Commercial insurance is not a one-size-fits-all product. It is an extensive industry with a lot of competition. Adopting a submission management platform (SMP) for commercial insurance can provide brokers and agents with the tools they need to submit and manage applications more efficiently and reduce costs.
This article will explore the benefits of adopting a commercial insurance submission management platform, as well as some considerations to keep in mind when making the decision to adopt one.
Benefits of a Submission Management Platform for Commercial Insurance
A submission management platform is software that automates the entire process of submitting and tracking insurance applications. It is a time-saving tool for agents, brokers, and wholesalers by eliminating the need for paper forms, fax machines, and manual data entry.
It also helps with compliance and risk management by providing an audit trail of all the submissions made through the system. The advantages of using a submission management platform for commercial insurance include the following:
Streamlines Application Process
Streamlining the application process for commercial insurance is a major goal for many insurance providers. The application has historically been a lengthy, time-consuming, and tedious process, which is why many people are looking for an easier way to process their submissions.
A submission management platform can streamline the application process by providing a single-entry submission form to multiple carriers via API. The process can be reduced to 10 minutes or less by eliminating multiple applications and asking only relevant questions about the product or line of business you want to quote.
Instant Application Status Notification
This notification provides the status of the commercial application instantly once it’s submitted. This helps to eliminate the need for unnecessary phone calls or emails and allows agents to bind policies more quickly.
Increases Productivity
A submission management platform provides insurance agents and brokers with a central place to store and access client information, submission forms, and other documents, which saves them time and reduces the need for manual data entry.
The platform also includes tools for managing the submission and review process, which helps agents track the status of their submissions and communicate with clients more efficiently. In addition, the software provides tools to cross-sell and remarket submissions.
Overall, the use of a submission management platform helps insurance agents and brokers save time and effort on administrative tasks, allowing them to focus on more value-added activities such as selling insurance products or providing customer service.
Reduces Costs
By automating and streamlining certain processes, a submission management platform can help reduce the amount of time and effort required to manage submissions, which can in turn reduce labor costs.
In addition, by providing tools for tracking and managing submissions, a submission management platform can help organizations avoid duplication of effort, reduce the risk of errors, and prevent delays. This can help organizations avoid the costs associated with wasted time and resources, such as lost productivity, rework, and missed deadlines.
Furthermore, a submission management platform can also help organizations reduce costs by providing them with valuable data and analytics. By analyzing data on submissions and the review process, organizations can identify inefficiencies and areas for improvement, which can help them make more informed decisions and allocate resources more effectively. This can help organizations reduce costs by eliminating waste and improving the efficiency of their operations.
Provides Data & Analytics
In addition to improving the efficiency of operations, having access to data and analytics can help organizations make more informed decisions by providing them with valuable insights into their book of business.
For example, in the commercial insurance industry, data and analytics could be used to identify trends in submissions data, evaluate the bindability of different insurance products and entities, or assess the performance of individual agents.
This information could then be used to improve underwriting processes, develop new insurance products, and optimize sales strategies. Additionally, providing data and analytics to clients can help build trust and transparency, as it allows them to see the basis for decisions made by the insurance company.
Final Thoughts on using a Submission Management Platform for Commercial Insurance
Commercial insurance submission management platforms have become an essential business solution for many insurance companies, brokers, and agents. They are a type of business intelligence software that is designed specifically to help businesses track and manage their submissions.
Businesses are increasingly relying on these platforms because they offer many features that help them with their day-to-day operations. It can provide them with a way to better manage their time and resources, which allows them to be more productive. They also have access to information on all of their commercial clients at once, as opposed to having to search through multiple emails or documents to find a particular customer’s information.
Overall, a commercial submission management platform is designed to increase productivity, reduce errors and delays, and allow you to run a more efficient, and cost-effective business.