6 Ways Property Insurers Can Improve Their Claims Process

It’s been several years since the digitalization era began, yet many property insurance agencies haven’t fully adopted it yet. However, it’s the only way for them to accelerate their claims process.

It’s a much-needed step to ensure that you provide fast and high-quality services in this modern age. In 2017, Canon Business Process Services released an insightful article on how digitalization can advance claims processes.

We’ve gathered all five tips plus one insider hack to help you with the digital transition.

Digitize All Claims Upon Receipt

Mckinsey’s Digital Disruption in Insurance report predicted that “by the end of 2016, insurers leading in digitization will financially outperform slower digital adopters by 100%.”

At this point, the new normal has definitely increased that percentage by a lot. Canon suggests that insurance companies scan, digitize, and validate claims right upon receipt.

This is to minimize the many paper documents around and to cut about half of the operating costs and cycle times.

Smart data organization takes away most of the time and steps traditionally spent in the claims processes.

Automate Your Entire Insurance Claim Process

The top personal enemy of every property insurer when it comes to claims handling is inefficiency. Manual labor against a voluminous amount of claims is a trap.

It’s difficult to stay productive and sharp under such a condition.

It’s even worse if you have a digitized transaction processing system while your workflows remain unintegrated into any digital platform.

Automate all the way. Don’t leave an accounting or claims process behind.

It’s highly advised to do this full process automation, especially in this time when the pandemic still has industries on hold.

Use Your Claims Processing Software’s Auto-Classification Function

This is a pretty easy function to miss. We’re encouraging you to do full automation, after all. That means using (learning) several applications at once.

Auto-classification technology can be found in most claims processing tools. It does the following for insurers:

Separate document pages
Extract data
Validate documents
Drive capture-to-process applications
Enhances the quality of scanned images

It’s one of the best ways automated claims processing can boost your company’s efficiency and productivity.

Optimize Every Claim

Optimizing or cleaning claims will speed up the process of getting documents into the digital workflow.

Automation enables insurers to examine claims the first time they’re received to see if they need improvements before the digital integration.

No manual claim checking, shorter lead times, and a lot less operational costs.

Outsource to Stay Competitive in the Industry

Outsourcing claims processing services can innovate your operating performance, reduce expenses, and ultimately increase customer satisfaction.

Here are the essential claims handling services you can outsource:

Records management
Retention strategy

Another advantage of outsourcing is that you would have less training and transitions to spend on and worry about.

The independent professionals out there are already adept with claims handling technology.

They also have in-depth knowledge of the industry from working with several property insurance companies. That will keep your agency up to date with all the industry trends and demands.

Hire a Third-Party Property Insurance Claim Company to Advance Your Process

Now, we know the technological terms above are a lot to process. For the record, we’ve tried to simplify them as much as we could.

Don’t worry, here at Accuracy Improvement, we offer assistance to property insurance agencies when it comes to quality reviews, adjuster onboarding and training, and claims process optimization.

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