From Old School to New School: Top 5 Considerations for Insurance Carriers Looking to Modernize their Document Automation Processes
1. The time is now – Carriers can no longer sit idle when it comes to providing policyholders access to all their policy, claims, and billing information. Not only does this information have to be readily available, policyholders also want to have the freedom of choice with respect to how they view their documents (paper vs. online) and a consistent experience whether they are looking at a piece of paper they received in the mail, on a laptop, or mobile device.
2. Own your platform – Carriers want a platform that can be owned by business users while still having the flexibility to provide IT with the tools necessary to make more complex changes and/or rule configurations. The vendor should serve as a trusted advisor – one who can step in to help as needed.
3. Customer expectations are changing – Millennials represent the next generation of customers for carriers. With an entire generation entering the workforce born in a society that we already “online” and “Wi-Fi” connected, it is natural to expect their influence to impact our industry. The new generation wants things personalized, wants them fast, and expects the technology to support their way of doing business.
4. Innovation is rapid – Let’s face it, innovation is happening at breakneck speed and many carriers are rushing to be the first ones in to insure these new market opportunities. Due to the exploratory nature of these lines and high cost to implement in their core policy systems, many are still using manual processes to assemble these policies. This approach isn’t scalable and is often very time-consuming. In order to keep up with today’s 24/7 world, consider automating the policy generation piece with a document automation solution similar to Experlogix Document Automation.
5. Bigger is not always better – Carriers are increasingly concerned about having a voice with their vendor, working with a vendor that can rapidly adapt to changes in business direction, and innovate at a rate that the larger players just cannot keep up with. The most important thing that carriers need to look at is trust, track record, and the people behind the solution.
As you start looking at your document automation needs, consider the words of late Apple Co-Founder, Steve Jobs: “Innovation distinguishes between a leader and a follower.”
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