We do a lot of work in insurance and we seem many companies spend heavily automating their claims process. Their intent is to improve their loss ratio – both by reducing losses due to fraud or bad claims and by reducing processing costs. But it often doesn’t make much difference because they are focused on handling a claim efficiently not effectively. Digitizing claims documentation and the claims workflow might help pay a claim more cheaply, but it does little to ensure that the right claims are paid or that the right approach is taken. And if most claims still need to be manually reviewed, it won’t do that much to reduce processing costs either.
In contrast, our customers invest in digital decisioning to make sure that their claims handling decisions – which claims to pay, when to investigate, when to fastrack – are digitized. This focus reduces fraud and waste, assigns the right people at the right time and reduces manual work for a really significant bottom-line impact on loss ratios
To illustrate what this means, I wrote three blog posts over on the company blog about real customer stories:
- Reducing the cost of manual claims handling
- Fast-tracking disability claims
- Eliminating Waste in Auto Claims
Check them out. You can also watch a webinar our CTO, Ryan Trollip, recently gave a on claims automation with our partner Red Hat.
If you’re struggling with your claims loss ratio, drop us a line.