Insurance agents and brokers have been stuck working within an inefficient submission process, from collecting insureds’ information to going to market and delivering accurate information to underwriters.
The challenge stems from fragmented systems, which result in data and information being stored in multiple places including, management system, emails, spreadsheets, e-Signature software, insurers’ rating systems and so on. Fragmented systems lead to fragmented data, often referred to in IT departments as “data silos” and IBM estimates that inaccurate and siloed data costs the entire U.S. economy roughly $3.1 trillion per year.
For insurance agents and brokers, this means time and dollars lost to inefficient processes such as rekeying data across systems, and downloading and uploading files from one place to another. These inefficiencies lengthen your time to market and cause a poor experience for your customers.
How to Streamline the Submissions Process
With the rise of digital technology, it’s time to take the steps necessary to streamline your submissions process by using technology that “talks” to each other.
Consider these three technologies that share data and information with each other to remove inefficiencies from your submissions process:
Smart form technology
Problem: According to our State of Insurance Renewals Report, over 64% of businesses spend 2+ hours per submission pre-filling and rekeying data.
Solution: Smart form technology allows you to share insurance forms and applications with insureds online so that they can fill out their information digitally. By collecting insureds information in a digital format, you can streamline the rest of the submission process, from sharing data with your management system using integrations to digitally submitting it to insurance companies.
Result: Digital insurance forms and applications shorten the submission and renewal process for clients, increasing client experience and retention.
Technology that integrates with your management system
Problem: According to our recent survey, businesses feel that an online portal connecting insured submission data between technology systems would lead to a 70%+ gain in productivity and 66%+ gain in time savings.
Solution: When choosing technology that will store your insureds’ application and renewal data, look for a solution that has the ability to share data between systems digitally. A system that works digitally with your management system will ensure that data remains accurate when transferring information from a system storing application and renewal information into your management system.
Result: Using technology that integrates with your management system simplifies the client data capture process and reduces the need to rekey data between multiple systems, saving you time and reducing E&O.
Technology that works with insurers’ systems
Problem: According to a survey conducted by IVANS, 88% of insurers would like to receive submissions from agents and brokers digitally.
Solution: As you begin using technology to collect and store insured data in a clean, online, digital format, you should also consider sending submissions to underwriters and insurer systems digitally to complete the end-to-end submission lifecycle.
Result: With a fully streamlined, digital submission process, you will shorten the time to market and build stronger relationships with your insurers.
Your business can vastly improve the collection of insured data, speed to market, and submissions delivery to insurers by using technology that connects the submission process end-to-end in a digital format. Ultimately, using technology that passes data between key stakeholders in the insurance lifecycle removes time-consuming steps, and the potential for errors and inefficiencies along the way.
Learn how Indio can streamline your end-to-end submission process by connecting your management system and insurers’ systems digitally.