Legal claims processing is a cornerstone of the insurance industry, but the lack of urgency to process legal claims has allowed for years of inefficiencies to build. This has created a section of the Insurance industry that is inefficient and which has become bloated and costly for providers to maintain. Procedures have a heavy emphasis on manual research, across dozens of applications to assemble and input the pertinent information. A study by Deutsche Bank observed that US Property and Casualty (P&C) insurers spent $23 billion employing 150,000 claim professionals and 300,000 support personnel. One line of business such as legal claims can have over 4,000 claims per month on its own for a mid-sized insurance company. These heavily manual operations create additional issues as well. As entire groups are pressured to move through claims to put a dent in the backlogs, human error becomes a problem. This can result in wrongful payouts costing needless money or triggering lawsuits, overlooked fraudulent claims, or subrogation opportunities.
Thus, Synechron approached this issue with the goal of using Robotic Process Automation (RPA) for quick and efficient processing, free from human error. The result was the RPA Accelerator for Legal Claims Payments. RPA can pull and analyze information from dozens of applications, make determinations with extremely high accuracy, and plug into existing claims processing systems to support fast and accurate check delivery to attorney offices. This accelerator also empowers insurers to add, update, and refactor the existing legal claims payment criteria. The data collected can identify which policies pay out more often, identify risk queues, and help shape a policy that is less susceptible to risk, can more easily identify fraud, and highlight potential subrogation opportunities.
Through payment automation, insurance companies can prioritize manual efforts on generating income, trim extensive spending on inefficient operations, and eliminate the risk of human error – ultimately providing valuable data for insurance modeling.
Key features and benefits include:
- Streamlining Claims Processing – by replacing the need to handle claims manually, thus enabling up to a 90 percent reduction in the claims payment time. It eliminates human error, and increases efficiency and accuracy.
- Non-invasive Compatibility - that allows customers to easily streamline their business operations. It imitates human keystrokes and mouse clicks, interacting with the presentation layer of computer programs and applications. It easily integrates with existing programs, without the need for customers to replace their existing IT setup.
- Optimization & Cost Management – By reducing cycle times and decreasing the need for ongoing training and significantly improving the service delivery model
- Effective Data Analysis - by gathering, organizing, and analyzing data from multiple sources with a consistent and feature rich overall view, empowering the user to execute various functions at a single click
To learn more about Synechron’s InsurTech Accelerators focused on Robotic Process Automation and the work we’re doing email us at email@example.com