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Processing claims with speed, and delivering greater accuracy and insights
40%
Faster order processing
100%
Accuracy
1000
Hours saved in manual work
For every insurance company, efficient claims processing and the ability to detect fraud are paramount. yourCompany helps insurance companies to streamline their new claims process, which is by nature a labour-intensive job where risk management and compliance are a top priority. With help from Yarado, yourCompany enabled their clients to detect fraudulent claims much faster and process claims with greater accuracy. Furthermore, claims have now been pushed into a dashboarding system, providing full visibility into the fraud detection analysis.
Automated insurance claims processing
Error-free, compliant data
Quick and efficient detection of fraudulent claims
Saved time and resources
In order to detect and keep track of fraud, new claims need to be moved from the claim system into two separate systems: a fraud detection tool and a dashboarding tool. Transferring claims from one system to the other requires manual effort. Information about each claim (such as event time and name of policy holder) is inserted in the fraud detection system by hand, which is time consuming and creates errors. To make matters even more complex, the corresponding fraud assessment has to be fed back into the dashboarding tool again.
Prior to working with Yarado, yourCompany's clients invested considerable time and effort in manually moving claim information between the separate systems.
- Log in to claim system to extract necessary information, such as event time, event date and name of the policy holder.
- Log in to a fraud detection system to create a claim based on information extracted from the claim system.
- After fraud detection system has generated a fraud assessment, the staff member had to log in and enter that output in the claim system.
- Access dashboarding tool to input information from the fraud assessment.
- If the claim was approved, the staff member had to log in to the claim system and pay out the claim.
With the help of Yara’s software robot, the fraud detection system and dashboarding tool are now updated automatically. As a result, claims are processed faster than ever before, while Yara makes sure that clients are compliant at all times and dispose of accurate reports for risk assessment, among others. As manual transference of information is no longer necessary, staff members are able to focus on higher value work – such as deriving insights from dashboards and engaging with customers.
Yara, the software robot, takes the following actions:
- Extracting information from claim system
Yara extracts information from new claims – such as event date, event location and name of policy holder – after logging in to the claim system. - Creating a new claim
Yara logs in to the fraud detection system and navigates to the appropriate tab to create a new claim. - Entering information into fraud detection system
Based on the extracted information, Yara fills in the required fields associated with the new claim and saves it. - Retrieving fraud assessment
Yara retrieves the fraud assessment generated by the fraud detection tool. - Updating claim
Yara logs in to the claim system to update the claim with the corresponding fraud assessment. - Entering information into dashboarding tool
Yara accesses the dashboarding tool to enter necessary information from the fraud assessment, such as fraud score, which enables risk assessment reporting, for example. - Paying out claim
If the claim is approved in the claim system, Yara pays out the claim instantly – in accordance with the company’s procedure.
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