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Financial Institution Shortens Funeral Claim Processing Time by 80%

By implementing an AI-powered solution to automate document processing, this bank drastically reduced the time to process funeral claims—providing much needed relief for customers during challenging times.

Adapting to External Conditions

During the early days of the COVID-19 pandemic, the organization saw a surge in the amount of funeral claims. Each of these claims contained up to eight pages of documents, and for claims submitted via email or physical paper, each required a labor intensive manual review process. These forms could often be low in quality, containing messy handwriting, scan lines, or other document imperfections.

As families lost loved ones and sought relief from final expense costs, the company was eager to help those impacted.

New Technology, New Opportunities

For this organization, the pandemic was the catalyst for digital transformation. While the company had started exploring automation initiatives already, it was now time to make a decision—and quickly. As part of their digital transformation initiative, they needed a solution for the long term that could handle the complexity and high variability of their claims, so they turned to AI-driven document processing.

Re-engineering Claims for Faster Processing

Whereas the typical automation flow seeks to completely eliminate the need for human intervention, this financial institution embraced intelligent automation with a human-centered approach—where machine learning augments the ability and capacity of the document processing team—facilitating easier change management.

On its busiest days, the bank receives around 300 funeral claims, half of which are submitted via email or paper-based forms. With the new solution in place, they’re able to process these email and paper-based funeral claims in a matter of minutes—and more than half of the emailed claims no longer require any manual input at all.

Fulfilling the Mission to Serve

The impact of the bank’s decision to put customers first has been felt across the entire organization. By providing great service to customers in a time of distress, the organization stayed true to their company mission while fostering lasting customer relationships.

By using artificial intelligence technology in one of their most complex processes, they’ve been able to drastically reduce the manual effort required for claims—providing employees with new opportunities to grow their skills, and customers with assistance that is quite literally life changing.

Watch a Demo

Watch this short demo to see how Hyperscience can help to transform your claims process with cutting-edge AI, trained with your own data and your existing teams, empowering you to process claims smarter, faster and more efficiently.

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