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Taylor Trapani, Marketing Associate

We live in a world where the internet can browse up to 1,000 megabytes of information in one second, where the fastest car in the world, the Hennessy Venom GT can travel 400 feet in a second, and where we can even get a Jimmy John’s sandwich in 30 seconds. Okay so that last part may be an exaggeration, but let’s face it, our culture has evolved to one that expect information and results instantaneously — and we carry those expectations to all aspects of life. It’s no surprise then that today’s insurance customers expect the ability to submit a claim from any device and receive a fast and easy payout process.

For insurance companies using inefficient content capture systems, complex claims, and multiple application interfaces, paying out a claim can dramatically slow. If you think your company can relate to any of these setbacks, then you need faster claims processing. Consider whether your current system might be what’s holding you — and your customers—  back.

3 Reasons Why Your Claims System is Slowing You Down

1. Manual Ingesting of Claims Content   

Claims content such as photos, emails, faxes, and forms arrive from many different devices in varying formats, placing great responsibility on processors to place the right content in the right case. This manual ingestion method often leaves content “lost” or misplaced, resulting in set backs to slow down the claims process overall.

A more efficient way to receive and organize claims content is with an automated capture solution. A capture solution assigns specific metadata to each piece of content based on predefined rules, automating the prioritization and processing of content.

2. Straight-Through Processing (STP)

Straight-through processing, also known as linear processing, is another aspect of a claims system that slows insurers down. Just like the name implies, linear processing processes content in a predictable pre-determined sequence. This is troublesome as complex claims are unpredictable and exception based.

An alternative to linear is parallel. This type of processing allows users to simultaneously complete independent tasks, rather than one at a time. Giving insurers the ability to complete more work faster and meet customer expectations.

3. Application Jumping

With all the different forms of content that support a claim, insurers use several different systems to access and process a claim. They jump from application to application, spending large amounts of time searching for what they need — and if not found, they need to re-create the information. 

A single interface gives processors insight into content at different locations without jumping in and out of applications. In turn, insurers avoid redundancy and wasted time and allocate more time towards the customer.

Accelerating Your Claims with Pyramid Solutions

In a world where anything can happen in a matter of seconds, it’s important that insurance companies move fast, too. After all, customers hold high expectations when it comes to the turnaround time for insurance claims. Don’t let the speed of your insurance claims process put you behind the competition. We’ll help you streamline your insurance claims faster through intelligent automation.

Contact Pyramid Solutions and make sure you stay ahead of the competition.