Simplified underwriting and policy approval
Posted: Sat Feb 01, 2025 9:20 am
What are the benefits of automating the renewal process?
Implementing automation creates streamlined workflows, allowing you to reclaim your time and resources in other areas of your business.
At the same time, maintain a superior experience for your poland mobile database current customers. Incorporating automation tools can not only transform the renewal process, you will still need human intervention. There, outsourcing the policy renewal process, a key element of policy management services, can also be considered an automated solution.
For example, a commercial insurance company in the US planned to outsource their policy change request process. They were experiencing inefficiencies in processing policy requests. The response time was 10-12 minutes manually.
To address this, the client implemented a solution that includes a dedicated customer support team that handles change requests in real time, supported by ISW virtual agents who collaborate with onshore account managers. They were able to achieve over 99.95% accuracy, up from 87%, save 4 hours per day for each account manager, and drive a 17% increase in sales.
1. Personalized renewal reminders and notifications
Insurers can use automated systems to send timely, personalized renewal reminders and notifications. These systems use data analytics and customer insights to tailor communications to individual preferences.
It is one of the best ways to drive strong customer engagement and increase the likelihood of timely renewals. It ensures continued coverage for policyholders. The ease and convenience of these automated systems can reassure insurers about the move to digital.
Implementing automation creates streamlined workflows, allowing you to reclaim your time and resources in other areas of your business.
At the same time, maintain a superior experience for your poland mobile database current customers. Incorporating automation tools can not only transform the renewal process, you will still need human intervention. There, outsourcing the policy renewal process, a key element of policy management services, can also be considered an automated solution.
For example, a commercial insurance company in the US planned to outsource their policy change request process. They were experiencing inefficiencies in processing policy requests. The response time was 10-12 minutes manually.
To address this, the client implemented a solution that includes a dedicated customer support team that handles change requests in real time, supported by ISW virtual agents who collaborate with onshore account managers. They were able to achieve over 99.95% accuracy, up from 87%, save 4 hours per day for each account manager, and drive a 17% increase in sales.
1. Personalized renewal reminders and notifications
Insurers can use automated systems to send timely, personalized renewal reminders and notifications. These systems use data analytics and customer insights to tailor communications to individual preferences.
It is one of the best ways to drive strong customer engagement and increase the likelihood of timely renewals. It ensures continued coverage for policyholders. The ease and convenience of these automated systems can reassure insurers about the move to digital.