SaaS-based Insurance Policy Checking: How Technology Helps in Dealing with the Massive Surge in Insurance Claims Processing During COVID-19 Times
There is no denying the fact that these are unprecedented times. COVID-19 has wreaked havoc at every corner of the planet – taking lives and hampering livelihood. The world is facing an uphill task in safeguarding public health. As the world is undergoing a massive economic and public health meltdown, people are turning towards their insurance companies to account for much-needed financial relief.
The rising pressure on healthcare is a big reason why insurance agencies are bombarded with a multitude of insurance claims every single day. The enormous pressure on healthcare centres coupled with undefined governing policies around the pandemic policies is making insurance claim management a herculean mission to accomplish.
Over the years, the insurance sector has been nourished with manual efforts. The unexpected surge in demand is taking a huge toll on overall processing of insurance claims alongside addressing its underlying intricacies.Delay in claim settlements and delayed response are becoming a common issue. Furthermore, there are very slim chances of reinvesting in maturing assets because of limitations in the financial environment. This will put further pressure on the overhead absorption. As a result, insurance agencies are gradually transmogrifying their infrastructure for accommodating cutting-edge technologies to cope with the high work pressure.
The artificial intelligence powered automated solution plays a big part in removing dependency on humans and helps in real-time decision process. Taking the AI route, helps an insurance agency to save cost, achieve greater efficiency, and streamline the operation model.
“Perhaps our greatest distinction as a species is our capacity, unique among animals, to make counter-evolutionary choices”
– Jared Diamond, American geographer and winner of Pulitzer Prize for General Non-fiction
The time has come!
Salient Features of Cloud-based Policy Checking in the Insurance Domain
There are no rewards for guessing that there are great opportunities waiting for insurance agencies in the form of cloud computing. Leveraging these opportunities, insurers can enhance their workflow with assistance from AI powered insurance specific software solutions.
SaaS-based insurance processing and policy checking can help a company to gain a serious competitive edge in the insurance market.
Let’s take a look at the use cases of an AI and SaaS based tech strategy for insurance brokers.
- Saves time by automating the process.
- Eliminates different steps involved in the process by providing a one-stop solution
- Scale and develop services as per customer’s demand.
- No scope for human error, 100% accurate data.
- Delivers a seamless experience.
- Account for better integration.
- Scope for changing policies.
- Analytics to understand customers better.
- Better information storage.
- Better secrecy
Explore the Exdion Experience
Recognized by CIAB, Exdion is one of the most popular names when it comes to automated insurance claims processing automated solutions. Exdion’s wide range of products take productivity to the next level and caters to unique demands in the insurance sector.
How?
Let’s take a sneak-peak.
ExdionPOD
It is a smart AI automated policy checking solution offering top-notch accuracy and a memorable customer experience.
It offers:
- 100% accurate and reliable policy checking at the blink of an eye.
- Immediate response to demand changes.
- Great flexibility. Accepting multiple source documents ranging from embedded PDF to Word and Excel.
- Packed with hybrid algorithms to decipher key information.
- Provides clear and actionable checklists to bolster workflow.
Know more at https://www.exdionpod.com/
ExdionCCR
Contract compliance is no longer a hassle. This smart AI-powered solution ensures across-the-board contract compliance solutions.
It offers:
- One-stop contract compliance platform.
- Quick user access and hassle-free validation.
- State-of-the-art dashboard with automated alerts and reminder notifications.
- Real-time compliance status indicator.
- A centralized pool for all essential documents.
- Easy accessibility.
Know more at https://www.exdioninsurance.com/products/#ExdionCCR
ExdionRNU
The fine blend of Deep Learning and Robotic Process Automation which galvanizes the annual policy renewal process with a touch of automation.
It offers:
- Enhances AMS adoption.
- Proper information management.
- Create customized market-ready PRF
- Auto-update renewals
- Bring down process costing and save time.
A Few Words to End With
It is true mankind is facing an uphill battle against a novel pandemic. However, this gives a chance to the insurance sector to embrace a futuristic model, which can safeguard their interests from unforeseen challenges in the future.
Pandemic or not, operating in a cost-effective model and ensuring client satisfaction have always been the core objectives of businesses. This harsh time gives you the ultimate opportunity to transform your insurance business with well thought through automation strategies for a better future.
Adopting SaaS-based operations help you to save a lot of time and money, and also eliminate customer dissatisfaction, all at the same time.
As some wise man rightly said “Every dark cloud has a silver lining”
Dark or not, CLOUD is certainly the future.
Get in touch with our experts.
