Document Automation Keeps Insurance Companies Competitive
According to “WorkMarket’s 2020 In(Sight) Report: What AI and Automation Really Mean For Work“, 70% of business professionals report that they spend up to 40% of their time on routine tasks like searching, modifying and sending documents. Organizations constantly look for ways to streamline operations, save time and stop relying on manual processes.
This is especially true in the insurance industry. In this highly regulated market, insurance companies must quickly deliver large volumes of error-free policies and contracts in compliance with existing laws and company policies.
Automating the insurance document process
HotDocs document automation is transforming business workflows in insurance companies. From the initial application to underwriting, reinsurance and claims processing, nearly every document process can be automated.
Document automation can be a game-changer for insurance companies. Insurance companies are embracing document automation to increase efficiency and reduce costly errors. Automation allows insurers to dramatically improve profit margins and deliver a higher level of customer service that builds loyalty.
Automated policy issuance
Global leader AXA XL Insurance ran a manual process for issuing thousands of insurance policies. Data entry staff would type specific policy details, client names and policy numbers – a time-consuming and error-prone approach. AXA XL deployed HotDocs to transform insurance policy issuance. Policy libraries were created, with templates for base policies and their associated endorsements. This was also a benefit for non-policy issuance staff as they could access these documents as a reference without having the ability to amend them, thus the integrity of the documents was protected. Read about how AXA XL Insurance automated policy issuance and improved customer service.
Life insurance underwriting
Life insurance underwriting is a fairly complex process, involving a significant amount of correspondence between the insurance company and the applicant. A Fortune 500 insurance provider with an underwriting staff of 1,000 employees found the manual creation of forms and correspondence was ripe for improvement. Underwriters were spending hours editing standard documents to reflect the customer name and include specific contract language and clauses.
HotDocs allowed them to create a library of shared HotDocs templates including letters, policy amendment notifications, policy riders and endorsements. To create a new document, the underwriter simply goes to the HotDocs portal, selects the appropriate template and answers several questions about the applicant. Within seconds, HotDocs generates a customized document tailored to the circumstances and using the precise required language. Learn how underwriters saved hours of manual document creation time.
Property and casualty
A leading auto, property and casualty insurer manages a network of in-house law offices across the nation to provide legal services to those insured by the head company. Heavily used documents include pleadings, motions, answers and cross-claims. The executive team saw an opportunity to replace a legacy document generation tool with HotDocs to increase the quality, consistency and accuracy of the documentation.
To generate a new document, a staff member goes to the HotDocs Document Portal and selects the appropriate document. In the background, HotDocs pulls data from the company’s case management system, which pre-populates the document with some of the information needed. The staff member then answers questions in a HotDocs interview. At the click of a button HotDocs generates the finished document in Microsoft Word. Read more about this HotDocs solution in a Property and Casualty firm.
Embarking on a digital transformation effort for your firm? The low-hanging fruit may be in document automation. Find your low-hanging fruit.