Policy Administration is a crucial system to guide customers during on-boarding or reaching an end-agreement. When companies are able to find efficient ways to manage policies, it can lead to better customer satisfaction and more cost savings. This article will explore the current challenges in Policy Administration and how automation can help.
What is needed for Insurance Policy Administration?
Policy Administration process is usually a cycle. Upon application, customers would need to fill up information and complete their payment. Afterwards, these information would need to be reviewed in order to secure the policy of the company.
Challenges in Policy Administration:
The first challenge for insurance company is to issue a price quote of the insurance coverage plan. These would be given on a case-by-case bases and every customer’s price quote would differ. If there is a large amount of customers, the time to review and issue a price quote would take much longer.
However, after issuing the price quote, customer would still need to provide more information for a more meticulous phase to complete the application. For example, if a customer’s asset is not suitable for the insurance, the company can flag these points for a more in-depth review of the applicant. Although binding a policy is a basic task, it can be a repetitive one.
After applications are reviewed, the customer and company will need to be updated with the final agreement of insurance policy.
More resources on Automation in Insurance.
How Can Gleematic Help?
Often times Insurance companies would need to handle a significant amount of customers, by automating such processes, staffs would no longer have to manually collect customer’s data into system. Using Gleematic Cognitive Automation software allows users to automate these mundane task with no coding involved.
Gleematic is able to help collect and combined important data of applicants, as well as logging into the company’s system to input information. This will create convenience for customers and staffs for a faster and smoother application process, as well as securing high accuracy with high volume data-entry.
When updates are need to be sent out to customers and designated personnel, Gleematic can be automated to send out emails to customers, as well as sending update emails of reviewed applications to all parties involved. Gleematic can process high-volume of emails while saving time for the company and ensure that information are updated without delays.
Check out the video below on how Insurance quotes can be generated in second with Gleematic Cognitive Automation:
Written By: Reiko Anjani