Intelligent Automation for the Insurance Claims Process
David Burnie shares a post from his company blog on how automation in the first step of claims processing can help streamline the process.
The First Notice of Loss (FNOL) – the first step in claims processing – is one of the most crucial customer touchpoints for an insurer. Yet, for most carriers, FNOL continues to be a lengthy, manual, call centre-based service requiring extensive data gathering. This process translates to high operational costs and cycle time and a less than satisfactory customer experience.
Providing a fast, streamlined and transparent claims intake process is no longer aspirational; it is table stakes for customers who expect nothing less from their interactions with all their service providers, including banking, retail, and entertainment.
Luckily for insurers, the intelligent automation landscape has advanced significantly over the last few years, enabling insurers to innovate rapidly and cost-effectively.
Traditionally, the key barriers to change for insurers included long-established processes that rely on legacy systems and a workforce under strain. A transformation roadmap for claims starts with re-imagining the end-to-end customer experience at each stage of the claim. Intelligent automation and artificial intelligence (AI) offer a proven pathway to produce a better claims service while leveraging core legacy systems. Intelligent automation brings systems, both legacy and new, into the process to create a seamless experience.
Key points include:
- Automating FNOL in auto insurance
- Automating FNOL in travel insurance
- Benefits of intelligent automation in insurance
Read the full post, How Automation Can Support First Notice of Loss (FNOL) Reports, on the Burniegroup.com.