The insurance industry has historically struggled with vast amounts of paperwork, leading to manual errors and slower claims processing times. Anvil’s Document SDK allows insurance professionals to embed customizable, branded document workflows directly into their applications.
Welcome to the future of document automation in insurance.
Common challenges in manual claims processing
High error rates
Manual claims processing is prone to data entry errors, missing information, and misfiled documentation. Automating document workflows eliminates human error by accurately capturing and verifying data. Anvil’s API enables your customers to safely and securely complete their claim submissions and policy forms online and submit updates to those policies later on.
| Solution | Benefit |
|---|---|
| Automation can eliminate human error in data entry and claim verification. | Reduced error rates mean fewer disputes, quicker resolutions, and stronger customer trust. |
Implementation of automation tools in insurance naturally helps the error rate by reducing the total amount of manual tasks (70% according to EY). Fewer manual tasks result in fewer manual errors and more room in your team’s schedule for higher value assignments.
Slow response times
Manual workflows often rely on back-and-forth communication, creating bottlenecks that delay claims settlements. Automation accelerates the process by gathering data, integrating it with backend systems, and enabling faster processing. This translates into happier policyholders and reduced operational strain.
| Solution | Benefit |
|---|---|
| Faster data gathering can reduce claim cycle times. | Improved customer experience through faster, more accurate claims settlements. |
High administrative costs
Processing claims manually is labor-intensive and requires significant time and resources. This increases overhead and limits an insurer’s ability to scale. Automation can perform repetitive tasks faster, more affordably, and more accurately), allowing insurers to focus resources on high-value activities like customer engagement and product innovation.
| Solution | Benefit |
|---|---|
| Automation reduces time and labor, delivering faster, more affordable processing. | Alongside quicker settlements, insurers can accelerate their go-to-market timelines for new products or initiatives. |
Data has shown that an up to 80% reduction in manual data entry time and a 25% increase in productivity throughout the policy lifecycle can be achieved with a Document SDK solution like Anvil’s.
Data inefficiencies: a source of massive losses
Data inefficiencies in claims processing contribute to significant financial losses across the insurance industry. According to a report by Accenture in 2022, underwriting inefficiencies alone could cost insurers between $85 billion and $160 billion over the next five years. Claims-related inefficiencies compound these losses, as delayed or inaccurate claims processing directly impacts customer retention and operational costs.
By adopting solutions like Anvil’s Document SDK, insurers can eliminate bottlenecks, reduce administrative costs, and ensure data integrity across all processes. When claims are processed accurately and efficiently, insurers not only save money but also improve customer loyalty—a critical factor in maintaining competitiveness.
Streamlining claims processing with Anvil
Anvil’s Document SDK allows insurance providers to embed customizable, fillable PDFs and workflows directly into their applications. This approach ensures a seamless integration with existing workflows, enabling insurers to handle claims within their familiar systems.
Benefits of using Anvil for claims automation
- Customizable templates: Anvil’s API allows insurers to create templatized forms tailored to their specific needs, ensuring consistency and accuracy.
- Faster settlements: By automating data capture and validation, insurers can dramatically reduce the time it takes to process claims.
- Seamless integration: Anvil’s SDK embeds directly into an insurer’s application, avoiding disruptions to established workflows and reducing the need for extensive retraining.
- Scalable solutions: Whether processing thousands of claims or expanding into new markets, Anvil’s platform scales to meet evolving needs.
Ready to streamline claims processing?
If you’re ready to reduce errors, cut costs, and enhance customer satisfaction, it’s time to explore Anvil’s automated solutions. Book a demo today.