Due to the nature of claims often being written in a highly descriptive manner and requiring several complex tasks to process, many insurance companies still rely on manual processing. This requires the claims team to carry out repetitive and labour-intensive tasks such as categorisation, data extraction and entry, validation and checks in order to process. For many insurers, the reduced staff and the volumes of claims currently being received are placing additional pressures on existing teams. This means these routine tasks become time-consuming, error-prone and remove the team from performing essential actions such as providing support to customers on the phone.
Intelligent Process Automation (IPA) technology could offer insurers vital additional support as they adapt to meet the challenges of a new world. IPA platforms deploy a combination of AI, Machine Learning, OCR, Natural Language Processing and RPA to automate the manually repetitive and labour-intensive tasks involved with claims processing as described above.. This not only speeds up claims processing significantly, but also frees up the claims handling team to focus on decision making and valuable, critical tasks.