Claim processing in healthcare is a costly and complex challenge. But it is also an unfortunate reality for insurers, which is why organizational leaders never stop searching for ways to reduce the burden.
For many insurance and financial service organizations, the concept of robotic process automation (RPA) is highly appealing. This technology represents a feasible, cost-effective approach for adding flexibility and scalability into established processes and workflows.
Is your organization looking for ways to cut costs, help your team be more productive, and reduce human errors in your manual operations? If you’re like many organizations trying to compete on a global scale, the answer is yes. Today’s economic landscape is putting greater demands on workers, requiring them to be more operationally effective. Recently, robotic process automation (RPA) has been emerging as an attractive solution to these demands, one that not only improves efficiency but also frees up workers for more valuable, creative tasks that provide greater value to organizations. And with RPA tools clocking in at 65% of the cost of full-time workers, it’s an option that cannot be overlooked.
According to Accenture’s recent research, the implementation of Artificial Intelligence (AI) will enable insurers to obtain cost savings while creating significant growth in revenue and employment. Although the benefits are apparent, the insurance industry has been slow to adapt. To fully benefit from AI, insurers must understand that it causes enterprise-wide transformation. Rather than just replace jobs, advanced computing technologies could augment them, as long as investments and training are strategic, says Accenture.
When leading advisory firms like McKinsey, Gartner, and Deloitte all focus on the same topic, there’s no doubt it has merit. Today, that topic is robotic process automation (RPA), which promises to change the way companies and knowledge workers handle repetitive, manually intensive tasks at work.
Adaptive case management—also sometimes referred to as dynamic or advanced case management—involves the use of both technology and processes that help your organization manage workflows, rules, and content.
The Operational Decision Manager (ODM) is IBM’s leading business rules management system. It allows analysts to easily program business rules that will make decisions on behalf of the organization, thereby increasing organizational efficiency and reducing costs.
Finding the right content management solution for your organization can be challenging. You need to find a solution that satisfies your company’s strategic objectives, ensure that solution is within budget, oversee its implementation and deployment (no small feat), and be prepared to rapidly see measurable benefits and return on investment. That’s a lot to take on!
Enterprise content management (ECM) is a legacy industry-standard term that got its name when documents were being scanned, faxed, and digitized so they could be be routed online. Today, a broader range of electronic content—including forms from websites, video files, and social media artifacts—can be managed by an ECM platform.
IBM’s Operational Decision Manager (ODM) is an industry-leading business rules management system—often referred to as a business rules engine—capable of driving significant operational efficiency by processing business logic expressed as business rules. A business rule is a specific but plain-language “if/then” statement that leads to a decision you’d want the business to make on your behalf.