San Diego, CA – Mitchell International recently released its Industry Trends Report (ITR) for the third quarter of 2019.
In this quarter’s report, Mitchell executives share insights on leveraging emerging claims technology to improve strategic decision-making. Mitchell experts also identify key areas of the claims process where workflow technology has the potential to significantly improve performance.
How Humane Automation Leverages Claims Technology for Better Outcomes
In his latest article on humane automation, “How (Humane) Claims Automation Leverages Technology for Better Outcomes,” Mitchell CEO Alex Sun notes that insurance automation today can “free workers from rote tasks, providing them with more time to focus on human-centered work and complex decision-making.” He notes that automation of the claims process using artificial intelligence, business rules engines and predictive analytics can vastly increase the opportunity for improved outcomes.
Sun said, “the notion of ‘humane automation,’ is that as claims organizations maintain and ramp up their investments in automation technologies, the focus on the benefits to people—both employees and customers–takes on ever greater importance.” Automation, Sun observed, “enables adjustors to quickly identify and focus on the most complex claims where human intervention is likely to have the greatest impact.”
Sun is optimistic about the future of humane automation. “As the investment in claims technologies continues to accelerate, it’s clear that humane automation remains at the heart of these improvements,” Sun said. He noted that “artificial intelligence is, indeed, artificial. It’s still up to people to make better and more effective decisions.” And, he added, “If automation can continue to be the catalyst for improved decision making in the claims process, then humane automation will be truly human.”
The Casualty Edition: The Power of an Optimized Workflow Technology
Claims automation can provide many benefits to the insurance industry. According to a study by Deloitte, it could free up 54 million to 285 million adjuster hours annually, amounting to $1.7 to $8.9 billion in potential cost savings within five to seven years.
In the “Power of an Optimized Workflow Technology,” Shahin Hatamian, Senior Vice President, Product Development, identifies key areas where technology can contribute to these savings: claims triage and bill review engine business rules, among others.
The amount of time it takes for a claim to be triaged can have a lasting impact on the outcome of the claim. Hatamian noted that the Insurance Information Institute found that faster triage at the first report of injury for workers’ compensation claims can reduce claim severity and lower the likelihood of litigation.
Hatamian also notes that to achieve or maintain optimization, claims organizations should take another look at their business rules for their bill review processes to evaluate if any can be updated to reduce claim touchpoints and improve efficiency.
Other articles in the casualty edition include:
- The Power of Streamlined IT Investment: Reducing Barriers to Implementing New Claims Technology;
- The Changing Workforce: How to Prepare for When Your Best BI Adjuster Retires;
- How Managing Provider Data Can Make a Positive Impact on the Claims Process;
- Four Major Trends in Workers’ Compensation Legislation;
- Five Initial Evaluation Issues That May Delay Return to Work; and
- Premiums Written: Q3 2019 Quarterly Must Read Round-Up.
Mitchell is a WorkCompWire ad partner.
This is not a paid placement.