In a highly regulated industry, insurance companies must ensure that policies are accurate and in compliance with current industry standards. Document automation can streamline your documentation processes and minimize potential risks. Enabling HotDocs can help insurers improve profit margins and deliver a high level of customer service.
Transforming manual processes into a robust automation system
Automation and efficiency are key to remaining competitive in the insurance industry. Slow manual processes forgo fast and efficient document generation for production processes that increase the potential for risks. Catholic United Financial relied on manual processes to produce annuity and life insurance documents. Their IT department was challenged with maintaining this policy system and assisting insurers with document revisions and updates. Manual processes coupled with IT challenges resulted in extra burdens and an inefficient process.
Leveraging HotDocs’ automation solution, the firm integrated several systems to streamline processes and update their document production process. Annuity and life insurance policy documents were transformed into templates and uploaded into a web-based document assembly platform. Once automated, the templates were designed to pull XML data through an integration with FAST, a cloud-based Policy Administration System Saas platform. Creating templates allowed the IT department to eliminate their document production workload and gave employees quicker access to electronic documents in real-time through the FAST integration.
Improving efficiency while mitigating policy errors
Implementing templates and enabling rights-based controls can help firms accurately deliver documents while reducing the margin of error. AXA XL Insurance is a financial services company that specializes in property and casualty insurance. Their employees relied on manual data entry that was time-consuming, lacked consistency, and had a high error rate. Leveraging support from HotDocs, AXA XL established a policy library containing templates that allowed policy insurers to quickly access and generate policies. The library also included rights-based regulations, blocking non-policy team members from making amendments to documents.
Deploying HotDocs established a consistent policy creation process for insurers and improved the quality and accuracy of documents. With faster policy drafting times, the firm increased its productivity, and profitability, and minimized any potential compliance risks. Employing documentation can simplify processes and help insurers align with brand guidelines.
Digitally transforming insurance operations
Utilizing document automation like HotDocs can have a positive impact on underwriting, reinsurance, and claims processing. As insurance companies make the transition into automated document control, it’s important to ensure the software enhances compliance, improves profitability, and simplifies processes.
To learn more about the benefits of document automation and how it improves document compliance, contact us today to see a demo of HotDocs.