The operations leader’s guide to straight-through processing in paper-based workflows
As every operations manager knows, paper can bring even the most finely-tuned workflow to a screeching halt. Despite decades of “paperless” pushes, insurance, healthcare and financial services companies are still heavily dependent on paper-based workflows. Everything from new applications to claim forms still generate significant amounts of incoming paper, requiring special rules and routing. These additional steps add time, introduce a greater potential for errors, and increase the risk of security breaches – which means more manual work for the operations department and a reduction in straight-through processing metrics.
How are insurers and other paper-dependent industries tackling their paper problem?
In our recent "Solving Paper in Operational Use Cases" webinar we discussed how users of AWD, SS&C’s leading business process management platform, and Vidado have helped operations leaders transform their paper-based processes to move at the speed of digital.
Operations departments that incorporate Vidado into their Business Process Management can automate paper-based processes at the same efficiency as digital data intake. Vidado is a 4-part process designed to turn paper—including the most challenging contents like handwriting and low-quality machine print—into automatable digital data.
Step 1: Vidado accepts disorganized data and sorts out any erroneous documents, while preparing it for the most accurate data digitization possible by de-skewing, rotating and generally improving the fidelity of the document.
Step 2: Vidado’s AI reads the content of the pages with better-than-human accuracy. Even documents like claim forms, which are often compromised by the faxing and scanning processes, are digitized at 98% accuracy—and that includes handwriting.
Step 3: An optional, intuitive, custom exception-handling interface to help flag the most crucial data to a human reviewer, for an extra level of validation.
Step 4: Intelligent business rules are applied before returning the digitized data to the mainstream workflow.
The insurers and healthcare companies listed below have successfully and seamlessly integrated paper workflows into their digital processes, resulting in omni-format data ingestion and turbocharged workflows.
Mailroom Processing: Mailroom processing is one of the most labor-intensive processes within operations. The more time a piece of mail spends sitting in the mailroom the longer it takes to process new business applications, claims, or change forms, resulting in a worse customer experience. With AWD and Vidado, one large insurer digitized their entire mailroom and now sees 98% accurate mail sorting and 96% accurate data extraction on every single piece of incoming mail.
Read the full "Case Study: Digital Mailroom and Auto-Indexing" to learn more.
Claims Processing: Insurance customers have more choice than ever, which means that a positive customer experience is key to retention. One of the largest insurers in the US switched to Vidado to process all of its disability claims, reducing the average claim processing time from 28 minutes to two. Manual exception handling is down 70%, and straight-through processing is up 42%.
Prescription Pre-authorization: Prescription pre-authorization forms are vital to getting helpful medicine to families, no matter the hour. Unfortunately, these forms contain messy doctor’s handwriting and are often faxed one or more times before being processed. Vidado helped one health insurer move to fully automated prescription pre-authorization, 24/7. This means that families can get their medication faster and with the peace of mind that their medication will be covered.
Users who add Vidado to their Business Process Management tools like AWD see 40%+ increases in straight-through processing on day one. If you’d like to learn more about how you can combine Vidado with AWD and see these results in your organization, watch the "Solving Paper in Operational Use Cases" webinar.
Healthcare, Insurance, Retirement, Wealth Management