The workflow of a networked insurance agent has been synonymous with its tedious as well as time consuming tasks. From repetitive processes in various markets to rekeying data, the overall flow of insurance submissions can be stressful. How can agent workflow be improved while maintaining efficiency? It’s simple – through the insurance technology solutions found in automation!
In this article, we will discuss the benefits of automation regarding insurance submissions, how to automate the agent workflow, and other benefits to leveraging insurtech solutions to do business digitally.
How is automation beneficial to the insurance submission process?
Let’s first reflect on the process of submissions WITHOUT automation. Agents without access to an automated submission process are required to spend longer hours performing their day-to-day tasks because of the redundant data entry aspect of insurance submissions alone. Then, if we factor in several markets and lines of business being serviced, the number of hours spent on submission processing can double.
Now, let’s consider an agent who has the ability to utilize automated submissions. On average, agents who have access to an automated submission process save over 40 minutes per submission. A significant amount of time is saved because automation allows agents to:
With all of the benefits automation presents, let’s explore HOW to automate the submission process to save thousands of hours on data entry annually and maximize productivity.
How can I automate my submissions NOW!
The only thing required to begin your journey to automated submissions is to connect with a company that offers an insurance distribution platform that can deliver instant rate quotes, and can grant access to fillable ACORD forms, markets, and the lines of business needed to complete a submission digitally.
Prior to investing in the best decision that you can make for your future as an insurance agent, carrier, or MGA, it is important to see, as well as understand the platform which you will be using – this is most commonly done through a demo. The demo will show you how the platform works, all of the features available to you, possible upgrade options, and most importantly – how to incorporate your current data into the platform to streamline the automation process.
Now that we have outlined the benefits of automation in the submission process, as well as how you can take advantage of automation, its time to dive into some of the added bonuses of automated insurtech solutions.
What other benefits are there to automation and doing business digitally?
In addition to what we have already covered, automation is the future of insurance. There are several other benefits to automation that will not only be relevant to your success but will also empower you to evolve with the industry.
Other benefits of automation include:
What should happen next?
As an agent, carrier, or MGA with their future in mind – it would be of great interest to consider implementing automated submissions and receive a bird’s eye view of how to simplify the way that you do business. Industry leading companies such as Appulate, offer all of the services referenced in this article to provide a more streamlined workflow. Reserve a few moments in your day to visit our website and see for yourself what automation can do for your business, your network, and your time management. The insurance industry is no longer last in line in regard to technology, so the option is yours to join the evolution.