They are formal requests made by customers covered under specific insurance plans who ask insurers for payments as per the term of the policies.
The research even went on to assert that poor claim handling experience could put up to USD 170 billion of global insurance premiums at risk by 2027. Another report by EY found that insurers need to improve claim processes as 87 percent of policyholders believe their decision to remain with their insurer is directly proportional to their claims experience.
As per the latest Experian Health data, three out of every ten healthcare leaders said that claims denials are increasing at a rate between 10 to 15 percent; 70 percent of the survey respondents said now that the pandemic is over, claims management is more important than ever before. As per them, reduction of claims denials should be the number one priority.
Let’s be honest; handling and processing insurance claims is not as easy and simple as it sounds. It’s a fairly complicated process. In the modern era, however, handling claims the traditional way is not only time-consuming but also prone to errors and highly inefficient.
This blog post explains how insurance companies and insurance contact centers can optimize insurance claims processing with insurance contact center software. Read on and thank us later.
The Role of Insurance Contact Center Software in Optimizing Claims Processing
By digitizing and automating many manual tasks, insurance contact center software optimizes insurance claims processing in the following ways:
1. Efficient and Omnichannel Communication
In the present time, a majority of insurance customers prefer contacting their insurance companies using a wide range of communication channels such as video calls, web chat, emails, text messages, instant messages, and social media. That’s why contemporary insurers cannot afford to overlook omnichannel communication.
If insurance companies don’t provide omnichannel communication, then they cannot deliver desirable claim processing experience to their customers. That’s why it’s extremely important to leverage a sophisticated omnichannel platform for efficient processing of claims.
The right insurance contact center software can enable insurers with just that. By supporting all communication channels, sophisticated contact center software can enable claimants to choose their preferred method of communication.
2. Automatic Processing of Incoming Claims
Some years back, processing claims was a fairly manual process. Employees who processed claims did the following things manually:
- Verified details and entered data
- Sorted paperwork individually, and
- Processed one claim at a time
So, the process was not only time consuming and labor intensive, but it was also inefficient and susceptible to errors and delays.
With digitization, things changed for the better. The introduction of insurance contact center software automated processing of incoming claims. The technology sophistication of the insurance contact center has made it extremely easy to handle the volley of data that comes into the insurance contact center every day.
3. Streamlined Intake and Triaging of Claims
When claims come to insurance companies, they come in varying patterns mainly due to unpredictable factors such as seasonal trends or certain events (such as natural disasters). Sometimes claims arrive in large numbers due to unexpected circumstances and may be random in request. Other times, the volume could be more predictable or steady.
Insurance companies and insurance contact centers must pay extra attention to all the incoming claims processing requests and triage the claims as per priority. The high-priority claims must be attended first followed by the low-priority claims. For instance, in the maritime industry, insurers give the highest priority to claims for wages due pertaining to employment on the vessel. Such claims would be attended and cleared first.
That’s where leveraging sophisticated contact center software can be extremely beneficial. It can immensely help in streamlining the intake and triaging of claims. Cutting-edge contact center software is equipped with advanced features that help claim processing employees in deciding which claims to take first and process.
4. Enhanced Communication and Collaboration
Effective communication and collaboration is extremely crucial while processing claims. If anyone wants to know the importance of effective communication in claims processing, then take a look at the study by Hi Marley. According to the survey, poor communication was mentioned in more than one-third of one-star reviews. Insurers must ensure clear communication and effective collaboration for enhancing their claims process.
One of the best ways to improve communication and collaboration is by leveraging high-quality unified communication tools. This facilitates seamless collaboration between claims adjusters, underwriters, and other stakeholders. By doing so, it not only enhances communication and collaboration but also enables real-time information sharing and decision-making.
There sophisticated contact center software can be extremely helpful in providing superior communication and collaboration. Adept at providing consistent and personalized interactions across all touchpoints, omnichannel contact center software delivers a high-quality claims processing experience.
5. Workflow Management
Workflow management is extremely important in insurance in general and claims processing department in particular. When employees have a streamlined workflow management, they are better equipped to process all outstanding claims in an efficient and seamless manner.
That’s why insurance companies must do whatever it takes to manage workflows of employees engaged in the claims processing department. Leveraging the right insurance contact center software can mean the difference between robust workflow management and ineffective workflow management.
Insurance contact center software is equipped with workflow management tools that can automate repetitive and time-consuming processes such as:
- Compliance management
- Customer ticketing automation
- Submission of claims
- Tracking of claims status
- Follow-up with insurance providers, and more.
Insurance workflow management helps insurance companies adapt to the digital world by automating repetitive tasks through automation software.
All in All,
Modern problems call for modern solutions. Processing of claims has been rife with several challenges in the insurance industry in the past. But the rapid digital transformation is set to change things for the better.
In the digital age, claims processing does not have to be manual and time consuming. The use of sophisticated tech tools such as insurance contact center software can help in automating the process.
