Digital Transformation | Read Time: 3 Minutes

New Year’s Resolution: Digitize the Application and Renewal Process

December 30, 2021

Adam Bratt. By: Adam Bratt

According to the Big “I,” Commercial Lines has the greatest revenue growth opportunity for agencies but, as you know, the application and renewal process tends to be manual, time intensive and a headache (to say the least) for all parties involved. Our recent survey shows that 35% of agencies servicing small commercial accounts spend 30 minutes to an hour per submission packet pre-filling common information, such as the client’s name and address. Agents do this to make the application process easier for clients but it’s very time-consuming on their part.

35% of agencies spend 30 minutes to an hour per submission packet pre-filling data Source: Indio State of Insurance Renewals Report

Even after submission packets are delivered to clients, the process is far from over. Agencies now have to wait on clients to fill out, sign and return their submission packets. We’ve learned that 82% of policyholders spend up to a month to complete their applications. Then once the policyholder does submit the application, 94% of the time it’s incomplete. This means that in almost all cases, the agent has to chase down the policyholder for missing information. If agents could spend less time on these admin tasks, they would have more time for meaningful customer interactions like advising.

82% of policyholders spend up to a month to complete their application Source: Indio State of Insurance Renewals Report

94% of applications submitted by policyholders are incomplete Source: Indio State of Insurance Renewals Report

You don’t have to continue to be weighed down by this paper-heavy, inefficient process in 2022 however. Make the resolution to digitize your application and renewal process with Indio.

Out with the Old Application Process, In with the New

As the leading application and submissions management platform, Indio turns the traditionally cumbersome insurance application process into a simple, Turbo-Tax like experience. It uses “smart” form technology to streamline gathering insurance form data and allows agents to digitally submit the application with a single click. Indio simplifies the insurance application process to make it faster, more collaborative and easier, saving you time and money. In fact, Indio cuts the time spent on the application process in half.

Indio shortens the application and renewal process for agents by up to 50%.

Plus, in a time when in-person interactions are still infrequent, Indio’s customer portal lets you and your clients collaborate online to complete the application and renewal process while operating remotely.

Why you should digitize your application and renewal experience:

  • Efficiency and time icon

    Increases Efficiency and Time Savings: Reduce keystrokes and time wasted navigating separate individual applications.

  • Minimize errors icon

    Minimizes E&O Exposure: Eliminate duplicate data entry and reduce the opportunity for inaccurate data and errors & omissions exposure.

  • Customers icon

    Keeps Your Customers Happy and Renewing: Create a simpler application experience by reducing the total number of questions your customers are required to answer and providing them a faster application and renewal experience.

  • New business icon

    Helps You Win New Business: Arm producers with a simplified application process for customers and prospects, making it easier to generate cross-sell opportunities, round out accounts and increase customer retention.

So, what are you waiting for? Remove friction from your submission process in 2022 by offering a simple, fast, digital application experience that both your customers and team will love.

Watch this webinar to see Indio up close and in action.

Adam Bratt.

Adam Bratt

Adam Bratt, co-founder and CTO of Indio, a division of Applied Systems, is focused on creating an end-to-end experience for the insurance application process. Adam has been building fintech products for the last decade. Prior to Indio, his first company Advantage WebTools provided a full CRM for hundreds in the debt settlement industry. Later as VP of Product at Benzinga, he created Marketfy, the first marketplace where investors could automatically follow real traders in the market.