Slow Quotes Costing You Business? Accelerate with SimpleINSPIRE's Speed to Quote

Modern Insurance Systems Speed to Quote

In the high-stakes arena of insurance underwriting, the speed at which quotes are delivered isn't just a matter of operational efficiency—it's the difference between seizing opportunities or losing them.  Imagine each insurance policy quote as a battleground where insurers vie for clients' attention and trust. Today's customers demand speed, accuracy, and simplicity in their interactions—a trifecta that can make or break a deal. Research underscores this urgency, revealing that 86 percent of buyers are willing to pay more for a superior customer experience. 

Forward-looking insurance companies recognize that minimizing the time and effort required to complete an application is the best way to make a good impression on a prospect. However, the persistent challenge of delays in quoting persists, hindering many insurers from competing effectively. Are these delays costing you business?

The Ripple Effect of Inefficiency in the Quoting Process

Picture this scenario: a potential customer reaches out to an insurance company seeking a quote for a comprehensive coverage package. Eager to quickly get insurance coverage, the customer expects a prompt response. However, due to outdated processes and manual workflows, the insurer takes days, probably weeks in the case of commercial lines, to generate the quote. In the meantime, the potential policyholder grows impatient and turns to a competitor who can provide a faster turnaround. The cost of delay becomes painfully apparent – lost business opportunities, tarnished reputation, and diminished market share.

Delays in the insurance policy quoting process disrupt the entire underwriting workflow, causing bottlenecks and inefficiencies that ripple throughout the organization. It permeates every facet of an insurer's operations, sapping productivity, increasing overhead costs, and hindering growth potential. Manual quoting processes require significant time and resources, diverting attention from strategic initiatives and client relationships.

 Although retaining some manual processes is necessary as in high premium risk covers, an insurance platform should ensure that for straightforward risk cases, the quote and bind process can be completed with minimal human intervention.

SimpleINSPIRE: Power-packed for Quick and Accurate Quotes

Amidst these challenges, SimpleINSPIRE emerges as a transformative solution. By seamlessly integrating ease and speed to quote into its framework, SimpleINSPIRE empowers insurers to overcome the limitations of traditional quoting processes. Embedded business rules, automated document generation, e-signature for insurance policies, third-party risk interfaces, and automated underwriting approval/escalation are just a few of the features that accelerate the quoting and issuance process. It enables insurers to deliver exceptional service and stay ahead of the competition.

Embedded Business Rules Speed up Quote Times

 SimpleINSPIRE's embedded business rules act as a guiding compass, enabling insurers to navigate the complexities of underwriting with confidence and precision. These rules replace manual decision-making processes with automated algorithms, ensuring consistency and accuracy across quoting and underwriting activities. The insurance business rules engine automates decision-making by managing the insurance carrier’s underwriting rules, eligibility criteria, and pricing and discount models. 

Embedded rules function like efficient conditional "if-then" statements within insurance processes. For instance, when a client expresses interest in homeowners' insurance, the engine can present a variety of personalized coverage options tailored to factors such as property size and location. 

Embedded rules also play a pivotal role in maintaining compliance with regulatory requirements and company policies. For example, insurance business rules can be programmed to verify that insurance products are exclusively offered to customers meeting specific eligibility criteria, ensuring adherence to legal regulations and internal guidelines.

Automated Insurance Underwriting Process

Automating Customer Background Checks

Customer background checks are a necessary but time-consuming part of the quoting process. Imagine the manual underwriting method as a winding road filled with checkpoints. Underwriters must painstakingly log into various platforms and databases and cross-reference information with external sources. For example, auto Insurers gather credit history from credit bureaus, driving records from DMVs, and claim histories from insurance databases. This can take upwards of 30 minutes for each quote. 

Now, envision the automated quote and bind method as a sleek, high-speed highway. Your information seamlessly flows through, instantly checked against background resources, with any issues flagged for attention. 

While some manual processes, such as verifying critical information and reviewing policy conditions, will always be necessary — our platform significantly reduces the need for human intervention, particularly in routine risk assessments. 

