5 Ways Manual Insurance Submissions Are Costing You Time and Money (and How Automation is Solving the Issue)
The insurance industry demands constant adaptability. Companies must work as efficiently as possible to maintain a competitive edge. However, many wholesalers, MGAs, and carriers still rely on manual processes for new business submissions and renewals – resulting in significant time and resource drains.
Here are five inefficiencies caused by manual insurance submissions and how they can lead to higher operational expenses and lost business opportunities:
#1: Time-consuming processes
Manually processing insurance submissions requires significant time for data entry, verifying information, creating forms, etc. This slows the entire workflow, leading to delays in quotes, renewals, and new business policy issuances.
#2: Increased chance for errors
Having to quickly work through multiple quotes and policies each day can lead to mistakes, such as keying in incorrect policy details.
#3: Greater operational costs
Additional staff must often be hired and trained to expedite the handling of manually processed submissions, in addition to costs associated with making corrections and fixing issues.
#4: Lost business opportunities
Manual processes can lead to bottlenecks and delays in issuing quotes and policies. When this happens, customer satisfaction diminishes, sending customers to your competition.
#5: Insufficient updates
Manual insurance processes lack the benefits of having up-to-date data through real-time technology. When this happens, missing or incorrect information can lead to processing delays and errors, as well as compliance and regulatory issues, such as fines.
Insurance Automation to the Rescue
The good news? Insurance automation is addressing these challenges head-on. It’s transforming the submission process, offering multiple benefits that help companies reduce costs and save time. These benefits include:
- An enhanced underwriting process with real-time policy updates
- Fewer delays, resulting in greater customer service and satisfaction
- Enhanced data management to identify emerging market trends
- Greater regulatory compliance with a reduced risk of errors and potential fines
- Reduced labor and operational costs from automating labor-intensive tasks
By automating the insurance submission process, companies can streamline workflows, save money, reduce errors, improve overall efficiency, and increase policy issuance while enhancing accuracy and customer satisfaction – positioning them for greater success in today’s competitive insurance market.
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 new programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting, and binding processes 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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