5 Ways Automation will Advance Insurance Agencies written by Shannon Flynn, ReHack
The insurance industry is going through a technological transformation. Pandemic-driven remote connections and platforms spurred this digital makeover, and agencies are turning to automation as a solution. This year will bring new adoptions of automation, such as more data-driven decision-making, and improvements of existing applications, like chatbots.
2. Data Entry
How you apply automation to the job is critical, especially as people turn to digital resources for help throughout the pandemic. The following areas show just how applicable automation can be for advancing the industry.
Automated systems will take information from a customer or business partner and automatically enter it into spreadsheets or proposals. This provides direct quotes, comparisons and faster turnaround times for filling out documents and agreements. It inputs all the information right away.
1. Onboarding Automation in onboarding for new employees and customers alike can create a more efficient process. The recruitment process can be tedious and drawn out if you receive a large number of resumes to sort through. However, an automated system can immediately check applicants for experience and skills, then sort them into potential candidates or rejections. On the customer-facing front, you need to work through a similar process. Categorizing potential clients requires sorting through their history and status. An automated system can consider personal data and automatically sort them into plans or categories. You can get a head start on automating your onboarding process with newer systems like Kofax and CVViZ for clients and employees, respectively.
6
Human error can lead to skewed data results. For instance, if an employee enters demographic information incorrectly, insurance companies can end up marketing plans to the wrong set of people. Automated data entry is the solution.
In turn, this dynamic improves organization. As everything updates in real-time, each file or document will have the same correct information. A client list for a specific insurance plan can be updated based on automation adding or removing customers. You can then send out updates to clients without having to input the data yourself.
3. Decision-Making Decision-making comes from data. You need the correct information to understand how to handle a specific case or, on a bigger scale, your insurance agency’s direction. For instance, data shows a bumpy road ahead for insurance companies due to pandemic-driven stress and lower earnings. However, you can make changes ahead of time to prepare. Data automation requires demographic information, income
The Tennessee Insuror
