KEY TAKEAWAY:
--The types of automations that result in the biggest return on time, and thus profit, range from notifications (license expiration, date reminders, continuing education data notifications, workflow event creation) to license renewal submissions, license updates, license copy retrieval, etc.
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The use of automation—especially for manual, time-consuming tasks—could very well mean the difference between viability and extinction for many insurance carriers and producers in years to come.
Why? Agencies, brokers and carriers are spending an inordinate amount of time and money on back-end processes that are taking them away from their core objectives.
At the same time, many forward-looking organizations are taking advantage of incorporating intelligent automation across their entire lifecycle, reaping a myriad of benefits, including less expenditure on mundane processes, while allowing for more time on those tasks that will indeed affect their bottom line.
Automation offers insurers a number of advantages, including:
- Centralizing the tracking of all insurance carrier/producer information
- Liberating compliance teams from tedious administrative work
- Streamlining producer compliance by aggregating data from different sources
- Driving a more unified regulatory workflow
- Leveraging compliance data to empower strategic decision making
See also: A Low-Tech Approach to Work Automation
The types of automations that result in the biggest return on time, and thus profit, range from notifications (license expiration, date reminders, continuing education data notifications, workflow event creation) to license renewal submissions, license updates, license copy retrieval, etc.
For instance, the license renewal process includes the following manual and labor-intensive tasks for compliance teams:
- Determining if there are any background check issues with the licensee
- Submitting the renewal
- Waiting for approval
- Updating the new license data
- Retrieving a license copy from the state website
It's a big advantage to automate this entire process. At Rhoads, for instance, our AI knows when expiration dates are coming up, and we automatically message the individual to update their background answers. We also store these answers and automatically submit the renewal. And, upon approval (by the state), we update the new license expiration date and retrieve a license copy for storage.
Insurers are now able to do more with less. Automation and technology can address the routine tasks that compliance teams need to perform, freeing them to apply their expertise to exception management.
Experts no longer need to spend their time on routine tasks and can use their acumen to focus on what drives the company forward. Automating compliance saves on operational as well as back-end costs, allowing organizations to do more with their current workforce.
Make automation more than a buzzword for your organization and discover the value in terms of time and workforce savings and, of course, profits.
