Insurance Claims Processing Automation with Intelligent Document Processing and Intelligent Process Automation

Advanced intelligent document processing platforms employ artificial intelligence technologies, including natural language processing, machine learning and transfer learning. Together, they enable employees who actually process claims to build insurance claims processing automation models – without involving data scientists, or even IT. That delivers a higher level of model accuracy and significant scalability, boosting insurers’ ability to roll out automation models across the company.

No matter how an insurance company receives word of a client claim, it’s sure to come with plenty of documentation. Much of it will be unstructured, making it beyond the scope of a robotic process automation (RPA) solution for claims.

An intelligent claims document processing tool, however, doesn’t have the limitations of RPA for insurance claims processing. It can process any type of document, structured or unstructured. In the insurance first notice of loss scenario, that may mean accepting the initial claim (the FNOL), then validating the claim is covered by the client’s policy. Much of that process can be automated with a tool that “reads” the claim form, extracts pertinent data and inputs it to a claims management tool. Here again, STP may apply to simple claims while others can be prepared with all pertinent information already assembled for an adjuster, greatly reducing time spent on the assessment process.

Automation is crucial for insurance companies if they are to keep up with insuretech startups, or simply compete effectively vs. traditional competitors. It’s also important to helping detect fraud.

More than 7,000 insurance companies collect over $1 trillion in premiums each year, the FBI estimates, making them a prime target for illegal activity. The total cost of insurance fraud exceeds $40 billion per year, the FBI says – and that doesn’t include health insurance. That costs the average U.S. family between $400 and $700 per year in increased premiums.

Automation can help insurance companies do better. To learn more, see our page, “Intelligent Document Processing for Property & Casualty Insurance” or click below for an interactive demo, a free trial or to get in touch with any questions.