How Automation Simplifies Insurance Processes: 3 Key Areas

  December 2023       InsurIQ Team

Despite how massive the insurance industry is, it still has a lot of ground to cover to keep pace with the digital age.

InsurIQ’s Enterprise Sales Manager Hunter Kuykendall formerly worked on the frontlines himself writing commercial insurance. “Those processes were widely the same as my uncle who wrote them in the late 80s,” he recalled.

There is something to be said for not fixing something that’s not broken. However, manual processes are anything but: Not only are they time-consuming and ineffective, but they run a significant risk of user error and can needlessly inflate your operational costs.

The solution for your agents, underwriters, customers, and bottom line? Automation.

Here are three key areas in which automation can simplify insurance processes and help your business gain a competitive edge:

1. Policy underwriting

Automation removes the two biggest obstacles that underwriters come up against: time and accuracy.

Digital tools are able to autonomously process applications, freeing up time for the underwriters to focus on more complex cases. The result across the board is a faster turn-around time for customers.

“Many times, if the underwriting process takes too long, you run the risk of potentially losing the client,” explained Kuykendall. “So, the faster those processes are, the more streamlined it’s going to be for the customer.”

In addition to expediting underwriting processes, automation also eliminates the generalizations that underwriters usually rely on to create policies. Its capacity for data analysis far surpasses that of humans, allowing underwriters to create more accurate risk assessments and personalized, affordable policies.

2. Customer onboarding

Customers don’t need to wait for their first emergency to enjoy the streamlined digital experience that automation provides. Automated tools make the otherwise overwhelming customer onboarding process simple and straightforward, ensuring that they truly understand the ins and outs of their new policy.

“Customers are looking for a streamlined, easy process that’s painless, quick and easy,” said Kuykendall. “Everyone hates dealing with insurance. So, the easier we can make that process, the more the insurance industry is going to benefit by benefiting their customers.”

3. Claims processing

The benefits of automation in claims processing cannot be overstated. Customers filing a claim are already experiencing one of the worst days of their lives, and the last thing they need is a lengthy and confusing claims processing to complicate their day even more.

As Kuykendall puts it, “They don’t want that check in six months. They want that check next week.”

Automation eliminates delays, errors, and missteps from claims processing, which means your customers will receive the support they need–when they need it.

Begin Your Automation Journey with InsurIQ

Automation is becoming the marker that determines whether insurance businesses survive or thrive in the age of digital transformation. Organizations that can provide more accurate policies, streamlined customer onboarding, and faster claims processing will increase customer satisfaction and brand loyalty while driving down costs.

Get in touch with our team at InsurIQ to find out how digital technology can give your insurance business a sharp competitive edge.

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