to Full Article:: click here
Digital Insurer's CommentsThere’s nothing new about outsourcing – it’s been going on for centuries.
If someone else can do something more efficiently than you, why would you not consider making use of such a service.
Wasting time considering whether you can build it cheaper won’t make the potential savings.
The focus needs to be on the long game, not the immediate quick wins.
Link to Source:: click here