Claims and adjustments require the utmost efficiency and accuracy during processing. Not only is the credibility and reliability of the company at stake, but the very welfare of its entire client base.
So what gets in the way of providing the best customer care? And what are ways to ensure that these things do not jeopardize your company’s credibility?
Besides the fact that claims are problematic in general, the main issues insurance companies face are time-related. From the time a claim is submitted to the time it’s closed, multiple manual process steps put the file in danger of compliance lapses and data inaccuracy. When these discrepancies take place, more time is spent on attempting to fix them while competing for the continued trust of the client.
Many insurance companies have learned that when an information management system is in place, human error is minimized, claims go by without a hitch, and clients are pleased. So how does a company begin this transition to electronic document management and paperless office, keeping into consideration the amount of back-logged files and files in mid-process?
The first step is to make sure all old files are converted electronically and stored in an Enterprise Content Management system (ECM) where they can be retrieved with a single click and viewed by multiple parties at once, without the need to shuffle through thousands of paper files. Then focus can be shifted to making sure current claims are processed as efficiently and cost-effectively as possible.
Here’s how ECM optimizes your current insurance claim processes:
- IT ELIMINATES PAPER: documents are converted to electronic format and stored in secure environments, eliminating paper and storage costs
- IT INCORPORATES SECURITY CONTROLS: these electronic documents can be accessed only by those parties cleared to do so. In addition, a single document can be viewed by multiple parties at once directly through the ECM system
- IT STRAMLINES WORKFLOW: processes are not only audited automatically but streamlined to optimize workflow capabilities, and maintain regulatory compliance standards
- IT INCREASES CUSTOMER SATISFACTION: ease of access allows files to be located faster, allowing personnel to answer customer queries within hours if not minutes of receipt
If your claims department is spending more time searching for lost documents and waiting for approvals than focusing on customer satisfaction and growth, contact us at DataBank to find out which information management system can help you optimize processes and improve customer growth! Also, feel free to download our Ultimate Guide to ECM below!