Claims Automation for specialty insurance companies from property and casualty, life insurance and reinsurance. Join the Webinar with guest Baldwyn & Lyons
For anyone watching television recently, it’s been almost impossible to miss the big insurance companies’ commercials—Allstate, Geico, and Liberty Mutual—with many focused on new automated claims services. Just take a picture of the damage, submit, and you’ll get paid! But what about the thousands of other insurance companies, from specialty insurers and commercial insurers to reinsurers, where claims automation can’t simply be put into a phone app?
Even more challenging, many organizations have spent the past few years updating core insurance management systems, including claims processing modules, without focusing on or gaining any significant benefit from the potential of claims automation. As a result, this is often a very labor-intensive area of the organization with significant people, paper, and process costs.
Fortunately, it’s also an area where modern automation solutions can deliver the most rapid return on investment (ROI)—particularly through the use of Intelligent Document Capture (IDC) technologies such as Ephesoft™. While the focus is primarily on cost savings, you also get the benefit of increasing customer satisfaction and retention rates, through a decrease in the time to process claims and error rates, as well as the opportunity to significantly reduce claims fraud.
Claims Automaton Saves Time and Improves Productivity
A recent study showed that successfully implementing an automated classification and extraction (capture) solution into a claims department could double the productivity of claims staff. Another study of an organization who processes over 50,000 claims a month, showed individual claims processing was reduced from an average of four days to only a few hours with the use of an IDC technology. Addressing organizational compliance needs, yet another case showed an 80% reduction in error rates by automatically classifying, extracting, and validating claims.
At Zia Consulting, we deliver automation solutions—powered by Ephesoft—across the insurance industry from property and casualty, to life insurance and reinsurance. Our claims automation solution is designed to fit within your enterprise, integrate with your existing claims management system, and provide features such as Outlook integration for claims staff who prefer to work in that tool. With Ephesoft, you have the ability to focus on the exceptions by automating standard classification and extraction, delivering almost immediate business value.
See For Yourself
In a recent webinar, we discussed how we partnered with a leading specialty insurance company, Baldwin & Lyons, to automate their claims processing and revolutionize their business. We will review how we reduced the time to deliver claims documents to an adjuster from an average of eight hours to only 15 minutes. This was done with Ephesoft for intelligent classification and extraction, technologies such as Alfresco ECM as a central content hub for document and records management, and Activiti BPM for advanced workflow.
We looked at how to achieve the benefits of automation across the entire lifecycle of a claim, through questions such as:
How do claims documents arrive in your organization?
Where do they need to go and how do they get there?
Who needs to access them—from claims adjusters to corporate legal?
Get your hands on the recording from the webinar and see how claims automation can transform your business.