Adopting Insurance Automation Software: A 7-Point Checklist for Wholesalers, MGAs and Carriers
Transitioning from a manually driven insurance system to an automated platform can seem complex. You may be considering a fully automated user experience or a more phased, incremental approach. A checklist can make this process much more manageable, helping wholesalers, MGAs, and carriers integrate automation into their existing systems with fewer disruptions.
Key features to look for in insurance automation software
When transitioning to insurance automation software, it’s essential to first identify your company’s specific needs. Next, you need to select an insurtech solutions provider that can develop an individual strategy that’s right for you.
Key features to consider in insurance automation software include:
- Automated policy issuance and management
- Conditional logic and rules-based underwriting capabilities
- Automated workflows to reduce manual processing
- Tools for improving interactions with customers, for greater engagement and satisfaction
- Comprehensive data analytics for improved decision-making and risk assessment
- Compliance and industry management features
7-point automation software checklist for MGAs, wholesalers, and carriers
- Assessment planning
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- Evaluate your existing processes and identify areas in need of improvement
- Set clear goals for what you want to achieve with your new system
- Establish a budget
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- Selecting the right insurtech partner
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- Research vendors that specialize in insurance automation software
- Compare key features such as policy issuance, compliance, and underwriting
- Request a demonstration of the platform’s capabilities before deciding
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- Integration strategy
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- Discuss the plan/timeline for migrating data from your current system to the new platform
- Ensure the new platform can integrate with your existing system via APIs
- Verify platform compliance with industry standards and regulations
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- Customization and configuration
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- Customize the platform to fit your specific business needs
- Set up workflow processes for policy issuance, renewals, quotes, and other key functions
- Establish user roles and permissions to ensure security
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- Training
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- Create a training program for staff
- Develop a plan for minimizing disruptions – communicate to the team about how/when the transition will occur and the approximate implementation timeline
- Openly and transparently address concerns and any resistance to the change – provide support and access to resources such as user manuals and help desks
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- Pilot testing
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- Run a pilot test with a small group of users to identify and fix any issues
- Using the collected feedback from users, make any required changes
- Test to ensure the system meets all functional requirements
- Post-implementation testing
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- Create a go-live plan that includes a timeline for implementing all key milestones
- Regularly monitor the system’s performance and immediately address any issues
- Review the system’s capabilities to ensure they are meeting the needs of the business
Transitioning to an automated insurance platform can be a game changer for insurance wholesalers, MGAs, and carriers. By following the checklist outlined above, you can help ensure a smoother, more efficient transition that maximizes the benefits of automation for successful implementation and operation.
About Surefyre
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost any platform, from legacy systems to top-of-the-line new programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting, and binding processes for all P&C insurance products.
To learn more, contact Blake Wallace, account executive, at bwallace@surefyre.co or 239-405-4337.
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