Overcoming Challenges When Implementing Insurance Automation

Insurance wholesalers, MGAs, and carriers play pivotal roles in connecting insurers, brokers, and policyholders. Today, as these companies explore the game-changing potential of insurance automation, they’ll encounter both opportunities and hurdles.   

Here, we’ll look at key challenges when implementing insurance automation and the importance of having the right insurtech solution to help companies overcome them.  

  • Regular Maintenance
    Modern insurtech systems and tools that automate insurance workflow processes are tasked with streamlining a multitude of applications, quotes, etc. This is why systems benefit greatly from ongoing maintenance to function as effectively as possible – remaining optimized, accurate, and efficient.

  • Disruptions
    Transitioning from one system to a more modern automation platform can be complex, especially when working with outdated legacy systems. When considering insurance automation technology, an insurtech company must have a streamlined way to seamlessly migrate and integrate data to avoid major disruptions in operations.

  • Lack of Standardization
    Every insurance wholesaler, MGA, and carrier has its own unique way of operating. In addition, processes can vary by line of business within the same company. Standardization is critical when implementing insurance automation to ensure uniformity in processes, procedures, and data across different parts of the insurance ecosystem. This will ensure consistency in service quality, a reduction in errors, and overall customer satisfaction.

  • Data Quality & Accessibility
    Insurance automation technologies rely on accessing and migrating accurate data from one system to another. If an automated system cannot access vital information or brings over incomplete or inconsistent data, errors and inefficiencies can cause a major disruption to operations.

  • Regulatory Compliance
    Insurtech processes must comply with industry regulations. This means that wholesalers, MGAs, and carriers need to align their automation practices with legal requirements and guidelines. Insurance automation tools must be capable of integrating strict regulatory requirements into systems, as failure to comply can result in legal and financial consequences.

  • Cybersecurity Risks
    The sensitive information that modern insurance automation systems handle requires robust cybersecurity measures. Insurance automation initiatives need robust cybersecurity practices to protect sensitive data, prevent financial losses, ensure regulatory compliance, and maintain customer trust.

Insurtech providers that have obtained SOC 2 Type II compliance certification are helping insurance wholesalers, MGAs and carriers ensure they have the necessary security measures to protect sensitive data.

While automation promises efficiency gains and improved customer experiences, it isn’t without challenges. For this reason, it’s important to work with an insurtech company that can make the process as seamless as possible.

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 legacy systems to top-of-the-line programs. Our low-code and no-code integration platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.

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

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Blake Wallace
Account Executive