CLM recently held a Tech Talk webinar entitled, “Making Claims Automation Work for You (in 2023 and Beyond),” which discussed the current state of automation in the claims process. Below are a few takeaways from the presentation.
12:00:00pm
THE SPEAKERS
Dana Poleg, Chief Marketing Officer, Five Sigma
Raymond Charrier, Global Solutions Expert, Five Sigma
12:01:10pm
Dana Poleg
“Smart claims automation is a big buzzword that everyone in the insurance industry has been talking about for the past two or three years. I was under the impression that most carriers are doing amazing things with data and intel and automation. Well, guess what? I’m not sure that’s actually the case.”
12:01:36pm
Dana Poleg
“Sixty-two percent of [chief claims officers] we surveyed…said they do not have automated triaging in place. I thought automated triaging was the first step of automating your processes. If they do not have that, what does it say about everything else?”
12:04:20pm
Dana Poleg
“Smart automation in claims means leveraging data and analytics in order to automate…steps along the claims process. The end goal…is to create this perfect mix between humans and machines.”
12:05:18pm
Dana Poleg
“The essence of smart automation is using data to make the decision on when to use a person, versus when to use a rule—to use a machine.”
12:05:39pm
Dana Poleg
“Going back to the survey, what we found out is that 90% of loss takers here in the U.S. spend more than 10 minutes reporting a claim. In fact, for 33%…it takes 16 minutes or more. Clearly, they are using a manual process.”
12:06:34pm
Raymond Charrier
“Organizations want to automate [first notice of loss] because [it] is critical to everything that follows in the claims lifecycle.”
12:07:01pm
Raymond Charrier
“The future of first notice of loss is to shorten the time the process takes and improve the customer’s experience while allowing the organization to be proactive and capture all the information they require to resolve the claim. We need to work smarter.”
12:08:27pm
Raymond Charrier
“Without an automated, holistic assignment tool, organizations are losing valuable time to resolve their claims.… If we’re not automating triage and getting the right claim to the right person the moment the claim is reported, then we’re already losing the race.”