Regulatory pressures, stifling competition, time-consuming documentation, rising operational costs and claims expenses, are just some of the challenges confronted by insurance organizations. In the face of growing demands, organizations are turning to more systems and technologies. However, for a highly regulated industry, governed by mounting data and documentation, adding more tech without strategy only escalates problems: from losing time, to rising spends and manpower for managing disparate systems. Claims processing is undoubtedly the most critical function for any insurance organization, where delivering the commitment can make or break the company reputation. It remains a key touch point for the customer as claims means insurance to them.
The traditional insurance claim process that takes weeks and months is frustrating for customers. Today’s tech savvy, always-on customer seeks rich interactive experiences and brings similar expectations into the insurance realm as well. Speed, convenience, and transparency in claims management are the key to unlocking customer loyalty and satisfaction. When insurance companies are unable to deliver to expectations in real-time, they run the risk of eviscerating their customer base by as much as 50 percent within five years. More so, at the claims processing stage, a customer is twice as likely to switch providers. Further, the elaborate documentation process involved in manual claim processing, constantly changing government regulations, along with rising insurance fraud add to the challenges.
Overcoming Challenges: Cognitive (Intelligent) Data Capture to the Rescue
Claims management and customer engagement go hand-in-hand in this service-oriented industry. Organizations in their journey to offer intelligent automation solutions are aiming to increase accuracy, speed, efficiency, reduce costs, and offer positive customer experiences.
With cognitive capture, companies can intelligently automate manual, error-prone, and expensive claims management functions: from data capture drawn out of unstructured data, accurate and quick documentation processing, to getting the data to work within seconds. Cognitive capture has come a long way. For instance, a huge stash of input documents can be deciphered and classified within seconds, or personal data can be quickly flagged for protection keeping problematic situations at bay. As a result, it has become a critical tool for business operational efficiency. With its range of capabilities such as multiple optical character recognition engines, cross-field validations and database lookups, the capture accuracy is very high. It “reads” the entire document, extracting actionable data with minimal human intervention.
HCL EXACTO™ Value
Imagine having 60 seconds to complete just 12 transcription tasks manually. As insurance organizations rapidly transition from paper to digital, this reality is changing, whilst these paradigm shifts continue facing challenges. The need to up the game with a capable digital partner has never been so critical. With HCL EXACTO™, organizations have the opportunity to avail near real-time claims processing speed along with higher accuracy.
Recently, a global financial/insurance organization approached HCL to help them devise a solution for their slip processing system and take it digital. The client needed a solution that could collate analog documentation, most of which had handwritten elements, and deploy them to a digital database. This would require a solution that could extract large volumes of contextual data from analog documents while maintaining accuracy and cost and operating at speed and scale. This is when EXACTO™ entered the picture.
With EXACTO™, we were able to help the client revolutionize their slip processing system. Scanned slips were supplied to EXACTO™ via a content repository as well as being accessible via an API for inputs. Powered by its AI engine, EXACTO™ was able to extract the relevant information from handwritten and typed documents, including company stamps and signatures. With its Active Learning Module, the solution rapidly evolved to increase accuracy from 65-85% to 95%, in a short period, as the system configured itself to the specific needs of the customer. Powered with this data, the client was able to access business intelligence at a scale unlike ever before to achieve actionable outcomes.
HCL’s EXACTO™ is an end-to-end solution that can be integrated with the existing back office and application for immediate benefits.
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