History, Benefits, and Choosing a Platform
Insurance automation software is a trending topic among both newcomers and veterans in the industry. And considering that insurance has been around for centuries and is averse to risk, it might surprise you to learn it has a long history of innovation.
The last decade has been one of the most turbulent periods for the insurance industry in decades. Insurance automation software is a relatively new and innovative way to manage insurance. And, it has the potential to reduce costs and errors, increase efficiency, and improve customer service. This article will briefly review the history of insurance automation software, introduce you to what these new technologies mean and their benefits, as well as how to find the right software for those who are interested.
A Brief History of Insurance Automation Software
Insurance automation has been around for decades. However, it’s only now that we are starting to see an increase in the adoption of the software. The earliest automated insurance programs were introduced in the 1950s and 1960s by some of the largest insurance companies in the world. These companies used computers to calculate premiums and provide information on coverage rates.
It was not until the 1980s that automated insurance technology really began to take off. The most popular and common use of automated insurance technology was in laser-scanning a customer’s car for damage, then calculating premiums based on the information. Other uses included computerized underwriting and claims processing, computerized customer service, and even fraud detection.
The next step in insurance automation was the development of more advanced electronic claim forms. The form could be completed by the insured person on a computer, without having to come into a broker’s office to do so. With more electronic claims forms, insurance companies were able to reduce their workloads and customer service costs by not having to visit an agent’s office.
Today, some form of insurance automation software is now prevalent across the industry. It has revolutionized the way business is conducted and how claims are paid out in just about every sector, including commercial insurance. These software programs automate many of the tedious, and time-consuming tasks involved in buying and selling such policies, as well as provide insights so leaders can make educated business decisions. As technology progresses, we will see an increase in the way technology is used in insurance. While technology will replace some tasks, it is evident that consumers still appreciate the hands-on touch (whether in person, over the phone, or digitally) they receive from their insurers.
The Benefits of Automating Commercial Insurance
The benefits of insurance automation are numerous and the software provides a more efficient way to distribute products. It also provides a more comprehensive and accurate underwriting process, which is beneficial for both the insured and the insurer. Other benefits include
- Providing a faster and more accurate way to submit applications
- Providing a user with a quote in seconds
- It can be customized to the needs of the user
- It can save the company money on labor costs
- It can process claims
- Make the process more transparent
- And help with risk management.
With the help of automation technology, companies have been able to automate complex processes that used to take a lot of time for them. For example, it has helped them save time in processing paperwork for their clients. This technology has brought about a revolution in the commercial insurance industry as well and it has been aiding companies in achieving their objectives. Insurance automation technology has helped agents, brokers, and carriers do things more easily, process things quicker, and save time and money.
Finding the Right Insurance Automation Software
Insurance automation software is a type of software that provides a platform and a system for managing the information and data that is necessary for the management and administration of insurance businesses, like agencies, brokerages, and carriers.
Questions to Ask
The best way to determine if your business would benefit from insurance automation software is to ask yourself these questions:
- Do you have more than one person working in your office?
- Do you have more than one client?
- Do you have more than one product or service?
- Are you looking to grow your business?
If you answered yes to any of these questions, then it’s a good bet that you can benefit from insurance automation software. There are many different types of software, each with its own unique set of features. To best decide on the right software for your business needs, it is important to consider your goals and business needs, paying close attention to scalability and flexibility.
Key Features
Below are some key features of insurance automation software solutions:
- Integration with AMS, email, accounting, and/or other systems that are already in place
- Ease-of-use for both internal staff and clients
- Flexibility for multiple users and multiple locations
- Integration with the cloud for remote access and security
One example of insurance automation is Wheelhouse, Talage’s Submission Management Platform for commercial insurance. This technology eliminates the need for you to submit a business application for commercial insurance coverage to multiple carriers for quotes. It’s built-in tools like insurer selection, appetite checker, cross-selling and renewals simplify the process of ensuring accurate and quotable applications for standard markets.
And it’s building integrations with some of the nations top agency management systems and networks to provide increased value and streamlined work for the industry. Whether you submit one commercial application a month or thousands, Wheelhouse’s powerful insurance automation software simplifies commercial submission management.
User-Friendly
One of the biggest reasons people avoid automation technology is learning how to use it. In the long run, automation technology can save insurance businesses time and money, but they require a little bit of work to implement. You should look for software that is intuitive and user-friendly. And you should consider how much time and effort the insurance automation software will take for your staff to onboard the new system.
Conclusion
The automation of the insurance industry is not a new phenomenon. In fact, it has been happening for quite some time now. But it’s only recently that the trend has been catching on with more insurers looking to capitalize on technology to make their company more efficient. Automation in the commercial insurance industry will continue to grow as more and more companies realize the benefits of automating manual, time-consuming, or repetitive tasks.