Ventiv Technology

The Essential Guide to Claims Technology in a Changing Environment 5 PRIORITY 4: Operational Efficiency Improving operational efficiency is a key aspect of any claim organization. While many have embraced the digital age, there are still organizations that have a deeply ingrained reliance on paper. The impediment for change goes beyond financial considerations and can be tied to the intrinsic value of a physical document. Paper can feel safer, and organizations are comfortable operating in a known environment. However, as times change, paper-based processes can deliver a weakened claims infrastructure with limited transparency, predictability, and ultimately, a lack of efficiency across the board. Document-management tools make it possible to package claim files in the click of a button, upload hundreds of documents at different stages along the workflow, easily locate files from anywhere, and share documents effortlessly. Possibilities for improving efficiency extend to how incidents and events are captured in the field, the data fed into the claims-administration system, and then made available to adjusters. As claim organizations know, one of the keys to closing claims faster is shortening the lag time between when an incident is reported and when the adjuster begins administering the claim. Claim organizations should look for intake tools that are usable across all platforms, browsers, and operating systems. They should also look for intake tools that have their own dedicated mobile apps. Ventiv Digital solution, for example, features seamless integration with Ventiv Claims. With full support for desktop and mobile apps, Ventiv Digital makes field events and requests immediately available for reporting, analytics, and action as necessary. PRIORITY 3: Automation, Workflows, and Management In this traditionally labor-intensive operation, technology has enabled claim organizations to achieve a higher level of output with less manual interaction throughout the life of a claim. Claim operations should expect a high level of automation from any claims- administration system they consider. Simply put, automation allows companies and workers to remove the now unnecessary groundwork and focus on more important tasks. To take Ventiv Claims as an example, an updated client-determined schema enables claim organizations to build their own workflow rules, which significantly reduces the cost of claims handling without compromising high service and quality levels. Technology can also automate non- core administrative tasks that do not impact the quality of a claim. A claims- administration system should allow users to send/schedule emails, create diaries, trigger alerts and notifications, set reserves and more: all while ensuring strict criteria are met, and strict compliance regulations have been followed. To host or not to host There's another aspect of efficiency related to claims-administration software: Whether claims organizations host their software or delegate it to the vendor. That's the topic of chapter 2. C H A P T E R 1 : A C C O M M O D AT I N G T H E P R I O R I T I E S O F T O D AY ' S C L A I M S O R G A N I Z AT I O N S RPA: A leap forward in automation Robotic process automation (RPA) takes automation and operational efficiency for claims administrators to an entirely new level by offering opportunities for straight-through processing of claims. With RPA solutions, like those offered by Ventiv, claims administrators can capture loss information, automate forms and letters, auto-reserve as well as auto-review and pay bills, and even automate regulatory reporting, all without any work on the adjuster's part. By defining situations where adjusters are not required to process claims (or perform other straightforward processes), RPA allows claims administrators to simplify the simple tasks and focus resources where they can add the most value.

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