Many insurers have made progress in automating some aspects of their group insurance benefits. But underwriting, quoting/rating and renewals are often still bogged down in manual processes.
Automating underwriting decisions, placing configuration in the hands of business users, and integrating systems, including customer relationship management (CRM) lead to faster quote turnarounds. In a true group situation, automation begins with robust automatic census mapping upload capabilities and accurate risk assessment. Once client data is obtained, proposals and documents can be generated within minutes, not days.
Here are three keys to automating underwriting.
1. Eliminate rekeying and manual workarounds
No one should ever need to rekey data. Once information is captured once, all authorized people should be able to use it.
Redundant data entry is eliminated across roles and systems when data populates key fields automatically. The system also should notify users when they have tasks in the queue that require attention. Notes and messages track progress and status, making it easy for different users to step in and quickly assess the status of a quote, expediting prospects through the quoting process.
Similarly, configurable rates, business rules and proposal templates further reduce maintenance time and reliance on IT resources. Manual workarounds are no longer necessary as processes are optimized for efficiency and automation. And human intervention, when needed, is triggered based on rules.
2. Create your portal to success