Expedited Claims and Scalability Helps Insurer Improve Pet Owners’ Satisfaction
Process more claims per day
Faster processing
Reduced costs
Industry: Pet Insurance
Application: Claims
Previously, a large pet insurance company manually processed all their insurance claims. On average, they could only process about 100 claims per day, so a backlog developed. It took anywhere from 45 days to 75 days on average to complete the entire process. They knew there was a better and faster way, and that way involved automation and digital transformation.
The Challenge
After the company was acquired, the management team looked at various solutions for capture and concluded that “Ephesoft was the premier OCR solution that offered much more functionality than any other capture tool on the market,” said the Company’s Enterprise Applications Administrator in IT Operations.
The Solution
In conjunction with the Company’s implementation team and Ephesoft’s Professional Services team, they created a new claims process. They pulled in all the line-by-line invoicing data from the claims into Ephesoft. The data is validated within Ephesoft and exported into BP Logix workflow for approval and then exported into Microsoft Dynamics. Once the system was live, the claims process drastically improved.
Their claims processing reduced to 8 days, instead of 45 to 75 days, which is up to 87% faster. Additionally, they were able to increase the number of claims processed in a day from 100 to about 700 on average, which is 7 times the number of claims versus the old process. In 2018, they reported being able to process 122,000 claims through Ephesoft.
“Managing technology that provides true business value to our customers is irreplaceable. Ephesoft, combined with our other technology, has given us streamlined processes, decreased costs, provided intelligent content capture and happier customers,” said the Company’s Enterprise Applications Administrator in IT Operations. “We are able to process claims quickly and efficiently.”
Results
- Claims process reduced by 87%
- Can now process 7 times more claims per day (from 100 to 700)
- Streamlined and pulled in all the line-by-line invoicing data from claims
