Improving Insurance Compliance & Accuracy with Automation: The Benefits for MGAs and Wholesalers
From marketing to issuance – automation for the insurance industry is helping brokers, managing general agencies (MGAs) and wholesalers simplify and streamline a multitude of everyday processes. But did you know that automation is also improving accuracy and compliance for more complex processing tasks?
Many critical insurance processes such as underwriting new business, reviewing/issuing renewals and assessing claims all demand a high degree of accuracy. And while every effort to reduce errors and ensure accuracy is taken, oversights and mistakes can happen.
- An insurance to value (ITV) property valuation fails to be included as part of a new business submission or isn’t updated to accurately reflect the replacement cost of a building when renewing an account.
- An updated list of authorized/excluded drivers on a commercial auto policy isn’t submitted to underwriting at the time of a submission/renewal.
- Errors are made on new business quotes.
- Supplemental forms are missing at the time of a submission, preventing underwriting from properly assessing and rating a risk.
In each of these scenarios, just a single mistake can cause an MGA or wholesaler to be out of compliance, lose business for the company, or even be put at risk of a lawsuit should a loss occur. The fact is, properly submitting and calculating risks and knowing what applicable regulatory and supplemental forms are needed requires precise attention to detail.
Improving Insurance Compliance & Accuracy
Automation can help insurance entities reduce margins of error by automatically populating the information and forms needed for things such as marketing and processing new business quotes and renewals, as well systematically populating any current regulatory information that may be required. Imagine not only streamlining processes but also ensuring that every application, policy change, update, quote and supplemental form is as accurate as possible. That’s the power of automation!
Today, the most effective and flexible type of automation uses a no-code OR codeless configuration. Simply put, a no-code configuration allows insurance entities to automate virtually any line of Property & Casualty insurance and match it to the specific business process that a company needs to solve. As for flexibility, a no-code configuration platform provides MGAs and wholesalers with the ability to incrementally tackle certain automation tasks – making it easy for them to implement critical solutions sooner rather than later.
This is just a high-level overview of the benefits provided by today’s insurance automation technology. Entities looking to automate their systems for greater accuracy and to ensure insurance compliance should start by prioritizing various processes in need of automation. A good place to begin is with a road map that can help companies take those initial steps.
About Surefyre, Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost anything, from outdated legacy systems to top-of-the-line programs. Our code-less integration platform makes your life easier by automating the submission, rating, quoting and binding process for all P&C insurance products.
To learn more, contact Shawn Gonzales, adviser and account executive, at firstname.lastname@example.org or 415-480-9283.
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