5 Ways Automation Will Advance Insurance Agencies This Year


The insurance industry is going through a technological transformation. Pandemic-driven remote connections and platforms spurred this digital makeover, and agencies are turning to automation as a solution. This year will bring new adoptions of automation, such as more data-driven decision-making, and improvements of existing applications, like chatbots.

How you apply automation to the job is critical, especially as people turn to digital resources for help throughout the pandemic. The following areas show just how applicable automation can be for advancing the industry.

1. Onboarding

Automation in onboarding for new employees and customers alike can create a more efficient process. The recruitment process can be tedious and drawn out if you receive a large number of resumes to sort through. However, an automated system can immediately check applicants for experience and skills, then sort them into potential candidates or rejections.

On the customer-facing front, you need to work through a similar process. Categorizing potential clients requires sorting through their history and status. An automated system can consider personal data and automatically sort them into plans or categories.

You can get a head start on automating your onboarding process with newer systems like Kofax and CVViZ for clients and employees, respectively.

2. Data Entry

Human error can lead to skewed data results. For instance, if an employee enters demographic information incorrectly, insurance companies can end up marketing plans to the wrong set of people. Automated data entry is the solution.

Automated systems will take information from a customer or business partner and automatically enter it into spreadsheets or proposals. This provides direct quotes, comparisons and faster turnaround times for filling out documents and agreements. It inputs all the information right away.

In turn, this dynamic improves organization. As everything updates in real-time, each file or document will have the same correct information. A client list for a specific insurance plan can be updated based on automation adding or removing customers. You can then send out updates to clients without having to input the data yourself.

3. Decision-Making

Decision-making comes from data. You need the correct information to understand how to handle a specific case or, on a bigger scale, your insurance agency’s direction. For instance, data shows a bumpy road ahead for insurance companies due to pandemic-driven stress and lower earnings. However, you can make changes ahead of time to prepare.

Data automation requires demographic information, income levels, consideration of outside factors and insurance trends. As the system automatically combines these factors, it can then predict what areas will grow or what earnings will be for specific quarters of the year.

Based on this information, you can then make decisions in the company’s best interest in terms of partnerships, investments and services you provide. The decision could be something as straightforward as marketing more flood insurance plans during hurricane season.

4. Chatbots

Chatbots use artificial intelligence (AI) and machine learning algorithms to continuously learn based on human feedback. When assisting customers, these chatbots automatically evolve with each success and failure. They then become better able to properly help people with tasks like switching insurance plans, answering questions and processing payments.

You can use chatbot builders and resources like HubSpot or IBM’s Watson for your insurance site. You’ll work with the program and enable it to handle various inquiries. Once people enter the site, they’ll have the option to speak with the chatbot, which can speed up the process of providing them with a solution. Since chatbots work round-the-clock, they’ll offer stellar customer satisfaction at any time for retailers.

5. Autofill

Autofill is a subtle use of automation but a powerful one. If a customer is filling out personal information on your insurance website or app, they’ll want a smooth process. This means they should only enter data once, and the platform autofills it in the corresponding places.

Computers and smartphones can store this personal information right away, specific to the site. Your platforms must work with this use of automation. That way, any application process is easy to navigate, and potential customers can more easily become clients.

Automating the Industry

These five uses of automation show the way forward for the industry. Some are already in use, and others are just now getting their footing. Either way, 2021 will be a big year for adopting these methods and systems to create a stronger, more resilient insurance agency. The movement starts now.

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