When new technology brings value to multiple areas of your business, it makes your return on investment even sweeter. Recent innovations in workflow automation for insurance, for example, have raised the bar on how much value you can expect from digital technology. Here are some of the ways process automation improves many aspects of insurance operations and services.
Remove Barriers that Slow Down Business Processes and Customer Service
- Use of imaging and document recognition accelerates data integration into digital workflows.
- Electronic data capture and transformation can accept data from any source or format, removing compatibility and accessibility barriers.
- Business process management can automate time-consuming tasks like verifying coverage and flagging missing information.
- Claims adjusters, underwriters and agents have instant access to information from within their preferred applications without toggling between systems.
- Employees can respond faster and more completely to customer-related requests such as new and renewal business questions.
- Employees can easily perform routine tasks, check schedules and receive notifications without delays.
Tracking, Reporting and Analytics Improve Decision Making
What if, along with improving efficiency, workflow automation technology could mine digital processes for useful data? When automation includes reporting and analytics tools, it helps your employees make better decisions based on ready, relevant data about the status and performance of document processes. Anywhere business decisions are being made, you will benefit from having real data and analysis.
Specific to insurance processes, new offerings in insurance workflow automation now allow you to:
- Monitor payment schedules.
- Track audit claims-related activities to reduce compliance risks.
- Identify usage and problem patterns quickly and accurately.
- Transform raw data into reports and rich visualizations.
- Pinpoint opportunities to reduce waste, costs and time.
- Better allocate resources to achieve desired business outcomes.
Improve Mobile Support for Field Claims Adjusters
With mobile online access to forms and policy information, field workers can be more effective and efficient wherever they are. Adjusters can complete more work immediately in the field, instead of waiting until they return to the office. They can actually capture videos, photos, recordings, diagrams and signed documents and upload them to a secure, online document repository.
With mobile information availability, field personnel can:
- Gain access to customer information in real-time on mobile phones and tablets.
- Capture information and loss details and upload them securely.
- Automate data sharing and reduce the cost of claims leakage.
This accessibility speeds the claims process, increases capacity and productivity, and improves customer satisfaction by addressing service-related issues in real time.
Faster Cycle for New Business Processing
Winning a new insurance customer is great, but all that paperwork? Not so much. Some of the latest workflow automation solutions specifically target New Business Processing. They can optimize all aspects of this important insurance engagement, reducing labor costs and cycle times, and improve the customer experience during the first critical interactions with your company.
Workflow automation brings improvements to New Business Processing:
- Improve, accelerate and shorten new business intake and processing steps.
- Maintain data accuracy and route relevant data into integrated core systems and processes.
- Meet the demands of customers, regardless of the communications channel.
Recently released workflow automation solutions from Xerox focus on insurance processes. Find out how to increase the performance and value of your business workflow.
