Automation in Insurance: 5 Important Steps For Getting Started

When insurance wholesalers, carriers and MGAs first begin their automation journey, it can be a challenge to know where to begin. Most experts agree it’s best to start simple – identifying specific areas that will benefit your business most, taking the initial steps associated with where you want to be, and then incrementally making it happen. 

While every insurance business operates differently, there are five basic steps to follow when putting together effective technology automation initiatives.

Step 1: Assess current processes and identify pain points

By knowing specific pain points and assessing existing processes that are not ideal, you can address the business’s most critical issues. This enables you to focus on areas that will benefit the most from automation, avoiding wasted efforts (and wasted money) on less impactful areas. It also streamlines the process by identifying system inefficiencies and potential challenges upfront – so they can be addressed early on.

Step 2: Clearly define objectives and goals

After completing step one, insurance wholesalers, carriers and MGAs can begin the process of developing an automation strategy that is based on their specific objectives and goals. By clearly outlining what you want to achieve, you can ensure that the benefits of automation align with the business, set realistic goals, and help minimize disruptions.

Step 3: Select the right tools for the job

A partnership with an experienced insurtech provider takes the guesswork out of automation implementation by helping you select automation software solutions and tools, then tailoring them to address critical issues that meet your individual needs and budget. This also ensures that processes and tasks are standardized across your entire business for consistency.

Step 4: Develop an implementation plan 

A comprehensive plan helps ensure a smooth, efficient, and successful transition to automation while minimizing potential risks and disruptions. Facilitating clear communication among stakeholders makes certain that everyone is aligned with the project’s vision and objectives. Lastly, a comprehensive implementation plan ensures that vital resources – such as time, budget, and personnel – are allocated efficiently to avoid losses, prevent cost overruns, and ensure that critical areas receive the necessary attention.

Step 5: Monitor, evaluate and optimize systems

Once implemented, you’ll need to monitor and evaluate the effectiveness of your newly automated processes. Adjust as necessary to improve specific areas and discuss ways to optimize processes better. Keep notes on how you may want to gradually automate additional areas in the future. 

By taking these initial steps, insurance wholesalers, carriers and MGAs can take full advantage of automation in insurance with confidence – positioning their business for future growth and adaptability in today’s increasingly digital landscape.

About Surefyre

Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost any platform, from outdated legacy systems to top-of-the-line programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting, and binding processes for all property and casualty insurance products.

To learn more, contact Blake Wallace, Account Executive, at bwallace@surefyre.co or 239-405-4337.

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