Vertafore is a market leader in providing cloud-based management systems to agents and brokers in the Property & Casualty Insurance industry. While AMS serves the purpose of integrating the data from various sources, it doesn’t eliminate the manual processing of data.
In the upstream process, AMS needs to be updated with all the latest policy information including schedules, limits, forms, details etc., so that CSR’s will be able to use their AMS effectively. The challenge lies in real-time updating of policy or endorsement details on AMS. Requests for endorsements may be received in the form of email, snail mail or a scanned PDF document. Since manually updating the AMS by retrieving information records is time consuming, CSR’s usually postpone this task till the time of renewal. During endorsements, CSR’s send requests to Insurance companies on client’s behalf with a request to generate updated documents.
In the downstream process, Insurance brokers get back to clients within 90-120 days prior to renewal to provide information of their current exposures covered and request for any renewal exposure changes required. If the AMS is not up-to-date, CSR’s must go back to their emails and pull out separate endorsements lying in silos, making it difficult to integrate, in turn delaying the renewal process.
Such delays in updating of policy records can be automated by deploying BOTs. BOTs would help you collect renewal exposure details, improve client experience, summarize the changes requested by client, enabling seamless interaction between CSR’s and clients. It also keeps the AMS updated with the latest renewal information. If the AMS is up-to-date, the applications and proposals can be generated at the click of a button. Generating such auto-renewals for clients saves ample time and reduces the burden on CSR’s. Operating in a paperless environment allows CSR’s to be more productive by allowing them to manage client relationships better.
Exdion has professionals with deep expertise and industry standard certifications in Property and Casualty Insurance. Exdion develops custom made BOTs around smart technologies like API, AI, and RPA. Exdion specializes in the creation of bolt-on products and solutions which can be integrated with various AMS’ to enhance the effectiveness of AMS deployment. Insurance brokers can leverage the system and domain capabilities of Exdion and seek to optimize and automate their business processes and be future-ready.