In the first part of this series on future insurance guarantee, we looked at how transport companies explore new and improved distribution channels. Leading operators go beyond passively processing emails. Instead, they define new and engaging experiences with their distribution partners or customers to create competitive advantage.
Getting business at the door is great – but it's just the first step in the insurance journey. Carriers today need to quickly convert intake into insight by digitizing data, clearing and supplementing intake information and preparing the information for insurers. In this post, we look at how advanced tools create a new future for insurance companies.
A practice that has not changed for decades
In commercial insurance and employee benefits, the basic process of intake has remained virtually unchanged for the past 50 years. The agent or broker sends the carrier a lot of material that needs to be evaluated, cleaned and set up before the insurer can start its work. Along the way, we have the usual problems to overcome:
- Submissions are often incomplete and lack key documents.
- The information is in different formats or structure, which requires efforts to organize it.
To address this, carriers often use low-skilled workers on land or offshore to enter data or record phone calls with their brokers. But in most cases, the carriers still end up with an incomplete picture of the submission.
The power of "human +" intake
It does not have to be this way. This is the first stop on the insurance journey with exciting opportunities to mix human and mechanical labor to dramatically improve results. Today, there are intelligent tools that can completely transform the intake process.
- Application programming interfaces (APIs), portals and robotics can replace a significant part of the e-mail as a submission source.
- Robots in natural language can read, classify. , and initiate e-mail submission processing.
- Data providers and platforms such as PLANCK, Enigma and Carpe Data can supplement and validate key submission data, leading to increased accuracy and reducing the data needed by the agent, broker or
- Data validation and manipulation tools can evaluate, adjust and comply with list data from processing, including locations, vehicles or employees.
- Deep learning solution can evaluate benefit plans, journals or other long documents to quickly extract key data from cumbersome records.
In short, collections of intelligent tools can become indispensable assistants for insurers by helping them prepare and anage submissions for processing. These tools can not only prepare the data used today – they can also supplement it with third-party data that the insurer can use to work more efficiently and effectively. and more cost-effective than today's processing.
The icing on the cake is that all the tools needed to make that happen are already market tested and proven. There is really no excuse for sticking to traditional methods of insurance coverage that have not changed in decades. In fact, those who do are likely to face significant headwinds in the market when their competitors change their intake with intelligent tools.
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