Have a question? Our team is here to help guide you on your automation journey.
Browse documentation on how to install, configure, and use our products effectively.
Explore support plans designed to match your business requirements.
Powered By
Automation Success Platform Create a system of work with our connected suite of intelligent automation apps and tools to discover, automate, scale and engage. Explore our Platform Explore our Platform
Featured Solution
Google Cloud Google Cloud and Automation Anywhere empower enterprises to fast-track their RPA journey Google CloudFeatured Solution
Amazon Web Services Streamline workflows, reduce costs, and make automating even easier when you combine the Automation Success Platform with AWS Amazon Web ServicesAccelerate your business with a digital workforce
Get Community Edition: Start automating instantly with FREE access to full-featured automation with Cloud Community Edition.
Featured
Now & Next: State of Intelligent Automation Report Learn how automation leaders are embracing Intelligent Automation & generative AI for increased productivity, innovation & growth. Download Report Download Report
Featured case study
Leading Broker-dealer Osaic Transforms Business Through Intelligent Automation. Explore case study Explore case study
Get in touch with us Get help, know more, learn, ask questions, or just say Hi! Contact Us Contact Us
Blog
As with any other industry, the insurance sector is under immense pressure to increase efficiency and remain competitive in an increasingly digital business landscape. To address this challenge, insurance companies can use Robotic Process Automation (RPA) and artificial intelligence to drive growth.
The insurance industry has a high automation potential, with many areas for opportunities. But one of the most overlooked areas is claims management. Yet, claims management process flow is a critical part of the insurance business. This blog post will explore how insurers can effectively manage claims and reduce costs through automation.
Based on the analysis from the Kaiser Family Foundation, claim denial rates differ among Healthcare.gov marketplace payers, with some as high as 80%. A high claim denial rate can result in millions of dollars in lost revenue for an insurer.
Inefficient claims management processes affect both the top and bottom line as they drive up the cost of processing claims. Several factors are at play, but the most common ones are:
As the insurance industry looks to optimize claims management processes and gain a competitive edge, leveraging a digital workforce through robotic process automation and artificial intelligence increases customer satisfaction, reduces costs, and improves operational efficiency.
Here are some steps on how to automate and manage claims effectively:
Leaving repetitive and low-value tasks to RPA bots can boost efficiency and accuracy while reducing processing time and costs. For instance, claims processing software takes care of gathering and verifying customer information, saving your human workforce valuable time and resources.
Data can help claims adjusters make better decisions about claim payouts. By understanding historical claims patterns, insurers can develop predictive models to help identify potential fraud or abuse.
Customer satisfaction is a crucial driver of business success. The right claims management software can help insurers improve customer service by making it easier for customers to submit claims and track their status.
Fraudulent claims cost the insurance industry billions yearly. Automated fraud detection systems can help identify suspicious claims activity and flag them for further investigation.
Automating claims processing can help reduce the need for manual input and improve accuracy. Additionally, data-driven decision-making can help claims adjusters make better payout decisions, preventing hefty losses.
There are a few key ways to manage claims effectively and reduce costs. By implementing some of these measures, your company can save money while still providing quality service to its customers.
For Students & Developers
Start your RPA journey instantly with FREE access to Community Edition