Insurance Execs: don’t miss out on this opportunity to control expenses and improve efficiencies.
Budget season is here, meaning you’re probably up to your eyeballs in numbers and spreadsheets, searching for ways to reduce expenses and cut costs.
If you’re banging your head, consider this simple equation that could be the solution to your budgeting frustration:
Technology + Automation = Savings
It’s not a new concept, but one you might be overlooking: by using the right technology, you can automate manual processes, improve efficiencies, reduce leakage and create some pretty impressive savings.
Which tasks can be automated using technology?
Claims processes. For most insurance companies, expenses associated with loss and claims processes consume a large part of the budget. This is because these tasks require significant attention to detail and must be done over and over. Intensive, time-consuming, repetitive work means more man hours and more cost.
To illustrate, let’s take a look at the everyday claims task of reviewing independent adjuster (IA) invoices. On average, it takes an examiner 11 minutes to review and approve one invoice. It can take two to three times longer if the invoice is not accurate. You can just hear the meter running!
To make matters worse, manual processes are subject to human error. On average, leakage of IA expenses is 8-10% and during a catastrophe, IA leakage can increase to 15%. This could correlate to a 2-4% increase on your loss adjustment expense ratio!
How do I make it stop?
We have the solution.
BAP™ is a software product designed to automate claims processes and help carriers manage their external adjuster expenses. This web-based application provides an end-to-end automated solution for tasks such as:
- Vendor invoice creation, within minutes after the work is completed
- Repository for all fee schedules that are used to automate the rules to create the invoices
- Invoice review and reconciliation on a per claim and on a batch basis
- Approval for payment, pending payment or rejected payment
- At your option, pushing the approved transaction to payment within your CMS
- CFO Dashboard on performance and real-time ROI metrics on the providers you use
Even better, it does all of this based on preconfigured adjuster fee schedules built into the software, meaning less work and more accuracy.
Not to name drop, but all this automation is made possible through integration with leading property estimating software, Xactware® and Symbility. Plus, the analytical tool within BAP provides holistic, real-time insight into the detail of independent adjuster and service provider expenses and operations at a moment’s request.
As you’re budgeting, it’s important to know BAP does not require a major capital expenditure. Carriers purchase a subscription to the software as a service (SaaS), paying only for the software as it is used – with no licensing agreements or long-term software contracts.
Want to learn more? Contact us for a live demonstration or learn more at https://vipsoftware.com/products/claims-management/.