This day, June 28th usually sees many insurance companies reach out to small businesses reminding them to check that they have the right insurance cover. If you’re one of them, you’ll probably end up exchanging documents back and forth with the hope that it results in new relationships and more sales. However, how do you create these documents?
Document automation is becoming the industry-standard tool for generating or creating insurance documents. If you have not yet caught on to this, maybe considering these benefits will get you ready to join the rest.
Cutting down the usual delays involved in document processing can lead to higher chances of locking in more clients. Customers can receive the documents they request instantly and a policy can be ready for signing within minutes instead of hours or days.
It's a case of being able to strike while the iron is hot!
Instead of having your agents drafting different documents and seeking approval the whole day, you can leave this task to technology so that the agents can have more time to have meaningful discussions with clients which will build stronger relationships and trust. The agents too will be more motivated since they will accomplish more without the tedious back-end tasks.
The most important is probably better customer service which will also translate into increased revenue. Efficiency also minimizes errors, ensures compliance with regulatory and compliance guidelines, and reduces operational costs. According to an Accenture report, loss reduction by as little as 2 percent can create annual growth worth $11 billion for insurers in the US.
These benefits however can be achieved when you follow these best practices below:
Cut out paper at the beginning: Do not encourage customers or employees to use paper documents. From the start, as you interact with the client, capture every information digitally.
Focus on the customer not cost: Many people think of cost-saving as the main aim of automation. Customer satisfaction and prompt service delivery should instead be the driving force behind document automation.
Automate data integration: If you have to scan a document, ensure that the tools you use can automatically extract the data from the scanned documents and enter it into the system instead of having to do it manually. This will save time.
Monitor and analyze performance: For the best results, regularly check and see if your efforts are meeting expectations. Processes can be tweaked to improve performance where necessary.
Adopt the right technology: Businesses need to find technology that meets their needs and complements existing ones. Document automation software should integrate with other technologies that make it easier to perform the tasks that the business demands. For example, cloud storage, document management, and e-signature.
With a combination of the right technology and best practices, insurance companies can meet and surpass customer expectations.