Repair Quote Approval
Automatically approve repair quotes without back-office work with WorkFusion’s Intelligent Automation solutions for insurance.
Why it is important
In the digital age, insurers are under pressure to effectively meet changing consumer expectations — especially when it comes to processing claims and approving payments.
Speed and accuracy are paramount to an ideal insurance customer experience. And of course, it’s best to capture key data as it arrives, without having to ask members for resubmissions.
Insurers also must compete on cost efficiency and optimize for their combined ratio. So it’s smart to take every opportunity to cut manual work from their claims operations.
What needs to be improved
Currently, approving repair quotes is subject to several critical challenges:
- Intense effort
Conventionally, reading quotes and gathering data are fully manual tasks.
Manual work typically generates around 8% of errors in normal business processing.
- Slow turnarounds
Fixing errors extends already time-consuming manual processing.
- High costs
Dozens of FTEs performing manual work incur expenses and contribute to a combined ratio degradation
How WorkFusion can help
From Day 1, WorkFusion’s pre-built Intelligent Automation solution for Repair Quote Approval reduces manual work by 70%+.
WorkFusion achieves this impact by:
- automatically lifting quotes once scanned
- classifying documents into types
- extracting key data points from documents across 35 fields
- packaging structured data
- pushing final structured data into core claims system
- Repair quotes from motor shops
- Email inboxes
- Claims systems
- Document repository systems