Why insurance agents and brokers should automate their document processes
According to WorkMarket’s 2020 In(Sight) Report, 70% of business professionals report spending up to 40% of their time on routine tasks like searching, editing, and sending documents. The insurance sector, especially, is no stranger to the difficulties and challenges related to new regulations, increased claims payments to policyholders, adapting its working methods, and evolving customer relationships.
In today’s post-pandemic era, customer expectations have grown and competition has intensified. As operations evolve, companies strive to automate as many processes as possible, save time, and eliminate manual processes. As an insurance broker or agent, you too, may 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.
The woes of manual mail prep
Manually preparing and processing mail impacts productivity and profitability. This is true for many businesses across the board, but especially for the insurance sector – simply because there’s a lot of paperwork. The cost of inefficient document processes is often underestimated. If you look at your current manual process, preparing and processing mail represents a significant operational expense. There’s the cost of paper, envelopes, ink, and postage, and it takes time away from your employees that could be spent more productively. In the case of a completely manual process, employees have to print, sort, group, and insert documents into envelopes, not to mention validate contact information to make sure there are no errors – otherwise the mail becomes undeliverable. All of these costs can add up to hundreds to thousands of dollars depending on the size of your brokerage and your mail volume.
A simple tool to consider that allows you to optimize and streamline the process of creating, personalizing, and sending customer communications is a document automation platform.
How can document automation help?
Automating document processes allows you to simplify all the steps required to create, personalize and send customer communications. Integrating such a platform into your workflow means you can manage all your documents in one place. You can also send documents securely through multiple channels (physical or digital), like email, SMS text, and a dedicated customer portal. The software helps you 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 standards.
You can automate a wide range of single or batch communications, whether they are claims notices, mission orders, expert reports, fee notes, reply letters and repayments, life insurance forms, or default and unpaid notices.
Automation isn’t just a way of alleviating insurance sales staff of manual, repetitive tasks. It also improves responsiveness to customer needs, while faster overall processing delivers faster service that can increase closed sales.
Top five automation benefits for your insurance business
Focus on client relationships
When you improve the quality of service you provide, like having quick response times or a seamless claims processing process, you’re more likely to increase the average lifetime value of your customers. By automating manual tasks in your customer communications process, insurance professionals can focus more on meaningful areas that add value to the customer experience. In addition, personalizing communications and distributing them the way your clients prefer can help boost overall satisfaction. In a recent customer survey conducted by Quadient, 41% of organizations increased customer satisfaction by at least 50% after implementing Quadient Impress solutions*
Cost savings
By automating document processing tasks, insurance companies can decrease their overall operational costs. Manual data entry, document handling, and verification processes are time-consuming and prone to errors. By reducing or replacing paper-based communications, your company immediately saves on postal costs and mailing supplies. In a recent customer survey conducted by Quadient, 61% of surveyed organizations reduced their overall costs by 25% or more using Quadient's BPA Solutions.*
Ensure compliance
Those in the industry know that there are plenty of rules and regulations on insurers. A document error can result in a lawsuit, a fine, or a negative customer experience. Documents that are not in good order (NIGO) can be costly. Document automation can help alleviate compliance stressors by eliminating the guesswork involved. Automating your insurance document deliveries reduces the risk of human error and ensures that the right documents go to the right client. In a recent customer survey conducted by Quadient, 92% of surveyed organizations eliminated errors by implementing Quadient Impress solutions.*
Boost engagement and productivity
By eliminating time-consuming tasks, your employees can focus on higher-value tasks that contribute more directly to your bottom line. This leads to greater staff productivity and better overall engagement. In a recent customer survey conducted by Quadient, 88% of surveyed organizations realized the positive benefits of having employees focus on higher-value tasks.*
Save time
This is something that ties into each of the above aspects. When you decrease the time it takes to prepare outbound communications, you ultimately reduce the time and resources required to handle each claim. Saving time benefits all areas of your business. In a recent customer survey conducted by Quadient, 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.
Automating documents helps insurers compete more effectively and ultimately, provide better service to their clients. If you want to learn more about how a document automation solution can benefit your business, visit our insurance industry page here.
* TechValidate Customer Survey conducted by Quadient, November 2019
