Claims Processing Automation: Power Up Your Digital Transformation
Findings from the Kofax 2022 Intelligent Automation Benchmark Study produced by E.I Studio, the custom division of Economist Impact
Where to Start
Where will business leaders first put intelligent automation to work? Claims processing automation is critical to your digital transformation journey: 77% of organizations are focused on automating their claims processing
Why Automate Claims Processing?
Specific drivers for claims processing automation include:
Speed Bumps Ahead
Those surveyed said they expected challenges ahead, specifically when it comes to harnessing existing systems and data to fuel their automations. Common challenges faced when implementing claims processing automation are:
What Makes Up a High-value Workflow?
Executives are taking stock of their high-value workflows, including claims processing automation, and identifying the tasks, data sources and routine procedures that are ready to be automated. There’s a theme across these workflows that their critical processes have in common.
Data pulled from the disparate sources is key to the processes driving the business.<br/>Those surveyed responded that their claims processing automation ambitions are powered by:
Adapting in Real Time
A priority for executives in the survey was ensuring ongoing orchestration of their various automated processes to keep systems running smoothly amid shifting rules that govern their industries. Those surveyed said their claims processing automation efforts require ongoing updates to:
Connection is Key
To keep data flowing smoothly to support their claims processing automation efforts, executives said they need robust links between systems, data and applications that work together. Commonly cited applications that should be connected include:
Those surveyed believe their digital transformation efforts will pay dividends in the future. Increased efficiency was the most frequently predicted outcome, as well as helping employees to be more productive, achieving competitive advantage and lowering costs. <br/>By digitizing their claims processing workflows, executives expect to:
The digital transformation journey is a long one, as executives said their claims processing workflows were still partially or entirely manual. None of the respondents has fully automated their claims processing workflows.