Why is RPA gaining popularity and how is it beneficial?
As the market grows more competitive, businesses look to automation tools to achieve growth and efficiency. Robotic process automation (RPA) can help to automate tasks and improve efficiency. RPA is a software tool that can be programmed to imitate the inputs of a human. It can perform various functions within a company, including copying data, launching and interacting with software applications, and pulling data from various document types.
Next-level tools like RPA will change the way we conduct operations. It's clear that these technologies will impact an organization’s productivity and efficiency in the future.
Assigning repetitive tasks to your RPA tool will generate higher productivity with fewer errors. This frees your employees to focus on high-value tasks.
Real-world statistics to prove the benefit of RPA implementation for insurance claims:
Meet your newest claims resource: RPA
RPA is great at executing precise and tedious work. Your claims department is an ideal place to implement it. RPA in insurance claims processing can connect different applications and work with legacy systems. All this can help automate processing without pauses or disruptions.
You can automate many tasks such as data entry or retrieval. And you can locate disparate input media for claims verification, claims capture, and many other areas. This can speed the overall claims process and ensure that all claims activities are completed accurately and on time.
Automation can also help you keep up with frequent changes in regulation and compliance. You can easily make updates to your system to ensure that your claims process is always up to date. When you know you’re complying with the latest state and country laws and regulations, you’ll have peace of mind knowing that you’re mitigating the cost of related fines or penalties.
Claims processing will certainly remain a primary function well beyond 2022, but it’s estimated that more than half of claims activities have already been automated. It’s time to tap into automation as your new claims processing resource and free up your FTEs for higher-value activities.
Claims-specific benefits of RPA
Companies that have adopted RPA tools in their workplace have seen certain overall benefits including higher productivity, improved accuracy, and cost savings.
Beyond that, your claims department could benefit in other ways, such as:
- Fewer mistaken payouts or denials
- 100% data accuracy and integrity
- Improved risk management and compliance
- Faster turnaround times for improved customer satisfaction
Maximize your ROI with these 3 RPA claims use cases:
1. Manual claims data entry
Claims processing is data- and document-intensive. The claims full-time employee (FTE) needs to manually collect a vast amount of information from varying sources, such as quotations, third-party data, and more. A manual, lengthy claims process can lead to inconsistencies and errors—creating trouble for both customer service and operations.
Automation helps the claims team easily centralize relevant data from various sources. When all the information is in the same place, claims can be processed much faster (up to 75% faster). Faster claims resolution equates to higher customer satisfaction.
2. Regulatory compliance
As a highly regulated industry, insurance companies must comply with frequently changing policies, laws, and regulations. Compliance standards include HIPPA privacy, PCI (Payment Card Industry) standards, and state and local tax laws. A small regulatory change can have a major impact on processing. In some cases, your entire process might need to be updated. This can be a major task when operating in different states and countries.
RPA has robust logging that users can leverage for regular audits to ensure data is fact-checked and accurate. This reduces the risk of non-compliance and saves you from potential penalties and fines to your organization.
3. Disparate input media
Paper, electronic documents, images, emails, and sometimes even the apps handling different stages of the claims process vary wildly—and are almost never integrated. The result is a distinct lack of control and accountability.
Bringing automation to the claims process enables you to extract data from disparate systems, no matter the source. RPA can integrate with all your applications and systems, including legacy systems, without creating disruption. It’s entirely scalable according to your needs and can improve your overall accuracy.
“After conducting a discovery phase with our claims team, CAI found that the clearest single return on investment was a bot for third-party claims. Our return on investment is more than three times what we expected and enhances our service promise to our customers.”
Start your claims processing team on their RPA journey
Automating the claims process can help ensure efficient, accurate, and timely results. Since those processes are so vital to a company, it’s important to get off to the right start.
RPA is a complex, constantly evolving technology, but it doesn’t have to be intimidating. Get expert guidance and a solution customized for the needs of your claims function. In the world of RPA, one size doesn’t fit all. Your business is unique—your solution should be too.
Getting started is easy. Request a complimentary assessment to identify low-hanging opportunities for automating your claims process.
Series: Maximize ROI from your RPA
Read more in our 5-part series on maximizing your return on investment in RPA.