13 Feb 2019 - Digital Strategy // By Productive Edge Team

Why health insurance companies need Intelligent Automation in 2020

Intelligent automation (IA) is a growing trend across many industries. The concept isn’t new, but the range of possibilities is increasing by the day. Intelligent Automation goes beyond simply making things easier. It is a game changer capable of dramatically transforming the way you do business. As you know, there are many different outcomes from implementing a strategy and technology for automation, including: lowering expenses, increasing profitability, improving efficiency, optimizing operations, enhancing customer experiences, accelerating processes, redirecting personnel to critical tasks, and creating an overall improved focus on customers. But what are the most critical areas of improvement for healthcare insurance companies? And what does it look like when properly implemented? For starters, Intelligent Automation brings advanced intelligence to information-intensive processes. Powered by machine learning (ML) and robotic process automation (RPA), IA has the ability to perform complex work that involves unstructured data like images, documents, or PDFs. This is an obvious benefit when it comes to the long, manual processes completed by individuals. Intelligent Automation performs analysis that is beyond human capabilities on multi-dimensional data sets, and can handle complex tasks like fraud detection, chatbots/digital customer service agents, and recommendation engines. It is the next evolution of RPA, which is best used to remove the need for people to perform repetitive, low-value, structured data processes like address changes, billing/ invoicing, purchase orders and claims processing, and make the time spent on those tasks available for more valuable and strategic work.

There are three core reasons for healthcare insurance organizations to adopt Intelligent Automation in 2020:

  1. Reduce Costs
  2. Increase Revenue
  3. Improve Customer Experience
In order to achieve these goals, healthcare insurance companies need to focus on turning data into insights to review records and identify risk. This enables insurers to improve marketing, sales, customer service, and underwriting. At its root, IA is capable of transforming the face of how insurance organizations operate.

Some quick facts about healthcare insurance organizations:

  • 62% of healthcare organizations are focused on the goal of improving productivity
  • 56% percent want to improve the consumer (patient) experience
  • 52% percent are using optimization initiatives to increase existing revenue/value
Wanting to accomplish these goals is normal. But being able to requires a digital transformation. Is your health insurance company ready to get started on the road to intelligent automation? Contact us today so the technology consultants at Productive Edge can help you get started with intelligent automation.
Why health insurance companies need Intelligent Automation in 2020