IMPROVE CLAIMS PROCESSING WITH TOP 5 TRENDING TECHNOLOGIES
The insurance sector struggles in handling so many claim requests that need verification, processing, analysis, and final approval. The policyholders seek immediate action against their claims requests and insurers accomplish this task under various stages. Customers get compensation from insurance companies to minimize the burden of financial loss.
Here are the top five trending technologies that can revolutionize the claims management processes:
Chatbots help the insurers in FNOL and the payment arrangement process of claims management. Chatbots play a significant role in customer service, on the company’s websites, and in mobile apps. We can consider it as the first medium of contact between a customer and the insurance providers. It also offers the most convenient way to interact with the customers and resolve their problems. The insurers can also ensure that the payments are made by the policyholders on time by connecting with them using chatbots.
2. Optical Character Recognition (OCR):
OCR is Natural Language Processing (NLP) based technology that fetches the meaning from the uploaded documents. It also divides them into different categories. OCR also makes the initial claims processing better and improves policy check methods of claims processing. The insurance sector is implementing the OCR tool to expedite day-to-day claims handling activities.
The IoT (Internet of Things) is a widely used technology and has improved every process of insurance companies. IoT facilitates each step involved in claims processing. Policy checks can become more simplified using IoT tools. We can understand it better with an example. In a road accident, the insurers can track the speed and the pinpoint location of the vehicle at that moment by examining the smart memory of the vehicle.
4. Advanced Analytics:
Advanced analytics aid the insurers perform risk analysis efficiently and predicting the future. It also helps the insurers to build transparency in the processes that further contribute to a better customer experience. The use of analytics makes the claims processing seamless and gives better results. An effective insurance claims management system eliminates the delay in the tasks due to the incorporation of the latest technologies.
Blockchain records transaction data in real-time along with addressing concerns about security, privacy, and control. Blockchain technology boosts the claims process or we can say it completely transform claims processing by eliminating a few steps in the entire process.
Now we know the technology trends that are reforming the insurance companies. Amity INSURE and Amity ASSURE streamline the claims management process and reduce human efforts. For more info https://amitysoftware.com/solutions/insurance/