Compliance and Internal Processing Solutions and Services
Fast track service delivery and maintain integrity of records by ensuring that the insurance-related documents are complete, consistent, and compliant with business rules and regulations.
It is not surprising to know that there is a high number of documents being handled by an insurer or an insurance broker on a day-to-day basis. SVI developed a proprietary application called CrossCheck to help insurers and brokers streamline and automate the processes for digitizing, verifying, and reviewing their enrollment forms, claims documents, and other insurance-related documents.
Once inputs are accurately and completely processed through SVI’s digitization service, CrossCheck’s internal modules can be implemented for further processing and usage of data, including automated verification of the 3Cs – completeness, consistency, and compliance. CrossCheck automatically verifies document and data completeness, data consistency, and the overall compliance with the company’s business rules, eliminating manual checking by their personnel, freeing up so much of their time, and ensuring 100% accuracy of findings.
Take for example the processing of insurance enrollments. The service involves not only the scanning and encoding of application forms, but also the automated verification of completeness, consistency, and compliance of the information provided in the supporting documents, so the system can automatically filter which applications are eligible to proceed to the next enrollment step. Such processing is also applicable to claims processing and concerns monitoring. There is also a web-based facility to view and regularize the exceptions or the incomplete, inconsistent, and non-compliant insurance applications.
The tools and methodologies used can also be used for processing internal corporate documents such as employee records, accounting records, and vendor contracts, or other types of customer records, including claim forms, concern tickets, and complaints, among others. By outsourcing and automating the processing of documents, insurers and insurance brokers can achieve better compliance with regulations, increased operational efficiency, faster approval time, higher approval rates, and ultimately, better customer experience – all of these without having to incur additional capital investments and fixed costs. We grow when you grow, so expect that we will always do our work in the best of your interest.
Having complete and consistent information of clients is the key to hassle-free delivery of services and compliance to the governing rules and regulations. Right from the start, it is important to check if the submitted documents are complete based on the pre-defined requirements. Enrollment processing can only commence when all the required information and documents have been submitted. Verification is done to ensure that the information contained in the application form and supporting documents is consistent across all the submitted documents of the client. Using SVI’s tools and approach to enrollment processing, only complete enrollment applications make their way to the next step, and the integrity of the records is maintained.
Tedious and manual monitoring of service level agreements often results in customer dissatisfaction and low productivity. This issue is evident especially when processing insurance claims. An assortment of documents is often required at the time of requesting for an insurance claim and processing those documents can take up a lot of time. Taking this into consideration, SVI developed its system in such a way that errors or deficiencies are automatically caught upon initial submission so as to minimize the resubmission of documents, thus decreasing the delay in the processing payout of claims.
The welfare of customers should always be one of the key priorities of insurance businesses. So as to be able to respond to the concerns of the customers, SVI developed a workflow monitoring system that the insurers and insurance brokers can use to track the status of the applications and claims as well as the deadlines for resolving the concerns/complaints filed.