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For Insurance

  • Claims Processing

 

The claims process impacts an insurance carrier's revenue and growth targets as well. Speeding the claims processing time - from First Notice of Loss (FNOL) to settlement – for the customer is critical to creating happy, satisfied customers who won't readily jump to the competition, will recommend your company, and will return to purchase more products and services.

 

The Kofax Claims Processing solution enables Premiums & Claims and life insurance organizations to shorten claims processing times, reduce the cost of claims management, adapt to changing compliance requirements and to be more responsive to policy holders. The solution provides customer-facing employees, agents, brokers, adjusters and service organizations with a powerful scan-to-process platform that automatically:

  • Captures claim-related data from any paper or electronic document and from communication channel
  • Transforms data into process-ready information
  • Classifies and extract the appropriate information
  • Validates and routes content where required
  • Initiates straight-through data processing and business decisions based on insurance-specific rules and knowledge bases
  • Provides status updates and alerts to claimants, offering a higher degree of communication and responsiveness

By scanning at the front end, the Kofax Claims Processing solution enables insurance carriers to integrate field resources, agents, brokers, and third-party service organizations into the claims process. This increases data accuracy and quality, closes the information gap between disparate departments, processes, and functions, and dramatically enhances information availability throughout the organization.


 

 

  • Policy and Record Management

 

Automatically capture, process and archive high volumes of policies and all related documents from your customers in an efficient, integrated and compliant manner.

Kofax provides insurance companies and their extended networks with a robust, flexible and scalable enterprise capture platform to meet the full range of document capture and management demands.

It enables e-entry of new documents as well as backfile conversion of high volumes of documents in any format, and it seamlessly integrates with enterprise content management systems and relevant business processes.

  • Any document type – on paper, fax, email, image, or any other electronic format – can be captured from desktop scanners, MFPs and high volume production scanners alike, across your organization and extended network.
  • The Kofax enterprise capture platform offers the scalability to capture and manage hundreds to millions of documents per day, and to operate in both centralized and highly distributed environments.
  • Via automated classification, documents can be routed to the right systems and data repositories quickly and securely, consistent with policies and regulations for records retention, disposition and privacy.
  • Our market leading "learn by example" technology enables the automated recognition and extraction of information from any document without programming. Relevant information can be extracted from structured and unstructured documents and routed to processes and data repositories.
  • Information from e-entry of new documents as well as from backfile conversion can be consolidated and routed to processes and data repositories based on insurance specific business rules.
  • Integration with a wide range of workflow and content management applications ensures that both scan-to-archive and scan-to-process operations work harmoniously, feeding data into cohesive business processes.
  • High availability and disaster recovery for mission critical implementations enables secure and compliant management of and access to records. It also increases customer service efficiency, as requests from policy holders or claimants can be answered and necessary action taken on-the-fly because the electronic files can be easily searched and found in the data repository.
  • Performance monitoring provides real-time metrics on the operational health of your capture system and remote real-time management of system performance to meet throughput requirements.

 

  • Sales and Customer Service

 

Increase share of wallet with existing customers and win new customers by improving customer service quality and sales efficiency through multiple communication channels.

Tough competition, faster time to market, changing demographics and new consumer preferences all demand an increased focus on strategies for winning new and retaining profitable customers. Multi-channel offerings and communication improve the customer experience and increase sales efficiency only if they are accompanied by shorter response times and better response quality.

  • With Kofax, all incoming correspondence can be captured electronically as soon as it enters the organization.
  • Upon capture, documents are automatically classified as inquiries, claims, invoices, complaints, policies, change requests and so on. Relevant data is extracted and seamlessly routed to the appropriate application for immediate access and processing.
  • Powerful data validation ensures that only complete and correct documents are routed to the relevant application or employee.
  • Policy holders can be automatically notified by SMS,MMS, email, phone or fax when they will receive their policy, claim settlement or any other information requested. This communication can also be used to add information about new offerings to exploit up-sell potential – and to generate positive customer service experience.
  • Customer information generated during automated inbound customer service processes can be integrated into sales campaigns, while outbound processes can be executed the same way – automatically, efficiently and securely.
  • Compliance is supported through transparent and traceable data capture and process integration from the point of entry to final archive.
  • The robust, scalable and flexible Kofax enterprise capture platform can optimize a variety of document driven business processes – including inquiry and application handling, claims processing, records management, invoice processing and order processing.
  • Kofax enables effective and efficient collaboration across multiple departments.

 

 

  • Invoice Processing

 

Increase efficiency and reduce cost and risk by accelerating and streamlining the processing of invoices – including exception and approval handling – in a variety of formats and from widely distributed suppliers.

Insurance companies have to deal with an enormous volume of invoices, including many driven by claims settlements. To make this challenge even more complex, these invoices originate with a vast number of widely distributed suppliers, service and repair organizations, appraisers, and so on.

End-to-end automation of invoice processing – including e-invoicing, workflow and seamless ERP integration – can significantly reduce the extensive effort of managing invoices, whether they are involved in the settlement of a claim or for goods or services purchased by the company.

  • Invoices can be automatically captured, no matter where they enter your organization, and no matter in which format (paper, fax, email, e-invoice and so on).
  • Invoices can be classified at the point of entry through intelligent recognition of invoice header and line item information.
  • In case of missing or incorrect data, an automated alert function triggers exception handling and correction.
  • Only correct and complete invoices are sent to the relevant applications and processes to ensure efficient processing.
  • E-invoice processing and supplier integration can remove paper from the transaction altogether, enabling finance organizations to process electronic invoices and seamlessly work with their suppliers – providing the benefits of EDI at a fraction of its cost and complexity.
  • The system provides real-time integration with ERP systems like SAP and Oracle, and gives finance and business managers performance management capabilities.
  • Cash management benefits significantly from visibility into the AP process, real-time status information – including invoices in process, cash requirement, invoices awaiting approval, cash consumption, and productivity data – and the ability to trigger corrective measures.