For nearly all lines of personal and commercial insurance, 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. Moving to a fully automated process is a goal for claims processing of nearly all insurance executives.
Companies are at various levels of automation and often do not have an appropriate strategy to achieve higher levels of automation. This white paper identifies seven levels of claims automation and provides a roadmap that can be followed to enhance claims processing. This straightforward approach can be used to increase the likelihood of successful automation.