In a recent survey done by a leading research firm, they discovered that only 61% of respondents [home insurance customers] were satisfied with the level of communication during a claims process, while the other 39% were highly dissatisfied. Another study has also revealed insurance companies lose nearly $ 80 billion annually [USA alone] due to fraud & inaccuracy of data.
We have been talking about how valuable automation and claims is to the business of insurance and our blogs on Robotics in claims and Neutrinos claims submission solutions call that out in earlier posts. In this post, we shall discuss more on automation and claims.
Insurers & Claims
While insurers are ready to implement automation into the system, scanning PDF documents or automation of the entire workflows, these do increase complexity of claims processing, among other challenges. The output from this automation largely depends on the quality of automation incorporated into the system, including the technologies used.
Another challenge is that some of these systems rely on human intervention to complete the process. This again leaves the system exposed to errors and delays.