‘Tis the season for budgeting and we’re here to help
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:
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.