SaaS-Based Insurance Policy Checking: A cost-effective way forward for Insurance Agencies

The Covid19 pandemic has wreaked havoc across businesses worldwide. The insurance sector has faced ripple effects, too.

Insurance agencies are bombarded with a rising number of insurance claims, changes in government policies, delayed premium payments by customers, and much more. The disparate work culture right now is also adding up to the misery and huge amount of revenue loss.

However, this new normal is making way for a dramatic increase in the demand and innovation of insurance products. It’s now time for insurance agencies big or small to uplift their infrastructure and integrate cutting-edge scalable technologies to their work process.

Moreover, the work overload is giving indications that manual processes or the legacy infrastructure can no longer scale insurance businesses. Eliminating impediments such as errors in manual processes, convoluted workflows and a huge influx of documents management is paramount.

SaaS-Based Insurance Policy Checking platforms are making a headway into the insurance agency industry. Agencies that adopt cloud-based operations models will immediately save costs, and remain profitable and gain a competitive edge..

Also read: From Outsourcing to Automation – How Insurance Agencies Are Shifting Focus to a Technology-Driven Experiential Economy

Benefits of SaaS-based Insurance Policy Checking

Innumerable process automation software are available in the market for insurance agencies. However, most solutions require a long consulting and deployment time. They incur huge costs with regards to infrastructure and take time to integrate with current systems and workflows.

Saas-based insurance policy checking can rule out such issues and provide unparalleled results. These business software hosted in the cloud and managed by a third-party is a game-changer and here is how.

  • Eliminates lengthy implementation.
  • Rules out the need to have a heavy IT infrastructure and reduces the cost.
  • Reduces manual work, errors, time and overall expenditure of a company.
  • Scales up business process with much ease.
  • Streamlines policy checking and other tasks related to insurance claims.
  • Delivers work fast and efficiently.
  • Helps agencies manage claims, premium collections, policy management better.
  • Provides a clear understanding of the changing policies.
  • Offers easier document management.
  • Helps manage customers better and provide them with a seamless experience.

Also Read: Reimagining Agency

Promising SaaS Based InsurTech Solutions for your Agency

Let’s look at a few solutions that can help you transform not only policy checking but significantly improve the responsiveness, quality of service, and client experience in this digital age.

ExdionPOD

It is an AI-powered platform for automated policy checking that can eradicate E&O risk, customer dissatisfaction, and inefficiencies in agencies with utmost proficiency.

  • Provides data insights to stay ahead of the competition.
  • Reduces cost to the company by eliminating the need to recruit, train and retain employees.
  • Improves Client retention.

Learn more. Visit ExdionPOD.com

ExdionRNU

ExdionRNU powered by AI addresses policy renewal processes with efficacy

  • Optimizes renewal process time and saves cost.
  • Generate market-ready PRF by modifying exposures.
  • Provides optimized review and response time to customers.
  • Eliminates the need for information gathering and management.

Discover ExdionRNU here.

ExdionCCR

This solution checks for comprehensive contract compliance and keeps any unnecessary complications at bay that can cost time and money to the company.

  • Offers dashboard with automated alerts, notifications & renewal reminders
  • Allows easy contract creation, edition and document approvals
  • Enables quick user access/validation
  • Enhances compliance with internal and external regulations

Wrapping Up

It is high time for any insurance agency to buckle up and be ready for any upcoming challenge. With SaaS-based operation models, agencies can reduce costs and stay profitable. 

Understand the need of your agency right away, talk to the experts if required, and be prepared to adopt new-age technologies. There’s no debate that the industry as a whole is undergoing a shift in how operations are performed. The pandemic may be a trigger. Every business can either take it as a challenge and struggle or embrace the opportunity to strive and grow with modern innovation.

Also, read the case study: A partnership of Disruptive Innovation in Policy Checking, ExdionPOD & INSURICA – Partnership for Operational Excellence & Cost Efficiency.

Talk to the experts at Exdion to know more about how Insurance Agencies can tide through this crisis.
Click here!

Dan Narayan – VP Sales

Dan Narayan – VP Sales

Dan is passionate about helping insurance agencies adopt strategic technology solutions to improve their ability to serve their markets better. He leverages his 17 years of experience in consultative selling to craft unique and compelling solutions that offer measurable value to the insurance intermediaries. Dan works with many Top 100 leaders who are keen to find solutions through technology.

Leave a Reply