How To Automate Submissions

The workflow of an insurance agent has been synonymous with its tedious as well as time consuming tasks. From repetitive processes in various markets to rekeying data, the overall flow of insurance submissions can be stressful. How can agent workflow be improved while maintaining efficiency? It’s simple – through automation!

In this article, we will discuss the benefits of automation regarding insurance submissions, how to automate the agent workflow, and other benefits to doing business digitally.

How is automation beneficial to the insurance submission process?

Let’s first reflect on the process of submissions WITHOUT automation. Agents without access to an automated submission process are required to spend longer hours performing their day-to-day tasks because of the redundant data entry aspect of insurance submissions alone. Then, if we factor in several markets and lines of business being serviced, the number of hours spent on submission processing can double.

Now, let’s consider an agent who has the ability to utilize automated submissions. On average, agents who have access to an automated submission process save over 40 minutes per submission. A significant amount of time is saved because automation allows agents to:

  • Submit ACORD data through an online platform where data can be stored, emailed, and tracked – ELIMINATING the process of rekeying data
  • Receive AUTOMATIC rate quotes and indications – SAVING TIME and INCREASING EFFICIENCY
  • Access multiple markets and lines of business – to allow agents to do MORE BUSINESS, FASTER
  • Easily access Loss Runs for current customers AND prospects
  • Complete submissions with electronic signatures from laptops, iPads, tablets, or even Smartphones

With all of the benefits automation presents, let’s explore HOW to automate the submission process to save thousands of hours on data entry annually and maximize productivity.

How can I automate my submissions NOW!

The only thing required to begin your journey to automated submissions is to connect with a company that offers a platform that can deliver instant rate quotes, and can grant access to ACORD forms, markets, and the lines of business needed to complete a submission digitally.

Prior to investing in the best decision that you can make for your future as an insurance agent, carrier, or MGA, it is important to see, as well as understand the platform which you will be using – this is most commonly done through a demo. The demo will show you how the platform works, all of the features available to you, possible upgrade options, and most importantly – how to incorporate your current data into the platform to streamline the automation process.

Following a demo, there will typically be a trial period that will allow you to get a hands-on experience with the platform. You can also take advantage of the benefits available and acclimate yourself with how the platform works. Then, you can look forward to being presented with the option of investing in automation long term or reverting to your previous method of manual submissions.

Now that we have outlined the benefits of automation in the submission process, as well as how you can take advantage of automation, its time to dive into some of the added bonuses of automation.

What other benefits are there to automation and doing business digitally?

In addition to what we have already covered, automation is the future of insurance. There are several other benefits to automation that will not only be relevant to your success but will also empower you to evolve with the industry.

Other benefits of automation include:

  • The ability to send requests for data which will auto-populate into necessary forms
  • The ability to access open brokerage markets (eliminating appointments)
  • The ability to send submissions to various carriers and MGAs with one click
  • The ability to connect with carriers and MGAs digitally and expand your business faster

What should happen next?

As an agent, carrier, or MGA with their future in mind – it would be of great interest to consider implementing automated submissions and receive a bird’s eye view of how to simplify the way that you do business. Industry leading companies such as Appulate, offer all of the services referenced in this article to provide a more streamlined workflow. Reserve a few moments in your day to visit our website and see for yourself what automation can do for your business, your network, and your time management. The insurance industry is no longer last in line in regard to technology, so the option is yours to join the evolution.