Kofax Insurance Claims Processing
Kofax in Insurance: applying capture driven processing to drive customer responsiveness and gain distinct competitive advantage in your core business functions.
How Kofax Rises Above the Competition
- Support of multiple languages. High automatic classification and validation rate. Scalable and expandable enterprise capture platform. End-to-end processing and seamless integration into SAP.
- Outstanding classification and validation quality; self-learning technology saves times and development efforts.
- “Productized proven solution”. (Real-time) integration capability with Oracle and multiple repositories.
- One platform to handle all types of documents – paper, fax, email and attachments. Self-learning technology. Supporting any process; adding processes without additional cost.
- Best solution for handing unstructured documents (KTM performance proven in POC).
Capture Effective Claims Processing
Meeting Customer Needs
- Improve Top Line Results. Accelerate business critical processes (claims, customer service, policies, contracts…); Shorten sales cycles; Make customer communication cost effective.
- Increase Operational Efficiency. Improve data accuracy; Enable straight through processing; Standardize data input and flow, enabling fast information exchange across multiple processes; Bridge information gaps.
- Reduce Costs Across the Enterprise. Eliminate manual work from claims and other processes; Exchange information across processes and eliminate cost and risk of fraud, double payments, etc.
- Information arrives in many different forms.
- In order to be processed someone needs to understand what it is.
- Then they need to decide what to do with it.
- Only then can they assign it to the relevant system of process.
Manual Intensive Processing:
- This is nearly always a manual effort.
- Manual processing in fraught with the potential for errors.
- Exceptions take longer and maybe overlooked.
- Manual processing takes time – minutes, hours, days.
Capture Driven Processes:
- When Kofax enters the equation the time taken to process information is either totally eliminated or significantly reduced.
- Customer service levels enhanced.
- Productivity is increased.
Touchless Processing Across Multiple Channels
- Kofax enables touchless processing of information.
- Data is captured from the information, validated and used to automatically inject the information into the right system and step in the business process – regardless of channel.
- No manual intervention results in significant cost saving and faster processing.
Streamlined Exception Handling
- For information requiring manual review, the time taken to understand and decide is still significantly reduced.
- Information is processed and presented to the right people and systems – and can be leveraged across functions (claims, underwriting, customer service, policy management, fraud, accounting, etc.).
- Cost saving and productivity increases accrue quickly even for information requiring some human processing.
Capture Driven Sucess in Insurance
Kofax provides compliant solutions to the front office operation which interface seamlessly to those in the back office and facilitate:
- Cost-effective claims processing.
- Nimble customer services responsiveness.
- High efficiency underwriting.
- Streamlined risk, fraud and compliance management.
By digitally capturing the key documentation in 2-3 seconds, the information is readily – and accurately - available for distribution to the relevant back office system. Additionally, the document is time- and date-stamped, enabling a full audit trail for compliance purposes.
Missing documentation can be highlighted for the agents concerned with the customer still engaged, thus saving time and increasing customer satisfaction. We offer a flexible, modular solution which is easy to integrate into existing infrastructures. System operation is no more complex than scanning and printing thereby minimizing additional staff training.
Top Insurance Technology Initiative
- Expand adoption of analytics and models;
- Integrate business intelligence and business process management;
- Identify cloud migration opportunities;
- Componentize, unwind and replace core systems;
- Improve customer communication tools;
- Institutionalize data management and integration;
- Create suites of empowerment tools;
- Adopt new mobile/table capabilities;
- Ramp up next generation social media usage;
- Expand adoption of underwriting tools into new lines of business.
Contact us for more information regarding Kofax Insurance Claims Processing.
Latourrette Consulting is a Certified Kofax Partner in Portugal/USA/Brasil/Colombia/España/Nederland.