Inside the Buyer's Guide to Claims Documentation Platforms: ROI Calculation

What is the value of your claims documentation platform? While enterprise level technology shifts can be expensive, so is the alternative. Highly manual workloads for document processing cost more than just time. Claims and insurance industry professionals see high levels of burnout. In a recent study, more than half of frontline staff at independent insurance companies experienced burnout. The voluntary turnover rate in insurance companies is now 12-15%, an increase from the 8-9% turnover that insurance companies experienced 10 years earlier. 

Claims documentation platforms (CDPs) can not only save time automating claims processing, they can add real value to the business. Cost savings and efficiency gains can be best realized by comparing documentation platforms on a cost per page basis. In fact, in a recent Wisedocs commissioned survey report run in partnership with ALM’s PropertyCasualty360, 76% of claims professional respondents believe AI can boost efficiency by accelerating document handling and optimizing resources.

The True Cost of Manual Claims 

Traditional claims documentation relies heavily on manual review. Without the aid of automation or AI, claims and litigation professionals must manually review hundreds (or even thousands) of pages. Senior professionals spend 3-5 minutes per page – a cost that can become enormous given the volume of paperwork. Even if all staff are salaried, with typical wages, overhead, vacation pay, breaks and sick days, paperwork ends up taking an enormous amount of time. 

So much paperwork can lead to errors, which can lead to added liability and increased costs. Scalability challenges, like the inability to handle large or inconsistent volumes of files, can also be a problem – as can the cost of printers, fax machines, and PDFs. 

The recently released Wisedocs Buyer’s Guide details some of the benefits of a CDP versus a traditional method of processing paperwork. A CDP takes around 30 seconds to process each page, versus 3-5 minutes by a legal, claims, or medical assessment team. The cost per a single 1,000 page claim file is variable and labour intensive, and accuracy can be compromised by human error. Plus, the time it takes to process each file puts a heavy bottleneck on workflows, which makes it hard for a business to scale.

Real World ROI

For those on the front lines of claims service, AI has the potential to speed up repetitive tasks. One person can organize, catalogue, and clean up information from thousands of pages in a fraction of the time it would normally take. 

This is not to say human review is not necessary, since combining AI tools with expert human oversight dramatically increases confidence in the final report. However, keeping your expert knowledge workers engaged in higher value tasks helps your organization earn more money as a whole. Organizing information from PDFs, printed pages, or scans into an easily searchable AI powered chronology can not only save you time on administration, it can also make it quick to pull up what you need in meetings, with clients, and on a claim. 

A strong, compliant, AI-driven claims documentation platform can help increase the value you add to every file – and increase the value of your firm. Whether you’re choosing a new CDP or upgrading an existing one, the Wisedocs Buyer’s Guide has everything you need to know about finding a CDP to meet your goals for compliance, productivity, and scale.