How Instant Insurance Forms Can Boost Your Revenue
From applications to policy documents, underwriting to support – creating, editing and processing forms in the insurance industry can take an exorbitant amount of time and resources. The solution? Fully automated, instant insurance forms.
For example, commercial property and casualty insurance professionals spend an average 70% of their time on non-underwriting tasks, such as administration and sales support. In addition, of all quote and application information that must be manually keyed into a system, 36% is inaccurate!
The top three reasons for this inaccuracy:
- Redundant inputs and manual processes
- Outdated and inflexible systems
- A lack of information and analytics at the point of need
The insurance industry has always been a heavily paper-driven industry – consuming time, efforts and resources in areas that are hurting the bottom line. Instant insurance forms are changing all that.
Simply put, modern technology with instant insurance forms can integrate with existing operating platforms to automatically create documents and allow them to be sent securely through multiple channels – such as email, portals and management systems.
In a crowded and competitive industry, insurance entities need to strategically manage their time and expenses to maintain a healthy bottom line. Here’s how instant insurance forms are doing just that:
Improving Efficiency
Automated insurance forms streamline document processing for wholesalers, MGAs ,and carriers – boosting efficiency without the need for additional staff. This optimized workflow empowers insurance entities to strategically allocate resources, resulting in substantial cost savings and a sustainable bottom line.
Providing Better Customer Service
Consumers who are happy with their level of customer service are less likely to leave their current insurance company because of price when renewal time rolls around. Instant insurance forms not only speed up processing requests – they are also proven to be more accurate.
Expediting the Transaction Process
For wholesale insurance brokers and MGAs, it is critical to swiftly process new business quotes and renewal applications. Delays in this process can prompt clients to seek alternatives. Instant insurance forms can accelerate the transaction process by automatically creating quotes, binders, policy documents, mid term endorsements and renewal applications. Moreover, the incorporation of industry-specific data can automate compliance throughout the streamlined process.
Traditionally, insurance is an industry that is heavily reliant on paperwork – processing hundreds of documents every day. Automated insurance forms can remove the drudgery of manual processing and result in an improved bottom line.
About Surefyre Inc.
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 anything, 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 process for all P&C insurance products.
To learn more, contact Shawn Gonzales, adviser and account executive, at sgonzales@surefyre.co or 415-480-9283.
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