The insurance industry is changing radically. Customers are migrating towards digital channels and incorporating technology increasingly in their daily lives. Because of this, clients now expect companies to become fully digital, which brings multiple meanings to the table. From an app, an open API, a website and a platform to send claims to, clients want what’s faster, more efficient and more accurate.
In this situation, there’s no hiding how important Digital Claim Documents are. For both the insurance company and the customer, having digital claim documents makes for a faster, more efficient and more transparent process.
There is, however, an assortment of companies who want to embrace digital but have only made a transition from manual to electronic processes. Right now, they are not making the most out of digital environments.
In this article, we are going to explore the differences between transforming a manual process to a digital process, and how the digital process improves all metrics and KPIs in the insurance industry.
Why Digital Claims Documents Are the Future of Insurance Claims
As established, there are many companies that have made a transition from manual to “electronic” forms of digitalization. This means instead of sending a piece of paper, a pdf is sent. That PDF must be printed and filled in by hand. The customer must be sent again via email or fax. The insurance company must input the information into its system. Sounds like a hassle? That’s because it is.
In contrast, with a digital solution, the process is minimized to two communications and zero printing. The customer files a claim and provides evidence. A claim is created, and its digital claim documents can be accessed anytime, anywhere. How the claim was filed initially, how long the claim has taken; how claims perform in general in a specific type of claim and how teams within the organization are performing are just a few of the insights that a digital environment can provide.
Digital Claims Documents become accessible everywhere at any time, therefore, so is evidence and information about the claims. That dramatically reduces the need to carry around and store documents.
The fact that all the information about a claim is available to everyone relevant also reduces the margin for human error and makes for a more efficient claim resolution.
The Benefits of Digital Claims Documents and Cloud Native Storage
By using digital claims documents, insurance companies can streamline their claims processes, reduce paperwork, and improve overall customer experience.
These are the 3 strongest benefits of going digital:
- Performance Increase
When claims are handled digitally, the process goes faster. That is because no document can be displaced or lost. When performed digitally, the process can’t be mismanaged to the point where you must start over. You can duplicate any document you need and send it to whoever is necessary. Digital Claims documents also provide everyone with a unique point of reference.
Having almost zero margin for error and thanks to starting from the same ground, digital claims documents help increase performance across the board.
- More Accessible information
Having digital claims documents and cloud native storage makes the process completely transparent. This is because everyone has access to the same information around a centralized system and everyone can do their part while being aware of how the rest of the process is being carried out.
- Ends the need for physical storage and supplies backup
With digital Claims Documents, there’s no more need for physical storage, which means no more file cabinets cluttering your office. If the software is cloud-native, there’s no longer the need to store anything. The software and your data are stored in a data center owned by the software company. At the same time, it creates a centralized point where all the information goes to and comes from.
This, in short, reduces noise which reduces error all around the process. When you are dealing with insurance claims, time is king. The more time you save, the happier your customers will be.
Improve Efficiency Today Using Digital Claims Documents
Did you know that one of the key features of Terra software is its ability to digitize and store claims documents in a centralized system? We offer a comprehensive solution for insurance companies looking to manage claims efficiently and transparently.
Terra is a cloud-native solution designed for insurers that want to make the claims process a more effective and efficient process. Terra allows insurers to compare within their own database how good there performance is and in what areas. Furthermore, it provides the tools to automate recurring tasks like updates and communications with the customer.
Finally, it adds the benefits of Digital Claims Documents which are stored in the cloud therefore there’s no physical threats like tornados blowing them up. Moreover, they provide a common ground for everyone to work with the same information during the claims process
Learn more about Terra by scheduling a meeting with our team.