CXOToday has engaged in an exclusive interview with Vishal Shah, Head of Data Science, Digit Insurance
- In what ways do bots accelerate the process of health insurance claims?
Bots play a crucial role in expediting the health insurance claims process through a series of effective mechanisms. New-age insurers today are seamlessly integrating bots into the workflow to fetch essential data from internal and external data sources and initiate the claims registration process. This integration of consecutive bots strategically automates multiple processes and activities, culminating in a streamlined and efficient claim settlement procedure.
The health insurance claim settlement process involves the collation of mandatory input parameters. Earlier, insurers were required to manually collect medical documents. The intervention of bots has significantly reduced the need for manual involvement in these intricate stages of the claim settlement journey. This automation not only expedites the process but also enhances the accuracy of the details and reduces the likelihood of errors that might occur from manual data entry. At Digit, one remarkable impact of bots on claim settlement has been the TAT for pre-authorization approval. Previously, this process took approximately 27 minutes to complete. However, with the seamless assistance of bots, the TAT has been reduced to a mere 2-3 minutes. This reduction in TAT showcases the potential of bots in swiftly processing and analyzing the necessary data to provide prompt and accurate decisions.
- How do botsassist insurers in efficiently allocating resources and minimizing – administrative costs during health insurance claims settlement?
Integration of bots in the workflow has aided insurers to efficiently allocate their resources and reduce administrative costs when dealing with health insurance claims settlement. By implementing bots to streamline the claim settlement process, insurers have achieved optimized resource allocation, leading to direct and noticeable impacts on incurred costs.
For instance, it used to take a dedicated team of 30 individuals to handle pre-authorization, review, and claim investigation as part of the claim settlement process in the past. But now, with the deployment of bots, insurers are able to achieve remarkable efficiency and precision with just 5 resources, while also achieving an improved response rate.
- What impact do bots have on enhancing customer satisfaction throughout the health insurance claims settlement process?
The usage of bots and automation in the insurance claim settlement process has helped insurers enhance their claims experience. Integration of bots has not only sped up claims filing, document verifications, data capture, and refunds but also offers timely assistance, consistency in service, and effortless information retrieval, minimizing frustration among customers and resulting in a smoother claims experience.
Additionally, personalized guidance and quick issue resolution has also fostered higher levels of satisfaction. Insurers are also using bots to facilitate a feedback loop, allowing customers to share their experiences and insights, which in turn showcases a commitment to improvement and customer-centric service. With multi-channel accessibility and the ability to offer tailored assistance, bots are significantly contributing to ensure that customers feel valued, understood, and satisfied as they navigate the complexities of health insurance claims settlement.
