A Guide to Property Insurance Claims Process Automation

Handling claims is one of the most critical processes within a property insurance company. Each case is unique, every customer has different needs, and your workflows constantly have to adjust to the changing demands of time.

Unfortunately, many property insurance companies tend to get stuck in older practices or processes. It’s understandable given the sudden shifts in the industry trends, especially during these times. 

But there’s a way for insurance companies to keep up with these changes. Through process automation, they can reduce the steps of their claims process by half, operate more efficiently, and stay up to date with the latest industry practices. 

Here’s everything property insurance companies must know about automating their claims processes.

What Is Insurance Claims Processing Automation?

Generally, automating an insurance claims process is about optimizing it using digital solutions. These days, automation for insurance companies usually refers to more advanced technologies such as Machine Learning, AI, Software Robotics, and cognitive solutions. 

These technologies not only transform the company’s operations but customer experience as well. With automation, all transactions and stages of the claims process become this whole intuitive system that gets more and more insightful as time passes due to Data Analytics. 

All documents and steps are recorded to make the system smarter each time. You won’t have to constantly figure out ways to solve complex claims. The system eventually becomes equipped with guidelines and data for you to follow. 

How Does Automated Claims Processing Work?

Most insurance companies these days use Robotic Process Automation (RPA). It is a technology that enables insurers to configure computer software or a “robot” to mimic and integrate the actions of a human interacting within digital systems to run a business process.

What it specifically does for insurance companies is that it streamlines the entire claims process. It speeds it up by organizing everything within the system through a machine learning IQ bot. This bot extracts and transmits all data automatically. 

It is a centralized system that enables insurers to track all claim information submitted to their multiple channels. Even manually saved data are collected.

Once all data are entered into the system, the claim automatically gets validated against the policy administration system, adjusted to evaluate the amount of settlement, and reviewed for fraud.

Property insurance companies deal with a lot of issues when handling claims. These problems can be significantly minimized by an automated system. Manual management of hundreds of documents obviously makes the company prone to disorganization and delays. 

Hire a Third-Party Property Insurance Claim Company to Help with Your Transition

One of the underrated solutions for property insurance companies’ problems is hiring a third-party insurance agency to help with some tasks that are vital to scaling. 

For instance, here at Accuracy Improvement, we take over a few major tasks like claims process optimization, training & onboarding, estimate creation, and claims quality review. 

We can also help you transition into a whole new claims process system. Check out our services and contact us so we can discuss your needs and how our elite team of claims handlers can help you.