Technology is here to make our lives easier. With the help of automation, we can streamline processes at our home and work.
For example, you can automate your monthly electric bill by setting up automatic online payments. That way, you won’t have to sit down each month, write out a physical check, and mail it.
For agencies, insurance automation makes the entire process of serving your clients and managing business tasks more efficient. In this post, you’ll learn how automation works in the insurance sector and how it can help your agency.
Insurance automation is the process of using technology to automatically complete tasks related to insurance services. Automation removes steps or processes an agent would normally complete manually.
Think of all the daily tasks at your agency. A customer service representative files a change of address for a client. Your accounting team processes checks for premium payments. You contact various carriers for quotes for a potential client. Insurance automation is meant to reduce the time it takes to complete these strategic tasks.
When you have automation in place, many of your tasks are completed by computer software. For instance, customers can change their address through an online portal. That new address will automatically be populated in your system, which eliminates the need for a customer service representative to physically file an address change form.
The insurance space is continuing to embrace technology. New insurance software companies crop up every year to help you efficiently run your agency.
Intelligent process automation is necessary for the insurance industry to keep up with customer and market demands. All of the little processes that make your agency run—from claim processing to making payments—can be streamlined through automation.
Automated processes help insurance agents solve problems, such as:
Insurance automation helps agents run more efficient businesses and deliver a better customer experience.
Lowering operational costs is one of the major benefits of adopting automation at your insurance agency. You may be worried about the cost of automation. While you’ll likely face initial costs, automation can pay off big in the long run. Automating recurring processes can reduce the need for additional office staff.
With automation, your team no longer needs to waste time on repetitive tasks. Tasks that may have taken hours before might now only take a few seconds. Your team can instead focus on projects that will have a bigger impact on the bottom line.
In an article for Insurance Journal, CEO of AgentSync Niji Sabharwal predicts 2022 to see a rise in back-end insurance automation to improve efficiency.
“From the automation of claims processing to technology that simplifies the producer licensing and compliance process, insurance carriers and agencies should find ways to reduce costs and improve customer service through innovative tech solutions this year,” explains Sabharwal.
Everyone makes mistakes. However, in the insurance industry, the wrong mistake can be costly. Reducing or eliminating human errors is an important benefit of insurance automation.
In today’s technology-driven world, most insurance customers want quick, easy access to their insurance accounts. Insurance automation can help your agency win clients and create the best customer experience. Automation like self-service online portals puts your clients in control. It gives them immediate access to the information they need and boosts customer satisfaction.
Automating your regular tasks and processes will help your business operations run more efficiently. Improving efficiency lowers costs, encourages a more productive team, and reduces the chance of human errors like typos. Automation can also help improve the customer experience by giving clients the tools they need to manage policies on their own.
Where can you add automation to improve your insurance agency? Almost anywhere. Automation creates a streamlined insurance process. Here are a few examples:
Insurance automation can be integrated into your business growth for multiple purposes. Many agencies choose to implement automation in stages so their teams aren’t overwhelmed with new technology. Automating your quoting system, underwriting process, and payment systems are easy ways to start streamlining your business processes.
Insurance automation offers tangible business benefits. Your agency can improve efficiency by automating processes like quote generation or payment processing. Try Pathpoint for instant, bindable E&S quotes from multiple carriers today.