Insurance applications or claims can take six weeks or more before they are approved. A study by LIMRA and Maddock Douglas reveals that nearly 19 million applicants give up before application processing is completed.
Insurance is constantly changing and many applicants struggle to understand different terms of insurance . This makes it critical that each application is filled out correctly and complies with regulations. Otherwise it may cause the applicant to be incorrectly billed, or create a conflict between a provider and an insurer.
Any errors or issues found during the application process wastes both time and money spent sending the application back. Outsourcing can reduce the amount of errors being cycled through application processing, reducing processing time.
Outsourcing Application Processing
Insurance processes are tedious, time consuming, and wastes a company’s overqualified workers to complete data entry tasks.
Many agencies turn to outsourcing as a solution because it allows them to process faster at a lower cost, increase productivity, maintain an in-house team of specialists, and focus on core competencies.
In a previous blog post we talk about the benefits outsourcing provides when tackling the challenges of health care claims processing.
Similar to insurance applications, insurance claims take a long time to process. They require specialists to handle both reviewing and approval, which could take longer if any errors occur.
Outsourcing also provides flexibility allowing businesses to spread their workflow around to scale for any size project.
ARDEM can process high volume applications while submitting the work with a quick turnaround time. In comparison to an in-house model it cuts down on the time and cost necessary to enter data for each application.
How ARDEM Optimizes Your Application Processing
ARDEM has 15 years of experience working with data, and multiple validation checks are in place to ensure the highest of quality. This helps to catch any manual typing errors or duplicate applications to reduce any unnecessary setbacks in processing.
In addition to processing applications another option is to have the forms scanned and digitized through optical character recognition (OCR) allowing the document to become searchable. A major advantage to these searchable documents is quick access to customer information on demand increasing customer relationships.
Have expedited applications or claims that need a 24 hour turn around? Not a problem! We can process your highest priority applications first to ensure you meet your deadlines.
Contact ARDEM today to find the perfect solution to your needs!