IRVINE, Calif.--(BUSINESS WIRE)--Kofax plc (LSE: KFX), a leading provider of capture enabled business process management (BPM) solutions, today announced the expansion of the Kofax Claims Processing Solution to include property, casualty and life insurance carriers, enabling them to automate and accelerate claims processing for greater operational efficiency, enhanced customer satisfaction and distinct competitive advantage. The offering builds from the market success of the Kofax Medical Claims Processing Solution, which was launched last year.
Improving the efficiency of claims processing is key for property, casualty and life insurance carriers facing an escalating number of disaster related claims, fluctuating economies and increasing regulations. At the same time, customers, auditors and service providers use a variety of channels to submit and examine claims and supporting documentation via paper, fax, EDI and email, and claims information must be extracted and validated in order to incorporate it into these processes. This typically manual process impairs the responsiveness, accuracy and cost of claims resolution and often results in unsatisfactory customer experiences and higher customer attrition levels.
The Kofax Claims Processing Solution provides a single platform that captures documents from multiple sources, transforms pertinent claims data into electronic information and delivers it into the claims processing system as well as the necessary downstream business processes associated with the resolution of the claim. By automating the claims process, insurance providers can pay claims faster, reduce processing costs and diminish costly errors, which ultimately leads to better customer service, improved customer retention and greater opportunities to enroll additional customers.
“Improving the claims experience has a direct impact on long term customer retention and addition for insurance carriers,” said Martyn Christian, Chief Marketing Officer at Kofax. “Streamlining and automating the process helps carriers resolve claims faster, more accurately and with greater transparency, resulting in improved customer satisfaction.”
In addition, capturing information at the point of origination enables insurance carriers to integrate other field resources, including agents, brokers, and third party service providers, into the claims process. As a result, the Kofax Claims Processing Solution improves communication and collaboration between disparate departments, processes and functions, dramatically enhancing information availability throughout the organization. Capture enabled claims processes can also lessen a carrier’s risk and compliance exposure by providing a fully auditable and traceable process that affords immediate access to information pertinent for reviews or audits.
The Kofax Claims Processing Solution is a customizable set of offerings combining Kofax software products into a complete solution for centralized, distributed and mobile corporate resources, tailored to best address an insurance provider’s specific needs. For more information on the solution, visit: http://www.kofax.com/solutions/insurance-claims-processing.asp
About Kofax
Kofax plc (LSE: KFX) is a leading provider of capture enabled business process management (BPM) solutions. For 25 years, Kofax has provided award winning solutions that manage the capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in banking, insurance, government, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organizations, and a global network of more than 800 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
“Kofax” is a registered trademark in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.