Roots Automation launches a new SaaS platform for injury claims. This InsurTech solution promises to streamline claims workflows for the insurance industry.
The new SaaS by Roots Automation automates the data extraction of claims forms with an industry-leading straight-through processing rate, surpassing existing OCR solutions from other vendors. Roots Automation pulls information from the CMS-1500 claim form – commonly used in workers comp and bodily injury claims – with a +95% accuracy rate while maintaining security and HIPAA compliance.
Historically, OCR and automation software have been unhelpful in extracting information from claim forms, citing issues with poor quality scans and improperly completed or incomplete fields. It’s nearly impossible to estimate the full financial impact of the resulting claims leakage – though, the American Medical Association once estimated economical losses ranging between $21 billion and $210 billion annually as a direct result of medical claims processing inefficiencies.
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Roots Automation presents an affordable solution for a costly problem in the form of Iris, the bot representing their interactive platform.
Though an impressive offering, this new SaaS is not Roots Automation’s first InsurTech solution. In 2018, Roots Automation launched its Digital Coworker product, a form of Cognitive Process Automation (CPA). CPA is an advanced form of Robotic Process Automation (RPA) that combines traditional scripted automation with artificial intelligence and cognitive computing, allowing for the automation of unstructured data and processes. These bots, affectionately referred to as Digital Coworkers, are customizable solutions for workflows across a variety of industries, departments, and functions.
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An economical solution for insurance carriers, third-party claims administrators, and business process outsourcers, the SaaS is a more niche, accessible platform for claims processing.
“Roots Automation was founded on two main principles: that humans are happier when they’re free to focus on meaningful, impactful work; and that automation should be available to organizations of all sizes,” says CEO and co-founder Chaz Perera. “We’re proud to release a tool we’ve used internally with great success to further support the insurance industry.”
Small and middle market organizations have difficulty sourcing the budget for process automation, a necessary tool for employee engagement and smooth workflows. Roots Automation democratizes automation via the availability of Automation-as-a-Service, or their Digital Coworker product. The launch of our accessible new SaaS platform is a natural progression of our offerings to the insurance and healthcare industries.
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