The insurance industry is paper-intensive
One of the most paper-intensive industries is the insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with regularly. Under the circumstances, using simple word processors, insecure repositories and emails, or not adopting a streamlined process of document management can have serious negative consequences.
What should you track and why?
The best way to become efficient and faster is by measuring how much time it takes to complete a policy check in its entirety against different documents. What are the things that need your attention when thinking of making policy checking more efficient?
Track the time taken for data entry
Being a data-driven industry, insurance agencies and firms have to be careful with their documents. They are responsible for taking care of huge amounts of data such as coverages, exclusions, limits, etc. and using this data to analyze meaningful analysis along with updating the AMS with the most current information.
Track customer queries resolution time
Apart from this, they also need to handle customer inquiries efficiently and quickly. Lack of immediate response may also mean loss of customers to competitors who can handle queries readily. For all these, Managing documents & data effectively is critical in the insurance industry. A failure to effectively manage and control documents & data can result in loss of time, productivity and most importantly customers.
Track document management and analysis time
You will find insurance professionals immersed in a mountain of paper and digital records, which need a lot of sorting and sifting before one finds the information that is needed.
Track documents search time
Ad-hoc processes can lead to inefficiency, resulting in employees wasting many hours simply looking for information.
Track digitization time
Every relevant document should be scanned and made available to authorized staff, which often doesn’t happen under the circumstances.
While some documents can be shared with some users, some can’t be. Lack of user/group-based security rights can lead to security breaches and unauthorized use of data.
Without a centralized repository, employees don’t have access to the latest versions of files and need a longer turnaround time to answer customers.
Track communication time and updates with alerts
Outdated communication and sharing methods translate to lost time, productivity and reputation.
Document alerts and reminders
When a document alert system is not maintained or followed, companies can fail to inform customers about policy renewals and other events.
Track timelines organization-wide
It is easier to complete a task when deadlines are set and reviewers receive notification about all task updates. This improves efficiency in the agency.
How to reduce the policy check the lag time
Insurance data centralization allows insurance agencies and companies to have a centralized document storage policy, scan all paper documents and preserve metadata through document profiles so that they never lose a document again.
Implement full-text search, enterprise-wide
Index all the information so that it is easy to search and find. Search tools such as full-text search, keyword search, date, name, metadata search allow employees to find documents quickly improve their response turnaround time.
Simple workflow features such as document routing, task notification and alerts help in the timely completion of tasks.
Even better, Partner with Exdion
An Insurtech partner with deep domain knowledge, Exdion knows the problems insurance companies face. We empower you with Exdion Policy Check, an AI-enabled framework that eliminates redundant work and cuts down timelines drastically.
Get in touch with us to learn more about Exdion Policy Check.