18 Ways Workflow Automation Changes the Game for Insurers
Of all the process-driven, document-centric businesses, few compare with the insurance business for volume and complexity. Whatever your line of business or role, the job probably involves forms, applications, payments, claims and many other documents.
Fortunately new approaches have come to market that transform many document-based insurance processes from manual slogs to accelerated growth opportunities. For this reason, workflow automation has captured the attention of insurance leaders. This game changer brings significant advantages, starting with the 18 benefits listed here:
More Efficient Integration and Operations
1. Deliver quality claims service in an omni-channel environment.
2. Enables consistent access to policy data, whether in the field, contact center, regional office or carrier headquarters.
3. Simplify data sharing between systems.
4. Integrate data capture into business processes, irrespective of content source or format.
Security And Regulation Compliance
5. Provide secure access to a central, online repository across the entire insurance network.
6. Comply with regulatory and Service Level Agreement (SLA) requirements through records management and integrated reporting.
7. Maintain audit trails to help reduce or eliminate compliance penalties.
More Responsive Customer Service
8. Improve claims processing by storing information in one central location.
9. Reduce cycle times and Loss Adjusted Expense (LAE) with correct document routing.
10. Accelerate the rating, issuance and claims process.
11. Support policyholders and policy applicants with fast turnaround time from quote to claim.
Productivity and Cost Improvements
12. Streamline document processes and improve cycle times.
13. Give employees fast access to information to do their jobs effectively from wherever they are.
14. Help claims adjusters, managers and agents more effectively manage cases, allocate resources and contain costs.
15. Improve decision-making capabilities and reduce expensive errors.
16. Reduce operational and compliance costs.
17. Make decisions faster by having ready access to needed information.
18. Reduce claims leakage.
Want to improve the partnership between your insurance processes and your documents? Take a look at the new solutions launched by Xerox for new insurance business processing and claims processing and learn how other insurance companies are using technology for a competitive edge.