Though the U.S. is moving out of the recession and welcoming a stronger economy, many insurance professionals like yourself are still figuring out how to provide superior services while on tight budgets. The insurance industry is in the midst of an “out with the old, in with the new” movement, and part of reigning in a new era is increasing the efficiency of your internal processes.
Greater efficiency will enable you to provide your clients with the services they need at the costs they appreciate while also ensuring you don’t get left behind in the evolving industry.
Tools to improve efficiency
You should focus on using technology to improve your business process management, according to a report by OpenText. You handle various clients and transactions every day, and the quantity of paper you go through is inefficient and costly. However, the right software cannot only manage your daily workload faster, but also enable you to take on more clients and save money.
Many professionals are still relying on legacy systems that don’t integrate well or provide an all-encompassing platform. You can drastically cut down on the time you spend inputting new data and looking up old information by having one comprehensive program instead of many.
Considering your client load generates a large quantity of data, your platform must be able to monitor your key performance metrics and provide analytics. The software you use isn’t merely storage – it’s a tool to help you evaluate changes you’ve made to internal processes and solidify more efficient and cost-effective workflows.
Benefits of improving your internal efficiency:
1. Improve customer service
Your clients don’t want to jump through hoops when they need help. Ensure that when your clients get in contact with you personally or your office, the person they speak to has a total view of their relationship with the company. By using a comprehensive business management platform, you ensure the details of your client matters are always at your fingertips – client’s won’t have to be put on hold as you search for various information.
A strong management platform can also streamline the process of taking on a new clients, OpenText discussed. By creating a more automated client onboarding method based online, you can cut out paper forms, reduce the duration of the underwriting process and improve the transparency of the process. This improves efficiency in your office and on your client’s end, as they can work directly with you online.
2. Improve relations with regulators
As an insurance professional, you deal with a number of regulatory bodies. Whether you work only domestically or also internationally, remaining compliant and maintaining strong relationships with these entities is crucial. Regulators can probe into a majority of your processes, including adviser designations, consumer protections and cybersecurity issues. You benefit from efficient internal processes that boost transparency into these matters, help you identify risks before they become problems and enable you to remain compliant, according to Deloitte representatives Gary Shaw, Sam Friedman and Howard Mills, who LifeHealthPro interviewed.
3. Improve your position in the market
How you handle your internal workload greatly affects how you deal with customers. Working with a strong business management platform that improves your operational efficiency means you’re better equipped to smoothly take on new clients, handle claims, provide customer support and remain compliant with all regulatory frameworks. These benefits and the many more derived from efficient back-office processes enable you to better your position within the insurance market, reaching even more potential clients.
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