To celebrate the 35th anniversary of the Jeopardy game show, let’s play the category of Abbreviations for Insurers.
Me: Let’s start with Abbreviations for Insurers for $200, Alex.
Alex: The answer is: ECM
Me: What is Enterprise Content Management?
Insurers were among the early adopters of imaging and related software, but today many of those solutions are out of date, no longer supported or so customized and patched up that it takes too many steps to even get them to work. Workarounds abound. They leave data in siloes, can’t communicate with other programs and are vulnerable to security issues. Growth and innovation are stunted.
An ECM solution with workflow for insurers automates all manual systems and integrates with your current imaging and policy administration software. It brings efficiency, transparency, and cost savings with data security. Managing your workflow, the ECM digitally identifies, routes, maintains and manages all documents and data points. From scanned documents, application files, Web content, and multimedia content, to emails and industry standard ACORD XML files, an ECM solution integrates document, workflow, business process and record management with a single application that also integrates with existing policy administration and claims processing systems.
Me: Next I’ll take Abbreviations for Insurers for $400, Alex.
Alex: The answer is: CMS
Me: What is Case Management or Content Management System?
Insurers deal with millions of data points about customers in a variety of forms and formats. If these data points are siloed in outdated legacy solutions that don’t communicate with each other, insurers are only seeing a fraction of the customer information they need to open a policy or process a claim.
A comprehensive case management system is a platform that streamlines capture, case management, document management, secure file sharing, customer communication management, and workflow that integrates with your modern core system and business applications.
A CMS delivers document management of all types, including scanned paper documents, faxes, print streams, application files, electronic forms, web content, multimedia files, customer communications and emails.
It gives insurers the options to easily configure and integrate an unlimited number of content-enabled applications and solutions to manage content, processes, communications and cases across your entire enterprise with the modern core systems that run your business.
With a CMS, claims administrators or examiners manage all aspects of a claim, from early assessment to investigation to settlement. Insurers can collect, review and maintain the supporting documentation to assess the claimant’s coverage, validate statements and negotiate payment of claims. One integrated platform promotes access to all necessary information, task assignments and schedules, notifications and time-based reminders – bringing efficiency and lowering costs.
Me: Moving down the board, I’ll take Abbreviations for Insurers for $600, Alex
Alex: You’ve picked the daily double. The answer is RPA.
Me: I’ll make it a true daily double, Alex! (I’ve always wanted to say that). What is robotic process automation?
It goes by several different names, but RPA for robotic process automation is the main one. We’ve also heard the terms jet issue and automatic underwriting bandied about. It all comes down to the same idea: automating repeatable, rule-based processes, such as underwriting tasks, web services, and lookups – much of it in the name of giving consumers what they’re asking for, an online “Amazon-like” experience with insurance. Consumers are looking for mobile and 24/7 access with quick responses online.
Insurance workflows such as new business and underwriting, claims registration and processing and the creation of business and process analytics lend themselves to automation.
Software developers are working to automate these insurance tasks to address the demand for RPA in the marketplace. For example, they are adding chat bots that handle a variety of underwriting tasks. It amounts to “no touch” claims processing. They are identifying manual processes that can easily be automated to optimize processes, increase collaboration and reduce costs.
Many insurers are using automation to create efficiencies in the industry including smartphone apps, consumer activity wearables, claim acceleration tools, individual consumer risk development systems, online policy handling apps, automated compliance processing and more.
ImageSoft insurance solutions offer automation and operational efficiency to insurers and modernized content and process management. This includes digitizing existing processes and introducing AI to further streamline operations and reduce costs. We are leveraging front- and back-end technology to give customers a transparent and more personalized response. These technology advances capitalize on the wealth of data collected through tech devices and big data sources. The goal is to securely and efficiently manage cases, content and processes.
Alex: And there’s the buzzer. We won’t get to the rest of the categories today.
ImageSoft can guide you through the abbreviations for insurers to achieve the efficiencies and cost savings you need with industry-leading solutions for insurance. Gain automated workflows, improved speed and efficiency, reduced costs and proper compliance. ImageSoft is ready to help your company reap the benefits from all of the abbreviations.
Look for more information about our solutions for life and property and casualty insurance, plus workers’ comp.
Follow ImageSoft’s Insurance Solutions LinkedIn Showcase page to understand all the abbreviations.