Advancements in technology are moving more quickly today than ever before, making it difficult for insurance organizations to keep up. As the industry evolves, it has become more apparent that insurers are only as good as the data utilized throughout their decision-making processes. Organizations must take a closer look at their internal operating workflows such as claims processing and embrace emerging technologies to streamline traditional workflows that can no longer adapt to the current or future consumer demands of the industry.
Claims processing involves an intricate mix of electronic and paper documents. Even with advances in technology, insurance companies still face bottlenecks, information siloes and slowed processing times due to the inability to accurately automate access to data on incoming documents. The collection of information for expedited processing and payments is an extremely difficult task because of the complexity of the documents received from many different sources, including adjusters, customers, law enforcement, medical professionals, repair shops and agents, and often differ greatly in both layout and content. The inability to automatically access data from these documents leaves insurers spending far too much time and money on manually handling and keying information.