OCR
Revamping Insurance Claim Processing
Client background:
Our client is a major national insurance company specializing in personal and commercial insurance products. They provide health, vehicle, and home insurance services across the country. As their client base developed, they encountered difficulties in handling a significant amount of insurance claims. The manual claims processing approach resulted in considerable delays, mistakes, and increased operating expenses.
Regami Solutions was contacted by the client to enhance their claims processing process. Regami had to figure out how to improve and expedite the procedure.
Challenges:
Given the growing volume and complexity of claims, the client's manual insurance claim processing system was proving to be unsustainable. The lack of automation led to delays, frequent errors, and rising operational costs as data had to be manually extracted from various claim formats. To fix these issues, the client required an extensive solution that could eliminate human interaction, improve data quality, and speed up the claims processing cycle.
Regami Solutions was tasked with implementing an advanced technology solution that would effortlessly integrate with their existing infrastructure and optimize claims processing efficiency.
Our Solutions:
Utilizing OCR technology, we deployed our own AI platform, Percepta, to speed up the client's insurance claim procedure.
Automated Data Extraction via Percepta OCR: Percepta OCR facilitated the automatic extraction of critical data from a range of claim-related documents, such as forms, medical records, and invoices. This reduced manual data entry, minimized errors, and streamlined data capture, significantly enhancing processing speed and accuracy.
Reduction in Processing Time: By automating data extraction and categorization, the solution accelerated claims handling, cutting down the time required for claim approvals and resolution, thus improving operational efficiency and expediting service delivery.
Easy Integration with Existing Systems: Percepta OCR was integrated effortlessly into the client's legacy claims management systems, ensuring a smooth implementation process. This integration minimized system disruption and provided a swift transition to the automated solution, ensuring business continuity.
Scalability for Increasing Claim Volume: The solution’s scalability allowed the client to efficiently manage growing claim volumes without the need for additional manual resources, ensuring operational agility and supporting business growth.
Enhanced Data Accuracy and Reduced Errors: The Percepta OCR system significantly improved data accuracy by reducing manual data input errors. This resulted in a more reliable and consistent claims processing workflow, minimizing the need for manual corrections and improving the overall quality of data.
Analytics for Informed Decision-Making: Percepta OCR provided actionable insights and performance metrics, enabling the client to track claim data, identify process inefficiencies, and make data-driven decisions to improve the overall claims management process.
Outcomes:
The implementation of Percepta OCR resulted in significant improvements in our client's claims processing operations:
Significant Reduction in Claim Backlog: By automating the claims processing workflow, the client was able to significantly reduce the claim backlog, ensuring quicker resolution and fewer delays in processing pending claims.
Increased Claims Throughput: With automated data extraction and categorization, the client saw an increase in the number of claims processed per day, improving overall throughput and enhancing operational efficiency.
30% Reduction in Operational Costs: Automation reduced the reliance on manual labor, leading to a 30% decrease in operational costs. This enhanced overall operational efficiency and contributed to long-term cost savings.
Enhanced Customer Satisfaction: The reduced claims processing time and higher data accuracy contributed to improved customer satisfaction, with faster and more accurate claim settlements driving higher levels of trust and loyalty.
Scalable Solution for the Future: The solution provided the scalability necessary to accommodate increased claims volumes, allowing the client to grow their business without the need to invest in additional manual resources.
Improved Compliance and Risk Management: The Percepta OCR system ensured that claims were processed in compliance with industry regulations, reducing the risk of errors and compliance violations and maintaining the client’s reputation within the industry.