Our client provides a range of insurance products, including auto, home, life, and commercial coverage, catering to individuals, families, and businesses across the United States. Our client focuses on delivering personalized service and innovative solutions to protect and support their clients' financial security and peace of mind.
Cost savings: $450k
Reduction in claim denial response times: 50%
Increase in W9 accuracy: 30%
Hours in labor savings: 16,000 hours
Client Situation (Problem/Opportunity):
Our client sought to automate and improve the efficiency of various processes, such as invoice reconciliation, W9 processing, claim denial, and compliance workflows. They aimed to reduce manual errors, speed up processing times, and enhance overall operational efficiency.
Our Solution:
- Invoice Reconciliation: Invisible Technologies partnered with our client's automation team to improve the invoice reconciliation process by increasing straight-through processing rates and ensuring accurate coding of invoices.
- W9 Processing: Streamlined the process by accessing AFICS email, updating Contact Manager, and notifying adjusters about updated or new contacts.
- Claim Denial Letters: Automated the process of sending partial rental denial letters to customers.
- Compliance Support: Converted files into PDFs, combined them, and sent back to AFICS as part of a recurring compliance process.
Results Achieved:
Increased processing speed and accuracy in invoice reconciliation, achieving higher straight-through processing rates and improved team efficiency.
- Efficiency Gains: Increased the straight-through processing rate from 26% to a significantly higher rate, improving team efficiency and reducing errors. Invisible Technologies helped save internal time and costs of approximately $130,000 annually for only 1 of 10 total processes for clients associated with invoice processing.
Enhanced operational efficiency in W9 processing and claim denial processes, leading to faster response times and reduced manual workload.
- Operational Efficiency: Processed 6,000 W9 requests annually and improved accuracy rates from 75% to 98%. Claim denial processes saw a 50% reduction in response times, significantly easing the manual workload.
Significant time and cost savings through automation and streamlined compliance processes..
- Document Processing: Improved compliance document processing by 83%, going from processing 40 documents per week to 350 per week.
- Labor Savings: Saved managers over 16,000 hours of manual work, realizing cost savings of over $320,000 and helping avoid the risk of millions in potential penalties.
