In a world driven by technology, traditional methods of insurance capture, verification, and processing are no longer getting the job done. They lack efficiency, accuracy, and ease of use, not to mention denied claims costing the industry billions annually. Experts are in search of a new way to perform these actions, making both insurance providers and policy holders’ lives easier.
There are a few main contributors to the issues that exist with insurance processing. First, there are issues with location complexity, as insurance companies are based all across the United States. Because of these differences in local policies, it can be difficult to submit claims to the correct payer. Next, most current solutions cannot identify any information that is not printed on a card. This creates severe limitations to what technology can do versus what humans have to do, which is the root of yet another problem. Human interaction is not only needed, but it requires training and expertise. When humans are needed to step in during the verification process, this increases the potential for error. These errors can be costly, and amongst other problems, makes it clear why a new method should be on the horizon.
Early development in new alternatives to these faulty methods is insurance capture powered by artificial intelligence. This smart form of technology can do in mere seconds what humans can do in minutes. AI is also able to identify different metrics that humans otherwise would have to step in to process. Artificial intelligence can do all this and more efficiently and accurately than ever before.
Source: OrbitHC
