5 Best Claims Automation Software in 2024

IBM estimates that the insurance industry contributes significantly to the creation of 2.5 quintillion bytes of data every day, with claims data being a major contributor to this massive volume. Manual processing of this data is no longer practical, given the large data volume. Instead, automated claims processing software can handle this data efficiently and accurately.   

The right software can transform the efficiency and accuracy of claims handling, and directly impact operational productivity and customer satisfaction. In this article we will discuss the best claims automation software for businesses that can meet varying requirements.  

The 5 Best Automation Claims Processing Software

LIKE.TG ReportMiner 

LIKE.TG ReportMiner is an advanced data extraction tool designed to automate and enhance the process of extracting information from unstructured documents. This makes it particularly useful in industries like insurance, where claims processing involves dealing with a variety of document types and formats.  

Key Features  

• ReportMiner excels at extracting data from a range of unstructured sources such as PDFs and text documents, which are commonly used in insurance claims.  
• Creates custom templates for data extraction, which can be reused for processing documents of a similar layout. It enhances efficiency in handling recurring claims.  
• Uses OCR to extract data from extractable (with text) and non-extractable (with images or scans) PDFs.  
• Uses advanced AI algorithms to identify and extract relevant data fields from unstructured files automatically. This reduces the need for manual efforts in creating extraction templates and speeds up the claims processing. 
• ReportMiner extracts data and offers features for cleansing and transforming the extracted data. This ensures the accuracy and consistency of data before the claims processing. 
• Exports data in various formats such as CSV, Excel, XML, and more. It makes it adaptable to different downstream processing requirements. 
• Enables the automation of complete workflows, from data extraction to delivery, streamlining the entire claims process. 

Docsumo 

Docsumo is an AI-driven platform that leverages machine learning and intelligent OCR technology to streamline insurance claims processing tasks. 

Key Features

• Uses OCR to extract data from unstructured documents, converting them into an analyzable and processable format. 
• Utilizes machine learning for data extraction, adapting to different document layouts and formats commonly encountered in insurance claims. 
• Docsumo has automated cloud backup and data recovery. This ensures data security and availability in claims processing. 
• Works with multiple document types, like forms or invoices. 

Nanonets 

Nanonets is an AI and ML-powered platform designed to automate various aspects of document processing in insurance claims.  

Key Features

• Employs machine learning algorithms to achieve accuracy in extracting information from unstructured data. 
• Nanonets leverages AI to classify and categorize claims based on their content. 
• Uses AI and ML to automate the extraction of information from a variety of documents such as invoices, medical reports, and claim forms. 
• Through machine learning models, it helps in detecting fraud and identifying fake documents.  

Abby FlexiCapture

It is a data capture solution designed to automate and streamline health and medical insurance claims processing. 

Key Features  

• Simplifies the claims entry process by automating it with various validation rules. 
• Abby FlexiCapture supports all standard health insurance claim forms, including claim attachments. 
• Accurately extracts data from health and medical insurance claims. 
• Provides organizations with greater visibility into their documentation, enhancing workflow management.  

Skyvia 

Skyvia is a cloud-based integration platform that offers solutions to enhance the automation of claims processing.  

Key Features

• Offers scalable and accessible data management from any location, enhancing the flexibility of claims operations. 
• Skyvia’s no-code approach to data management simplifies the process of maintaining data integrations. 
• Allows customized connections between different software systems through API integration. 
• Gives insights from claims data through advanced analytics and reporting tools.  

How to Choose the Right Automated Claims Processing Software  

When choosing processing software, it is important to select a tool that complements and enhances the entire claims process. This means picking a tool that easily fits in and helps do things like handle data, automate tasks, and make operations smoother. Different claims processes may need different tools, so it is essential to understand this to make the best choice. There are a few key factors for selecting the ideal processing software to improve your claims process. 

• Integration Capabilities

Seamless integration with the existing business systems, like HR, accounting, and CRM, allows data to flow smoothly between systems. It minimizes the disruption and reduces the need for manual data entry and removes errors. 

• Centralized Access  

Integrating the automated claims software with different data repositories allows the system to aggregate and present all relevant information in a unified dashboard. It centralizes data from multiple sources and makes it easily accessible in one place.  

This approach ensures that users can retrieve all necessary data, such as policy details, claim history, and customer interactions, from a single point. It reduces the time spent switching between different systems and databases. 

• Accurate Data Management  

Such software utilizes automated validation and cross-referencing algorithms to identify inconsistencies in data entries, to ensure the consistency and accuracy of data. This feature maintains the integrity of the claims process, as accurate data is essential for fair and timely claim resolutions. 

• User Friendly Interface  

Simple navigation and a clear logical layout of features ensure that both insurers and users can use the software with minimal training. This ease of use speeds up the claim submission and processing. It also reduces the potential frustration and errors associated with complex or poorly designed interfaces. 

• Customization  

Flexible claims processing software should offer customization options to suit specific business needs. Customization can range from configurable fields and forms to adaptable workflow rules. It allows the software to adapt to various claim types or specific operational requirements, thereby enhancing efficiency and relevance in the claims handling process. 

• Scalability  

Software designed for scalability can handle increasing workloads and adapt to growing claim volumes without the need for significant system changes. It ensures that your investment remains effective and relevant as your business expands. 

• Analytics 

Select software that offers comprehensive analytics for tracking performance and identifying improvement areas. Advanced analytics tools should be capable of generating detailed reports and real-time data visualizations. These are instrumental in monitoring the effectiveness of the claims process and guiding continuous optimization strategies.  

• Future Proofing 

An ideal claims processing software is flexible and capable of integrating with evolving technologies. Such futureproofing involves ensuring compatibility with emerging tech trends, like AI and machine learning. It enhances the software’s capabilities and keeps your claims processing at the forefront of industry developments. 

Why Invest in Claims Automation Software 

Investing in claims processing software can be a strategic decision for companies, like the insurance and health sectors. Automated systems offer several benefits.  

• Automated claims processing software can significantly reduce the time it takes to process claims. It does this by streamlining workflows, automating data entry, and categorizing claim-related data.  
• Automated systems minimize human error, leading to more accurate claims processing. It utilizes precise data extraction algorithms which ensure consistency and accuracy in data handling. 
• Adoption of automated claim processing software can reduce the cost of a claims process by as much as 30%. It frees up resources for more strategic tasks, thereby enhancing overall productivity and service quality. 
• Efficient claims processing software is proficient at handling high volumes of claims without compromising on quality or efficiency. It leverages automated workflows to ensure consistent quality even under increased workload.  
• Automated claims processing software can effectively detect and prevent fraud with advanced analytics and pattern recognition.  

Conclusion 

Investing and choosing efficient automated claims processing software leads to faster claims resolution and higher accuracy.  

Opting advanced claims processing software like LIKE.TG ReportMiner can streamline operations by efficiently handling unstructured data. With features like data extraction, automation, and AI algorithms, it ensures accuracy and speed in claims processing.  

Try LIKE.TG for free with a 14-day trial or request a quote today.  Take a step forward in addressing the complexity of modern claims processing.