The power of Claims Process Mining

Claims is never going to be a profit centre, but an effectively managed and resourced claims team can play a vital part in boosting an insurance or reinsurance company’s efficiency – and ultimately its ability to deploy its resources to maximum effect and so operate more profitably.

So, without even getting into the need to minimise customer friction and protect your brand reputation, it matters very much how your claims team performs. Two of the most influential determinants of this are: your people and your technology.

In an increasingly competitive jobs market, attracting and retaining the best claims people can be both challenging and expensive. This underlines the need to make effective use of the expertise within your claims team – and not waste their time on processes technology could handle faster, better, more cost-efficiently.

But there’s more technology can do to ensure you’re getting an optimal return on your ongoing investment in human capital. Process mining is an AI-driven approach that analyses the data generated by your claims processes to understand exactly how they’re performing.

This can quickly establish where backlogs are building up or processes are operating in a sub-optimal way. It can help you see where your human resources are over or under-stretched, enabling you to deploy those human resources more efficiently. Process mining helps drive intelligent workflow optimisation and an improved customer experience.

Setting AI to work on your claims data takes the uncertainty out of formulating an effective process optimisation strategy, and then fine-tuning it as you monitor real-time process mapping data after changes have been implemented. It can shift your entire claims operation from a reactive to a proactive stance.

AI-driven process mining requires harvesting and analysing data outputs to deliver powerful, actionable information that can help you understand whether efficiency gaps result from people or process – or a particular combination of the two.

This empowers claims heads to manage process execution more efficiently and pinpoint where additional investment could have the biggest impact – not to mention equipping them with the data they need to argue the case for strategic investment to those ultimately responsible for allocating budgets.

Process mining turns event data into insights and actions. The objective, data-driven insights it generates can help insurers audit, analyse, and improve existing business processes. By delivering a bird’s eye view of exactly how core business processes are operating in practice, it enables claims teams to strip out inefficiency and take intelligent automated action to create optimal streamlined processes.  

DOCOsoft already offers a ground-breaking AI-driven claims process mining and analytics tool. DOCOflow provides an ‘as is’ view of claims systems and processes based on real-time data mining and a smart claims processing engine. It equips you with a visual overview of the entire claims journey through your system, highlighting claims throughput, including a granular view of processing and turnaround times.

DOCOflow generates smart metrics that can reveal more direct streamlined system routes that deliver improved efficiency at a class-of-business level, and empower claims handlers to make better decisions faster. It can also play a valuable role in identifying processes that can safely and usefully be processed via an AI smart claims engine.

A particularly valuable feature is its system map, which makes it easy to see where there are bottlenecks, or instances of unexpected delays developing around particular claims tasks, drilling down to individual transaction- level detail, including claims handlers’ turnaround and processing times. From a regulatory standpoint, DOCOflow also helps establish how well your internal controls are working.

If you would like to find out more about how DOCOflow can transform your claims processing efficiency, please contact graham.sheppard@docosoft.com