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Digital claims: streamlining the P&C claims process with digital data collection

Digital claims: streamlining the P&C claims process with digital data collection | EasySend blog
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6 minutes

As P&C carriers are beginning to modernize their technology capabilities, they look for new ways to streamline claims processes and improve the customer experience.

One of the most effective ways to do this is by leveraging automation technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA). AI and ML can automate the process of analyzing data, while RPA provides an automated workflow that allows P&C carriers to quickly and accurately move claims through the system.

But there is a missing piece to this puzzle: digital data collection. To properly leverage automation technologies in claims, P&C carriers must have access to accurate customer data. Yet, how P&C data is traditionally collected is often manual and inefficient and, as a result, is incompatible with automation technologies.

Many carriers still rely on PDFs, emails, and faxes to collect policyholder data, signatures, and documents during the claims process. To process claims, P&C carriers must collect customer data, documents, and signatures from multiple sources. This is a tedious task that can take several hours, days, or even weeks, depending on the complexity of the claim.

Clams adjusters must communicate back and forth with customers, agents, and other stakeholders, including TPAs, BPOs, and third parties, to collect all the necessary information. This can lead to delays in P&C claims processing, communication breakdowns, and customer dissatisfaction.

To truly leverage digital tools to streamline P&C claims, carriers must embrace digital data collection -- such as digital forms or structured APIs -- that can provide accurate customer information without lengthy back-and-forth communications. By doing so, P&C carriers can ensure that the digital data needed for analysis is readily available and accessible, enabling them to maximize their investments in automation technologies such as AI, ML, and RPA.

Manual data collection challenges in P&C claims processing

Manual data collection is a significant hurdle that P&C carriers face when trying to automate claims processes.

  • Siloed systems and platforms:  Different stakeholders within the claims process are leveraging multiple systems and platforms to manage claims, each of which with their own P&C data and document formats. This can lead to discrepancies in data format, making it difficult for P&C carriers to seamlessly transfer data between different systems.
  • Paper documents: P&C carriers also face the challenge of paper documents – i.e. physical P&C documents that need to be scanned, stored, and retrieved for claims processing. These paper P&C documents add an extra layer of complexity as P&C carriers must create a digital version for each document in order to use them within their automated claims process.
  • Errors & mistakes: P&C carriers must also take into account errors and mistakes that can occur throughout the P&C claim process, such as incorrect coding or data entry. These errors can slow down P&C claims processing, leading to customer dissatisfaction and delays in payments.
  • High manual processing costs: P&C carriers must also factor in the high costs of manual data entry and claims processing.
  • Inefficient back-and-forth communication between claims professionals, insureds, and third parties results in delays, unexpected issues, and dissatisfied policyholders. In addition, the lack of transparency and communication leads to misunderstandings, bad renewals, and surprises for policyholders at the time of a claim event.

Digital data collection is an essential requirement for claims automation

To fully leverage automation technologies, carriers must transform from manual data entry to digital data collection.

Digital data collection technology allows P&C carriers to capture customer information, signatures, and documents quickly, accurately, and securely — without requiring data entry. This simplifies and speeds up the P&C claims process, making it easier for P&C carriers to serve their customers more efficiently.

The advantages of digital data collection for P&C claims processing

There are  several advantages to P&C carriers when they adopt digital data collection:

  • Reduced manual processing times: P&C carriers can collect data and documents automatically, without requiring manual data entry. This eliminates bottlenecks in claims processing, allowing carriers to quickly process claims with minimal delays.
  • Improved accuracy: Carriers can ensure that claims data is captured accurately and securely, reducing the chances of errors and mistakes in claims processing.
  • Enhanced customer experience: P&C carriers can provide a better customer experience by simplifying P&C data collection and streamlining P&C claims processes. This makes it easier for customers to understand P&C claims and leads to improved customer satisfaction.
  • Increased operational efficiency: P&C carriers can reduce costs by automating P&C data collection and P&C claims processes, resulting in more efficient P&C operations.

Digital data collection is a powerful tool that P&C carriers can use to automate claims processes and deliver a better customer experience. Carriers must ensure that they have the right technology in place to capture policyholder data quickly, accurately, and securely — enabling them to provide an efficient claims process with minimal delays.

How does digital data collection transform the P&C claims journey

Unify multiple data sources into a single evolving journey

To streamline  claims processes in carrier/agent workflows across lines of business, P&C carriers must unify siloed data sources into a single evolving journey.

P&C carriers can streamline claims processes by leveraging digital data collection to quickly gather claim-specific information from customers, agents, and other stakeholders. This eliminates the need for claim processors to manually check multiple systems or platforms for P&C data and documents, reducing errors and mistakes.

Unifying P&C data from multiple sources into a single journey allows claims professionals and policyholders to know where they stand in the claims process. Unifying multiple data sources into a single journey creates an evolving customer experience that is tailored to each policyholder’s individual needs.

By integrating all policyholder-related data into a single customer view — from P&C carriers, agents, policyholders, and vendors — P&C carriers can create a single view of the customer journey. This gives P&C carriers an unprecedented level of visibility into their customers’ journeys from submission to claim— which helps them provide better service and faster resolution times.

Time savings for P&C carriers and improved customer experience

By leveraging digital data collection, P&C carriers can save time and resources associated with b back-and-forth communications and manual data entry. This in turn allows P&C carriers to reduce costs, improve service levels, and provide a better customer experience.

In addition, P&C carriers can use digital data collection to ensure that policyholder data is accurate and secure. This reduces the chances for errors or mistakes in claims processing, resulting in faster resolutions and improved customer satisfaction.

Better quality of service

Digital claims processing solutions can make it easier for  carriers and agents to track the status of a claim in real time, allowing them to respond quickly when customers have questions or need updates. Additionally,  carriers can use digital claims processing solutions to communicate with third-party service providers more quickly and efficiently, helping to reduce costs and speed up the overall claims process.

The bottom line

Transforming claims starts with digital data collection.

Digital data collection enables streamlining P&C claims processes through automation technologies such as AI, ML, and RPA.

Carriers can leverage digital data collection to automate processes, reduce costs, and deliver improved customer service. By unifying data from multiple sources into a single journey,  carriers can create an unprecedented level of visibility into their customers’ journeys — leading to faster resolution times and higher customer satisfaction.

Ultimately, P&C carriers who transformed data intake process are well-positioned to transform end-to-end policyholder experience, improve their competitive advantage and provide customers with a more seamless claims experience.

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Vera Smirnoff
Vera Smirnoff

Vera Smirnoff is the demand generation manager at EasySend. She covers digital transformation in insurance and banking and the latest trends in InsurTech and digital customer experience.