Automated Document Generation, Another Factor in Speed to Quote

Insurance is a document-intensive industry.  Insurance processes involve handling and understanding vast quantities of documents. These documents arrive from various sources, each presenting its unique format and type.

Traditionally, underwriters have shouldered the burden of wading through this load of unstructured documents, manually reviewing each one, extracting necessary information, and transcribing it for analysis and integration into downstream systems. Relegating these skilled underwriting professionals to spend a significant portion of their time on manual data entry rather than focusing on the art of underwriting is underutilizing their skills. 

Insurers can leverage SimpleINSPIRE's advanced document management capabilities to create, customize, and disseminate documents with unprecedented speed and efficiency. Some of the ways it automates document generation are by: 

  • Accessing and retrieving data from various systems, conducting risk assessments and calculations, allocating costs, and then inputting the finalized data into a document template.

  • Create standardized templates tailored to your typical client profiles and scenarios such as standard homeowner's insurance, small rental property insurance, specialty commercial insurance, and more. These templates include rules and validations to identify, address, or escalate any errors effectively.

E-Signature for Insurance 

 In today's digital age, the ability to obtain signatures electronically is no longer a luxury but a necessity. SimpleINSPIRE integrates seamlessly with e-signature platforms such as DocuSign and HelloSign, allowing insurers to get signatures on documents swiftly and securely. Whether closing a deal with a new client or securing policy endorsements from existing ones, insurers can leverage SimpleINSPIRE's e-signature capabilities to expedite the underwriting process and eliminate bottlenecks associated with traditional paper-based workflows. 

Automated Approval and Escalation 

The unparalleled automation available in SimpleINSPIRE is key to answering Insurance carriers' need for speed. It provides insurers the opportunity to minimize or even eliminate manual intervention throughout the policy life cycle. This capability empowers you to develop high-performance insurance models seamlessly.

Moreover, automated escalation mechanisms swiftly route complex cases to the appropriate stakeholders for a thorough review, ensuring compliance and agility in the underwriting process. 

Insurers using the SimpleINSPIRE insurance platform can choose between fully automating policy processing or adopting a hybrid approach based on the line of business (LOB).

Third-Party Risk Interfaces

 Assessing risk is fundamental to the underwriting process, and SimpleINSPIRE empowers insurers with access to a diverse range of third-party risk interfaces. Whether it's property valuation services like E2Value or hazard assessment platforms like HazardHub, SimpleINSPIRE provides insurers with the tools they need to make informed underwriting decisions that facilitate speed to quote. 

 By integrating seamlessly with these external data sources, insurers can leverage real-time data and analytics to assess risks more effectively, resulting in more competitive pricing, improved risk management, and enhanced underwriting outcomes.

Tara Your AI Intelligent Assistant

SimpleINSPIRE leverages its integrated Smart BOT called Tara to expedite the quoting process. Tara operates seamlessly within the system, as an AI-driven assistant tailored to your agent's needs. With a deep understanding of your workflow, Tara offers context-based interactions, ensuring efficiency and accuracy in every interaction.

bot-tara

One of Tara's key features is its ability to trigger external Insurtech services, seamlessly incorporating their insights into the quoting process. By accessing external data interfaces and leveraging historical data, Tara provides valuable decision support, streamlining the quote generation process.

To know more about SimpleINSPIRE’s quote and bind automation tools in action, book a demo with us today!

 

Topics: Intelligent Automation

  
Brajesh Ugra

About The Author

Brajesh Ugra

Brajesh is the Chief Operating Office at SimpleSolve Inc. an insurtech company named among the top technology innovators by CIOReview. With a career spanning close to 40 years, he has played several leadership roles and spearheaded Global sales operations for organizations like Satyam, Birlasoft and Datamatics. Brajesh brings this experience as an evangelist for SSI's innovation services, working with insurance organizations that want to take advantage of unprecedented opportunities for growth. When he is not working, he can be found relaxing with family and friends in his backyard tending to his barbecue grill.

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