Case Study
Over $3.8M Annual Reduction in Liability Severity Exposure with 360 Intelligent Solutions Automated Claims Processing App
OVERVIEW & OBJECTIVE
Fred Loya Insurance, a Texas-based Hispanic 500 car insurance company operating in multiple states with over 5,200 employees, needed a solution to address severe pain points and risks associated with manually processing Legal Demand documents.
360 Intelligent Solutions "360 Demand Review App", residing within Loya's Salesforce.com Financial Services Cloud, automated Claims processing, introducing Artificial Intelligence to ensure that high-risk claims were quickly identified and escalated efficiently and effectively. Our solution dramatically reduced Loya's exposure, errors, and cycle time, and fully automated their Legal Document import, review, triage decision, and escalation processes.
AT A GLANCE
Challenges
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Extensive Risk
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Costly and Timely Manual Claims Processing
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No Workflow or Process Automation
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Human Error
Benefits
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Reduce Risk Exposure Direct Costs
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Facilitate Touchless Claim Processing with Automation and Artificial Intelligence
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Reduce Claim Rep Turnover/ Burnout
KEY RESULTS
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Legal Document Review and Triage process was reduced from an average review time of 2.5 hours to 43 seconds
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Over $3.8M Annual Savings in Liability Severity Exposure
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Loss Adjustment Expense savings of $680K
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Processing Accuracy Increased to over 95%
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Decrease in Employee Risk Management
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Enhanced Reporting and Dashboards
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Improved User Experiences with Modern User Interface Increased Rep efficiency with Mobile-friendly solution built on Salesforce Force.com platform
"360 Demand Review App" is a real-time game changer. We can triage and dissect a Demand accurately with unparalleled efficiency!
Edgar Meza, VP & Chief Claims Officer
