Experion recently concluded an onsite study for a US based company focused on workers compensation claims. The insurance claims settlement process typically involves a lot of manual documentation and review, consuming an inordinate amount of time and effort from the parties involved.
The client’s business objective is to drastically improve turnaround time for settlement of claims through intelligent use of technology. Experion had discussions with the client on current business processes and challenges, and how technology can overcome such challenges.
Experion has recommended a phased approach for automating the client’s business processes, replacing existing manual ones. The first step will be to develop a custom software solution to manage the business processes related to claims settlement. This will be closely followed by introducing Artificial Intelligence (AI) and Deep Learning algorithms for improving overall business process efficiency. AI can reduce labor costs and operational efficiencies for the client, enabling them to attract enhanced business and revenue.