CHARLES HANNA

Di­rec­tor of Sales

Digital Insurance - - STRATEGIES - CON­TACT IN­FOR­MA­TION Hy­land email: charles.hanna@hy­land.com phone: 440.788.5000

Some in­sur­ers still rely on man­ual un­der­writ­ing pro­ce­dures. What are the ad­van­tages of re­plac­ing these with more au­to­mated func­tions?

The cur­rent ap­proach to pro­cess­ing in­sur­ance ap­pli­ca­tions is typ­i­cally man­ual, with mul­ti­ple doc­u­ments and in­for­ma­tion re­quests routed back and forth be­tween cus­tomers/prospects, agents, un­der­writ­ers, staff per­son­nel, and ex­ter­nal par­ties. Mod­ern so­lu­tions to sup­port the sub­mis­sion and un­der­writ­ing process of­fer dig­i­tal, au­to­mated, and stream­lined work­flows that re­sult in sig­nif­i­cantly im­proved process ef­fi­cien­cies. More im­por­tant than cost sav­ings and re­duced pro­cess­ing times is the po­ten­tial to at­tract more busi­ness and in­crease the prof­itabil­ity of that new busi­ness. Be­cause com­mer­cial and spe­cialty lines busi­ness still flows pri­mar­ily through agent/bro­ker chan­nels, in­sur­ers strive to make it easy for these in­ter­me­di­aries to do busi­ness.

Does in­te­grat­ing an in­surer’s pol­icy ad­min and un­der­writ­ing sys­tems lead to bet­ter data and greater ef­fi­cien­cies? Given that each sys­tem re­lies on sep­a­rate data sources, does man­ag­ing that data be­come more dif­fi­cult, or does the com­bined data set re­sult in faster and more ac­cu­rate de­ter­mi­na­tions?

Ev­ery in­sur­ance worker needs the free­dom to ac­cess and share cus­tomer in­for­ma­tion. Of­ten, the un­der­writer, cus­tomer ser­vice rep­re­sen­ta­tive, or claims ad­juster must use two or more sep­a­rate sys­tems – for pro­cess­ing and record­ing the trans­ac­tion, and for pro­vid­ing sup­port­ing in­for­ma­tion needed to make de­ci­sions about the process’s next step.

They must re­peat­edly ask pol­i­cy­hold­ers for in­for­ma­tion the com­pany al­ready has. By in­te­grat­ing core pol­icy, claims, billing and ECM sys­tems, the in­sur­ance pro­fes­sional uses what ap­pears to be a sin­gle sys­tem. This in­te­gra­tion seam­lessly con­nects peo­ple, pro­cesses, doc­u­ments, sys­tems, and data to re­spond to cus­tomers faster and with more per­son­al­ized in­for­ma­tion.

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