Claims Processing Powered by Artificial Intelligence Can Save You Millions: New White Paper
September 01, 2016 by Luke Tucker
What is the one thing you would like to change in your life claims process?
This question was posed to claims executives in a recent Celent survey that we wrote about earlier this year in our blog post titled “Best Practices in Life Insurance Claims: Miles to Go”.
Here’s the wish list that insurance claims executives wanted:
Correspondence integration and automation
Front-end automation to capture mortality data
Web-based claim forms, and
A single workflow platform to automate the full claims cycle.
Our newest white paper: “Claims Processing Powered by Artificial Intelligence Can Save You Millions” addresses some of these issues head-on.
It covers how claims organizations are navigating the minefield of challenges including poor quality data, outdated backend systems, and inefficient workflows.
No wonder the executives in the Celent survey wanted integration, automation, and streamlined workflows!
With Captricity, “wish list” items can be shifted to “to-do lists.” By providing a solution that fits within your existing technology stack and works with you to ensure data quality from capture to analysis.
In fact, Forbes Insights recently reported that Data related problems cost companies more than $5M annually. And in our view, one of the most efficient ways to prevent poor data quality and lost time and money is to ensure the highest levels of accuracy at the point of collection.
To build on the cost savings opportunities, one of the biggest takeaways of the white paper was this shocking statistic: pushing the processing cycle time by just one extra day results in over $1 million lost annually.
Captricity has successfully tested and integrated solutions for our customers in days, not months.
Let me illustrate this by telling you a quick story of a top 20 life insurer that came to Captricity with 80+ years of documents. Their original budget to extract data for the analytics team was $9 million, and they wanted to complete the project in 12 months.
Within one month and for just a fraction of the cost, we provided the company with a complete data set of 80 years' worth of legacy information.
This is just one example as dozens of life insurers, including top 20 firms like John Hancock, New York Life, and AXA, have saved money, provided better customer experience and improved their processes with Captricity.
Captricity’s Claims Solution captures and delivers accurate, normalized, and enriched customer information which can be used to automate operational processes, remove the dependency on slow, error-prone manual data entry and, to ultimately provide a better experience for policyholders and beneficiaries, alike.