Automated Claims Processing Saves Time and Money in the Insurance Industry - VeBridge

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Automated Claims Processing Saves Time and Money in the Insurance Industry

In the highly competitive Life Insurance industry, efficiency and outstanding customer service are mandatory for growth and success.  It is difficult for insurance professionals to deliver the highest level of timely service when they rely on outdated legacy systems and manual-based insurance document management processes. Automated claims processing is no longer a luxury, it’s a competitive requisite.

Claims Processing Improvement

Founded in 1960, Investors Heritage Life Insurance Company is licensed in 30 states and provides insurance and annuities to fund funeral services through funeral homes.  Investors Heritage recognized that their Claims Processing procedures are a key component to providing the high customer quality mandates of the organization.   Their prior claims process involved several manual steps where incoming claims were received via fax, email or mail, then printed out and filed in 1 of 5 color coded folders.  Next, the folders were passed to a benefit claims professional who verified the claim information in their legacy back end system and validated the submission with the IRS and Child Support websites.  Once all documentation was received and verified, the folder was sent to management to approve the payment.  If the claim was above a certain dollar amount, up to 3 levels of management could be required for approval, and the folder was sent to each manager for sign off. Investors Heritage

Investor Heritage looked to VeBridge to implement an Automated Claims Processing Solution.  They wanted to streamline their existing process with automated workflow that enabled their benefit claims professionals with immediate access to the right documents.  Their goals were to provide visibility into claims status as claims moved through required processes, and to integrate with their legacy back end system.  The expected business benefit was that all claims would be managed in a consistent and controlled manner, allowing for processing time to be minimized and errors to be eliminated.

Better Information Enables Better Decision Making 

Leveraging OnBase, by Hyland Software, incoming claim data is now captured and imported directly into OnBase. Documents are grouped automatically into digital folders by claim and tracked by policy number, policyholder and company.   All documents are stored as their individual document types, which aids in recognizing which documents exist and which are missing.  Data is copied directly from the legacy system into OnBase eliminating a manual printing step.

Claims are then placed into a “pending” queue workflow. When additional documents are added to the claim, they are automatically added to the benefit claims professional’s queue and flagged as “available for review.”  Check approval is now completed through automated workflow, and no physical documents (folders) are passed around the office.  If additional levels of approval are required, email notification includes all supporting documentation needed for a quick approval.  The workflow provides the flexibility for management to determine who needs to be notified for approvals based upon availability.

According to Executive Vice President & COO Raymond Carr, “the paperless, automated workflow allows our Benefit Claims professionals to focus on providing efficient, high quality service to our customers.  In addition, digitizing our paper claim documents on the front-end of the process has reduced risk by enhancing our data security and improving our business continuity program.”

A Bridge to Better Business

Claims processing automation enables enormous savings in time and money, and can help reduce human errors in the process. In the Insurance industry, reducing the cost of claims processing is key to profitability. Reducing cycle time, the elapsed time from opening a claim to its settlement, is key to customer satisfaction.  Set up a free consultation with VeBridge to evaluate how business process automation can build a bridge to your better business.

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