Elevate the New Business Insurance Application Experience
Insurance companies are embracing automation to streamline workflows and enhance efficiency. The new business submission intake process in insurance which involves; collecting, verifying, and processing policy application details is a key area that can benefit from automation.
Why Automating the Submission Intake Process is Crucial
You Can't Afford to Ignore Automated Submissions
Current manual processes often leads to the following challenges:
Inefficiency:
Manually handling submission forms, gathering information, and entering data into systems can be time-consuming which delays the process and cause bottlenecks within the workflow.
Human Error:
Manual data entry and review often result in errors, which can lead to costly mistakes, legal issues, or delays in policy issuance.
Lack of Visibility:
Without real-time tracking and automated systems, it can be challenging for insurance teams to have a clear overview of their current pipeline, making it harder to manage priorities and workflows.
Poor Customer Experience:
Delays and errors in the submission intake process can lead to frustrated customers, potentially causing them to seek alternatives.
To overcome these issues and stay competitive, insurance carriers must modernize their submission intake processes by leveraging automation technologies.
Benefits of Automating New Business Insurance Submission Intake
Game-Changer for Businesses
Implementing automation in the policy application submission intake process can offer numerous benefits:
Improved Speed:
Automation accelerates data entry and verification processes, freeing up staff to focus on more complex tasks.
Increased Accuracy:
Automated systems reduce human errors in data entry, resulting in accurate and reliable information.
Quicker Turnaround Times:
Automated processes can quickly identify incomplete or missing information, speeding up policy issuance.
Enhanced Transparency:
Real-time tracking of applications and automated reporting offers improved visibility into the workflow.
Improved Customer Service:
Faster, more accurate processes result in satisfied customers who can track their policy status in real-time.
Steps to Automate Insurance Submission Intake
Blueprint for Unlocking Efficiency
Now that we’ve explored the benefits, let’s discuss how insurance carriers can implement automation within their submission intake processes:
Leverage online digital forms and self-service portals: Allows brokers and clients to submit requests and upload documents online, without requiring phone calls or emails, significantly reducing the manual work associated with intake.
Incorporate automated workflows: Ensures paperwork is routed directly to the appropriate department or underwriter. These workflows can also trigger automated alerts and notifications to ensure timely actions are taken, such as reviewing or approving policies.
Integrate data checks and AI: Use automated tools with AI capabilities to verify information and identify potential risks, making the process more efficient and reducing the need for manual oversight.
Utilize Advanced Analytics: Allows insurers to gather data from submissions and use analytics for insights into patterns, preferences, and bottlenecks, improving decision-making, workflows, and underwriting accuracy
Takeaways
Smoother Business Insurance Submissions
Automating new business insurance submission intake offers benefits like efficiency, accuracy, better customer experiences, and faster turnaround times. Insurers can optimize operations, reduce errors, and grow their business through automation. The future of insurance is digital, with automation being essential for transformation.
Let PCMS Atlas AI automate your new business insurance submission intake with AI and machine learning, offering insurers faster processing and improved accuracy.
