Guest blog by Ravendra Singh, Executive Vice President and Insurance Practice Head with Key Management Group (KMG)
Application Intake for new business submissions is a central process of the insurance business. This process should be easy and scalable so the underwriters can evaluate and assess risk exposure to help their broker clients write more profitable business.
Yet, in today’s time, the application intake process for insurance is inconvenient, highly manual, and error-prone. While PDFs have substituted paper-based submissions and are shared through emails or a digital portal, the overall approach hasn’t changed much over the years. Underwriters and their staff still spend hundreds of hours performing swivel-chair data entry, scraping relevant information from applications, parsing thru emails and documents for creating submissions as well as consolidating & enriching data. What if all this could be automated?
Automating submissions digitizes insurance applications, using robotic routines and character recognition to extract data from the PDFs, Excel files and Word documents sent with Submissions. The extracted data is presented (or integrated) on an Underwriters’ desktop or submission portal in a form that is ready for processing either using APIs or additional robotic processes till a quote is generated.
How does automated intake work?
The automated intake process involves careful scooping out data from structured and unstructured data sources shared by stakeholders such as policyholders, brokers, and agents.
Usually, with the help of artificial intelligence (AI) tools, an automated process is put in place that takes this data through a multi-step process.
Automating the application intake smoothens out the entire submission operation. When automation sets in, one can redirect manual efforts to more strategic areas, such as evaluating complex risk exposures and underwriting bespoke submissions.
There are multitude of benefits to automating submissions. Consider the following five reasons:
Stay Ahead of Competition
Exceed broker client expectations
Streamline submissions leading to more policy issuance
Reduce Unnecessary Costs
Automated submission intake using robotic process automation is a welcoming change creating a wide scope for massive growth. Despite the existing challenges, the point is to increase throughput while being efficient from the very beginning.
For information on taking your automation to the next level, contact KMG. We’ll be happy to discuss your automation goals with you.