The insurance industry is buzzing about the idea of “Digital Transformation,” but what does the term mean, and how will it help you reduce operating costs?
Some insurers think of digital in the context of their self-service capabilities, and that is important when it comes to being digital. However, that is only one part of being a digital enterprise. Digital capabilities must enable the entire organization to improve efficiencies, quickly respond to changes in the industry, and support your customers.
Insurers quickly realize their legacy systems and paper often stand in the way of meeting their transformation goals. According to PWC – Top Issues in the Insurance Industry, nearly 70% of insurance business systems today are legacy applications that stand in the way of serving customers better. With claims costs continuing to rise, these processing costs are a black hole for insurers. Insurers must evaluate new and innovative approaches to claims handling.
Claims Management Software
OnBase can provide insurers with instant access to documents and information surrounding a claim. Its single interface provides all of the claims content, regardless of where it originated or of its format. The solution offers insurers a 360-degree view of all the information about the claim.
Our Property & Casualty (P&C) and Life Insurance claims management solutions can help insurers manage and optimize all aspects of a claim, from the first notice of loss through investigation and close. For more complex claims product lines, such as short and long-term disability, cancer, and so on, the OnBase Case Management Solution allows an insurer to dynamically interact with the claims process, handling even non-linear aspects of claims processing. The OnBase Case Manager is integrated with document management which brings the added value of allowing task management at the case level throughout the claims process.
Key features of an OnBase Claims Management Solution:
- Automate repetitive manual tasks, freeing up adjusters to focus on high-value tasks
- Manage work distribution by authority levels, skill sets, type of claim or other business rules
- Integrates with core policy administration applications
- Ensures that a detailed audit trail and internal controls are maintained to minimize risk
- Automate generation of correspondence requiring specific legal wording
OnBase gives the claims adjuster all the information that is pertinent to the claim to make timely, accurate decisions.
Triple Daily Processing
With the use of OnBase, third-party benefits administrator, Discovery Benefits, more than tripled its daily processing capacity. After replacing their paper-based processes, they were able to increase their daily claims processing volumes from 60-80 daily cases per claims specialist to 250-300 claims per worker. Automation saved approximately $500,000 a year in paper costs alone.
Discovery Benefits reduced turnaround time on faxed claims to one day. But, most importantly, the OnBase solution eliminated costly overtime — 20 hours per employee per week, five months each year — in manually processing year-end customer renewals.
Take a Leap toward Digital Transformation
To learn more about how Naviant can help you develop a Digital Content Strategy and the OnBase’s Claims Management software, watch our Customer Service and Claims Management webinar or reach out to us!