The insurance industry continues to operate in a climate of liquidity pressures and investment losses. Aging populations, government regulations, catastrophic events, fraud, and abuse all impact insurance premiums and provider expenses, adversely affecting operating ratios.
Addressing these challenges requires strategies to both contain costs and increase customer service and retention. Providers are looking for processes that improve the claims experience and increase visibility and transparency into their own operations. They want to enable their agents, brokers and representatives to process applications and claims faster and to deliver more efficient access to their product portfolio.
A crucial step in these strategies is to automate the paper-based business processes that are not only time consuming but also subject to many points of failure as documents are passed between agents, claims adjusters and brokers, and payments are moved within and among multiple payers and insurance providers.
Inception Technologies document capture, document management and workflow solutions, such as Kofax Capture, help insurance companies automate the underwriting, claims processing and back-office business processes.