Technical Synergy: Making a Case for Intelligent Insurance Automation
Growing competition and higher customer expectations are forcing insurance companies to step up. Wholesalers, MGAs and carriers now need to work harder to improve their workflows. The key to keeping up? Two words. Speed & Accuracy.
The harsh reality is, sales and operational processes used in the insurance industry are complex, time-consuming, and often performed manually. Insurance organizations that are unable to market, underwrite, quote, process and issue new and renewal business efficiently and accurately are beginning to find themselves outperformed by the competition.
The inability to simplify the selling and binding process is significantly impacting the broker-insurer relationship. Fortunately, today’s technological capabilities are helping insurance entities to improve traditionally slow and inefficient workflow processes through intelligent insurance automation that best meets the needs of producers.
What is intelligent insurance automation and how does it work?
Simply put, intelligent insurance automation allows insurance organizations to fully automate and better manage a variety of key business functions – eliminating the need to manually handle multiple tasks, processes, applications and requests.
Bringing it all together: Automation in insurance
For too long, business processes in the insurance industry have been separate, with manual processes in one camp and technology capabilities in the other — working separately when they should be working together to help reduce manual tasks and errors and shorten response times.
When done right, today’s workflow automation platforms can be configured to leverage an expanded set of conditions and rules for processing, submitting, and managing submissions more holistically – across data centers, systems, etc.
As a result, brokers can benefit from capabilities such as:
- Real-time approvals
- Automated underwriting requests
- Compliance notifications
Real customer examples show that by connecting all aspects of insurance workflow processes in a more holistic manner, underwriters can save an average of 2.5 hours for every policy issued while vastly improving submission accuracy – all without having to onboard additional administrative staff. This advanced intelligent automation creates what is referred to as straight-through processing – a highly synchronized start-to-finish capability that allows insurers to do more in less time, and with greater accuracy.
The technical harmony created by intelligent insurance automation has provided the industry with an incredible opportunity to improve nearly every area of business processes — from start to finish.
By automating insurance processes, wholesalers, MGAs and carriers can create an all-encompassing workflow management system to better improve customer outcomes with streamlined processes, increased submission accuracy and reduced turnaround time for quotes and policy issuance. In return, they can maintain a competitive advantage and build long-term relationships with their retail broker partners.
About Surefyre, Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our platform makes your life easier by automating the submission, rating, quoting and binding process for all P&C insurance products.
Like what you hear? To learn more, contact Shawn Gonzales, Advisor & Account Executive, at sgonzales@surefyre.co or 415-480-9283.
