Insurance claims electronic processing grants complete transparency to supervising personnel while maintaining security controls for various parties viewing related documentation.
It’s no wonder then that large and small insurance companies alike are adopting Enterprise Content Management systems (ECM) to manage their claims processing. Not only does it grant a level of security which paper processing cannot, but it buffers the risk of compliance infringements due to human error, slow approval processes, and misplaced files.
The main challenges in claims processing revolve around the inconvenience of paper handling. Paper is SLOW, COSTLY, and EXCLUSIVE. And here’s what I mean by that:
Paper is SLOW: For a single claim document to complete its lifecycle can take weeks or even months. From the initial data entry to the final approval are a myriad of manual process steps which involve the original copy of the claim being passed from department to department. Not only do these documents often get piled up along with their other equals, but this manual handling often yields multiple errors in the document lifecycle – errors which take additional time to correct and revise. In addition, even after the last “I” has been dotted and the claim file has been stored away in some rusty filing cabinet, sifting through to find information to answer client requests takes another considerable chunk of time. In other words, paper is slow.
Paper is COSTLY: A recent article in www.propertycasualty360.com, states that “Recent estimates show that an organization makes 19 copies of each document, invests $20 to file each document and spends $120 in labor searching for each misfiled document.” Searching through paper takes time, and time is money! Additionally, the epic file search takes up the client’s time, which can in turn jeopardize your professional relationship with said client. Which would you rather? Take hours and sometimes days to find documentation to answer a relatively simple client concern, or retrieve the document directly from your desk with a single mouse-click and answer the query instantly? Think about it!
Paper is EXCLUSIVE: Last but not least is the issue of paper exclusivity which delineates the challenge posed by a single claim file being passed around to multiple parties. With ECM, a single document can be viewed, reviewed, and edited by many authorized parties at once, shaving exponential time off the file lifecycle to the final approval, increasing your company’s ROI, improving your client relations, and allowing your department to focus on GROWTH instead of playing catch-up.
Here is how Enterprise Content Management has helped Insurance companies solve these issues and optimize their claims process:
- It allows you to retrieve documents with a single click
- It minimizes the risk of human error and, therefore, of jeopardizing regulatory standards
- It allows you to make the most of the staff/personnel you already have
- It creates automated electronic workflows
- It reduces the paper and storage costs
- And last but not least is that it allows supervising personnel to track every claim exactly where it is in the approval process
Imagine how much growth is possible once you never have to see that paper mound on your desk again or call multiple parties to pin-point a particular document updateâ¦
Connect with one of our business process experts below to find out why ECM is the fastest-growing, most cost-effective solution for Insurance document management!