Client:
Elevate Claims Solutions
Industry:
Insurance
Region:
Midwest
How an Independent Adjusting firm cut adminitrative costs by 80%
Elevate Claims Solutions Case Study
80%
Decrease in time to intake and assign claims
The Challenge
Elevate Claims Solutions, a technology-driven IA firm, took on the industry-wide challenge of cutting overhead and automating workflows. They found that a majority of costs were related to two categories: administration costs and adjuster costs. The issue? While adjuster costs scaled with revenue, the administration costs were a constant overhead on the payroll.
During slow periods, administration needs were cut by over 50%. However, Elevate didn't want to let anyone go due to the cost of training when there was an influx of claims.
Administrative workers and adjusters alike were spending 80% and 20% of their time respectively on repetitive tasks that did not require their specific area of expertise.
Claims management was fragmented, often cross-referencing and multi-tasking across several tabs and monitors.
The Approach
In response to these challenges, Elevate Claims Solutions adopted Catalyst Claims to support their Claims Admins and adjusters in the claims workflow. This support included integrations and automation such as:
Examining Outlook emails for relevant data like claim and policy numbers, cross-referencing this against existing databases to ensure accuracy.
Outlining the findings and suggested actions — create, update, or ignore a claim — to the Claims Admins, complete with explanations in natural language for clarity.
Streamlined UI, enabling Claims admins to speed through tasks with ONLY 2 Tabs open in total!
API/Wraparound connections to different Claims Management Systems to allow for easy integration.
Fully automated workflows: Catalyst actually did the work rather than just making it easier to complete.
The Results
The deployment of Catalyst Claims led to impressive enhancements in efficiency and accuracy at Elevate Claims Solutions:
A 80% reduction in the time required to enter claims into their FileTrac CMS, markedly accelerating the claims intake process.
900% ROI on investment from adopting catalyst claims.
Live within 1 week, 24/7 live support afterwards
By leveraging Catalyst Claims' advanced document processing and workflow automation capabilities, Elevate Claims Solutions not only streamlined their operations but also significantly improved its effectiveness in managing claims.
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