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5 Signs It’s Time to Migrate Your Claims Processing to the Cloud

As most insurance pros know, your organization’s ability to process claims quickly can have a big impact on its bottom line.  It’s perhaps one of the biggest factors in policyholder retention.  One slip-up can have an otherwise happy policyholder looking for the door.  When done correctly, claims processing can work like magic to set you apart from the competition, while holding costs in check. 

However, the way that most insurance carriers process their claims needs a lot of work. 

Many insurers still rely on manual steps for collecting claims documents, extracting claims data, exporting documents and data to downstream systems, and inputting data into systems of record. 

Even some automated approaches to claims processing require lots of manual intervention.

That’s why more insurance carriers are automating their claims processing with cloud capture solutions – all-in-one cloud-native technology that classifies and extracts data from any source, integrates between systems without code and connects to your existing content services solution. 

Is cloud capture right for you?

How do you know if your organization should consider cloud capture for processing claims?  

Here are five tell-tale signs that will help you recognize when it’s time to make a change.  

  1. Staff is bogged down.  How much of your staff’s workday is wasted manually keying claims information, fixing errors and mistakes, chasing down information, and pushing around paper and email documents?  You are not alone if you said, “A lot!”  Highly paid knowledge workers at some carriers spend lots of time on mundane tasks.  Cloud capture solutions eliminate the need to perform manual, repetitive tasks.  Data from any source is automatically classified and extracted.  Information is integrated with downstream systems without the need for rekeying.  And users can easily search and find information from a single platform.  By eliminating manual tasks, the staff is freed up to focus on your customers.
  2. Mistakes and errors.  A single error can negatively impact a claimant and jeopardize a valuable customer relationship.  But it’s hard to ensure that information is accurate and up to date when an insurer relies on manual processes.  Overflowing exceptions queues, piles of documents awaiting rework, and calls from claimants complaining about claims errors are all warning signs that things need to change.  With cloud capture solutions, smart AI classifies and captures data automatically.  RPA integrates information between systems without the need for error-prone keying. And users can go back and review videos of completed tasks.
  3. Information bottlenecks. Consider how easy it is to share information between your systems.  Does your staff waste a lot of time double or triple-keying claims information or copying and pasting information between systems?  The Robotic Process Automation (RPA) technology built into best-in-class cloud capture solutions eliminates time-consuming tasks and integrates the cloud capture platform with legacy systems, without code. As a result, information flows seamlessly from the cloud capture platform to legacy content management services, image-enabled line-of-business applications, and other downstream systems. 
  4. Poor scalability. Does your organization have to hire more staff as its volume grows?  If so, then it’s time to consider a cloud capture solution.  The technology is made to scale instantly and integrate easily.  Smart AI, RPA, and machine learning reduce human involvement.  And insurance carriers can add functions as they need them to keep their business evolving.  
  5. High operational overhead.“Doing more with less” is essential in the highly competitive insurance market.  An all-in-one cloud-native solution is an affordable way to automate claims processing.  Users can be up and running fast, without the need for custom code and without disrupting existing systems.  Insurers own their data in their choice of infrastructure.  The technology can scale up or down in an instant.  Insurers only pay for what they need.  And managing content with a single unified solution saves on storage and retention.  

If you are experiencing any of these warning signs, a cloud capture solution may be for you.  

Learn more about cloud capture solutions by arranging a time to chat with an ibml representative.

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