As we move towards a digitized modern world, so should our inefficient paper processes. One thing that can move to a more digital process are post-sale claims.
Currently, members must wait for claim forms to be sent, fill them out, send them back, and wait for a response. If additional information is needed, the process starts all over again. On the credit union side, staff must manually input information into the claims system.
Even with online forms, things can still fall through the cracks. Once the information is received, it needs to be manually entered, reviewed, and a decision must be made. Regardless of the scenario, members are often left wondering the status of their claim.
One way we can utilize a more effective process is through Applications Programming Interface (API) technology and Artificial Intelligence (AI). These types of technology streamline the communication of information from one system to another by enabling real-time access to data and information. APIs and AIs have proven to file claims automatically when the information is submitted, which reduces effort and increases the speed of decision.
The benefits of this technology are widespread and offer a more improved customer service experience. Since implementing API and AI technology for Credit Insurance and Debt Protections claims, CUNA Mutual Group has experienced:
• Reduced average overall cycle time from 38 days with the paper-based process to 6 days for web filed claims
• 44% of claim decisions are made within the same day
• 93% of members indicate high satisfaction with the improved claims experience
Moving to a digital approach will overall help your credit union and will enhance the customer experience. Utilizing APIs and AIs will ultimately help grow your business and expand your membership for years to come.