Automation Olympics with Keynote by Magic Johnson
Traditional claims processing is a highly manual, time-consuming and error prone process. Many insurance companies are plagued by long processing times and process inefficiencies, which often lead to unsatisfied customers.
Various strategies have been adopted in recent years to reduce human intervention in these processes. Some involve adding advanced functionality to existing, decades-old legacy platforms.
Other approaches call for investments in new auto-adjudication platforms that are more agile and effective. These approaches, however, can be cost prohibitive and can take several years to implement.
Newer technologies, such as Robotic Process Automation (RPA), are potent enough to make a transformational impact on claims administration. Where other solutions fail, RPA shines by bringing the much-needed speed, accuracy and cost-efficiency that are key to conducting effective and streamlined claims processing.
Claims processing is burdened with laborious and time-consuming tasks such as manual data gathering and data entry – often leading to errors, misaligned records and inconsistent service delivery.
Many current claims, policy administration and billing systems have reached their practical limits, lacking updated functionality, workflow flexibility and configurability. This means that data is often siloed across disparate platforms or unavailable in real time when it’s needed most.
Compliance is a necessity on which both insurance companies and their customers place a high value. New policies and rules are constantly being introduced, making it difficult to keep up with changing regulations while executing efficient processes.
Mobile and online services are upping demand for faster service delivery. When it comes to the insurance claims process, slow speed of settlement and lack of process transparency are key barriers to higher customer satisfaction.
Kryon’s automation of claims operations help companies improve customer service by expediting service delivery. Our Unattended Automation shortens processing time, allowing claims to be processed faster and more efficiently. Our Attended Automation can be used by claims processors to master the business applications they use to improve claims’ adjudication. Kryon Attended Robots can show claims processors how to complete a task or they can directly execute the task for them, allowing claims processors to focus on other steps in the process that may require human decision-making.
Kryon RPA reduces the backlog of work that makes human error inevitable. Unattended Automation ensures claims are processed with razor sharp accuracy, every time. Monotonous tasks such as data entry, validation, and checking against benefit or coverage requirements can be fully offloaded to Kryon Unattended Robots for quick, efficient, and precise execution. When exceptions or inaccuracies are identified, the robot alerts the claims processor for further investigation.
Insurance organizations are subject to strict regulatory oversight by several local and global regulatory bodies. In addition to ensuring a more accurate claims adjudication process, Kryon RPA plays a significant role in improving insurance governance and compliance. Kryon’s RPA platform produces a detailed log of activities, with every step in the claims process documented, making it simpler for companies to monitor regulatory compliance on an ongoing basis.
Kryon RPA can be deployed quickly, easily, and cost-effectively. There’s no need for invasive integration with existing business applications, and Kryon can support all applications – including legacy systems – and cross-application processes.
When needed, additional claims processing tasks can easily be added to the Kryon Studio for automation. Kryon Robots can be managed to address periodic peak scheduling – resulting in significant cost savings and efficiency.
Kryon Robots save significant time by automating claims adjudication tasks, and being activated as soon as a claim enters the system. Kryon lets you set-up server-side triggers that constantly check events in the background and invoke task automation when a relevant action occurs.
By leveraging ABBYY—an AI-based document automation technology—Kryon turns unstructured documents into standardized files which can be read by our robots. Now, scanned claims documents and PDFs can be easily automated with minimal human intervention.
A leading global insurance provider processes 1000s of insurance claims weekly. A pdf claim document can contain up to 70 pages and claims processors need to examine each page to verify the ID – an extremely time-consuming, manual process.
Kryon Robots can look for the ID on each page then save the file in a way that allows claims processors to open the file and go directly to the required page without searching through the entire document.