Why insurance agents and brokers should automate their document processes

The past year or more has been complicated for many sectors. The insurance sector has not been spared of the difficulties and challenges related to the global pandemic such as new regulations, increased claims payments to policyholders, adapting its working methods, and customers relationships. In addition, customer expectations have grown and competition has intensified. Like many other professions, as an insurance broker or agent, you have been forced to evolve and reinvent your business, particularly through the use of digital collaboration tools, such as video conferencing software and e-signatures, or other online applications. 

Manually preparing and processing mail impacts productivity and profitability

One simple tool that you may not have considered or be aware of that can offer your business a host of benefits is an intelligent document management platform. The physical and opportunity cost of inefficient document processes are often underestimated. If you think about it, preparing and processing mail represents a significant operational expense. Aside from the cost of paper, envelopes, ink, and postage, it takes time away from your employees that could be spent more productively versus manually preparing and processing client communications. In the case of a completely manual process, employees must print, sort, group, and insert documents into envelopes, not to mention validate contact information to reduce the incidence of undeliverable mail. All of these costs add up to thousands of dollars depending on the size of your agency and your mail volume.

What is automated document management?

Automating document processes allows you to optimize and streamline all the steps required to create, personalize and send customer communications. With a customer communication automation platform, you can manage all your documents with one easily integrated solution, plus gain the flexibility to securely send documents through multiple channels (physical or digital), such as email or a dedicated customer portal. Personalize documents, group separate documents for the same recipient to reduce postal costs, or add targeted promotional messaging. The platform even has a built-in approval process so you can review documents from anywhere to ensure they are consistent and meet your brand guidelines.

Apply automation to a wide range of single or batch communications, whether it is a notice of claim, mission orders, expert reports, fee notes, reply letters and repayments, life insurance forms, or default and unpaid notices. You can also choose to offload large, cumbersome mailings to a secure, outsource facility and reduce your mailing process to just a few clicks. 

Top five automation benefits for your insurance business

• Enhance customer experience: Customer experience is essential to maintaining your business. Personalizing communications and distributing them according to your customers' preferences will boost customer satisfaction. 41% of surveyed organizations increased customer satisfaction by at least 50% by implementing Quadient BPA Solutions*
• Reduce operational expenses: By reducing or replacing paper-based communications you will save money on postal costs and mailing supplies. 61% of surveyed organizations reduced their overall costs by 25% or more using Quadient's BPA Solutions.*
• Increase security and compliance: Automating your document delivery reduces the risk of human error and ensures that the right documents go to the right customer. 92% of surveyed organizations eliminated errors by implementing Quadient Impress solutions.* 
• Boost employee engagement and productivity: By eliminating time-consuming tasks, your employees can focus on your core business. 88% of surveyed organizations realized positive benefits having high-value employees focus on higher-value tasks.*
• Save time: Significantly decrease the time it takes to prepare outbound communications. 52% of surveyed organizations realized at least a 50% reduction in time spent processing mail* 

To discover and learn more about Quadient Impress along with other dedicated solutions for accounting, auditing, and management service companies visit our insurance industry page.

* - TechValidate Customer Survey, November 2019