In the United States alone, there are approximately 881,500 insurance agencies and brokers. This vast number underscores the intense competition among insurance agents in today’s market. Everyone is coming up with innovative ideas to up their game and gain more clients. Whether you are an agent, insurance company, or TPA looking to improve your workflow there are several digital insurance tools that can help you.
Digital insurance tools come in different shapes and sizes, whether they are standalone features or comprehensive software solutions. However, their common goal is to help automate insurance processes. Digital insurance tools can improve the customer experience, enhance efficiency, and increase profitability for insurance providers. Here are some tools to boost your automation efforts:
A policy administration system (PAS) is a digital insurance software application that manages the entire policy lifecycle, including services like rating, quoting, binding, fulfilment, collection of premium and commission payment and tracking and renewals. A superior PAS designed to handle the products you offer is a critical component to maximize your ability to automate and streamline insurance operations.
Policies are the backbone of insurance. With an insurance policy management system, you can adequately price and release new insurance policies, update existing ones, and notify your clients about the changes in real time.
Online portals are web-based platforms that allow agents and policyholders to access their policy information, update personal details, pay premiums, and file claims online. These client-facing insurance tools empower your clients and give them a sense of authority with their insurance.
You may also send your clients updates about new products, system maintenance services, and other announcements through online portals.
An integrated feature for digital insurance platforms, the third-party payment method is beneficial for enhancing your clients’ convenience. Offering your clients various premium payment options that eliminate the need to wait in bank queues can significantly improve their convenience.
Even hard-working agents need to take a rest. Since we aren’t built to monitor our platform 24/7, chatbots can do us a huge favor. Chatbots are AIs installed in a platform to answer customer queries. Programmed to respond based on keywords and types of inquiries, they can provide quick answers to basic questions from your clients.
Claims management software is a tool for digital insurance that enables policyholders and agents to manage the entire claims process online. The system allows claims to be submitted electronically, often through online portals or mobile apps. You can view incoming claims, verify their eligibility, process them, and provide timely status updates to your clients.
Insurance involves a lot of documents. In the past, we have to manually fill out these documents and store them in filing cabinets. When needed, the agent will sift through the drawers for a single folder which takes time and energy. E-document management feature allows insurance agents and policyholders to create virtual documents that their clients can access anywhere with an internet connection.
Through cloud databasing, these e-documents are readily available for authorized users. Moreover, strict protocols will block unauthorized access to ensure security and privacy.
Automation makes everything more efficient, including insurance processes. When harnessed right, carriers and insurance agents will find automation as a door towards more clients and better sales experiences and close rates.
InsurIQ is your partner in achieving that goal. We offer various technology services and digital tools for insurance industry companies to help them automate their processes, reduce human errors, and enhance their brand reputation, resulting in efficiencies for reduced costs and speed to market for revenue growth .
Ready to level up your digital insurance efforts? Call us today at (203) 446-8123.