As we know, standard loss run requests are conducted by sending a letter to previous insurers or brokers asking for detailed policy information which includes a disclosure of all claims processed – a very time-consuming process. Loss run requests of the future will provide a more streamlined approach and provide more discretion for the insured requesting to obtain the necessary data. How will this process be enhanced in the days, months, and years to come? Or, has this innovation already been implemented? In this article, we will discuss what the future of loss runs will look like, how it will benefit the insurance industry, and how you can get your business on board with it NOW!
Let’s start by taking a glimpse into the future and see how the loss run process will be easier, faster, and even more efficient.
Save time, create a better client experience, AND maintain efficiency…
No agent looks forward to tasking their prospect or client with obtaining loss runs from previous insurers – yet a submission cannot be completed successfully without assessing this data. Additionally, when loss runs are requested some insurers will submit loss run information within a day, some will submit loss run information within several days, and others may take up to a week to submit this information – thereby losing valuable time and allowing the client to be put on notice by the current insurer.
The good news is the future of loss run requests will eliminate the need to notify agents of previous insurers that a loss run is being conducted, the client will no longer need to contact Loss Run Departments directly requesting the required information and creating a PDF of the compiled information will no longer be a manual job. How will all of these things become an aspect of the past? Simple, by automation.
Automating the loss run request process not only saves time for the insured, but also agents. At least 20 minutes of the loss run request process will be eliminated by simply utilizing a digital platform like Appulate to process requests.
Now that we have uncovered the secret weapon which will enhance the future of loss run requests, let’s discuss in detail how automation will benefit your business and improve your workflow.
Loss Run Request Automation for the WIN!
It is no secret that the insurance industry has previously been at the end of the line for technological advancements. However, since trusted insurtech leaders such as Appulate stepped up to the plate to offer the tools and resources for the insurance industry to move with the wave of the future – industry professionals can now conduct more business digitally. Automation simply provides a digital alternative to doing manual work – like that associated with the traditional method of conducting a loss run request.
By automating this process, you will not only be able to request loss runs from multiple carriers in a timelier manner, you also receive accurate information which can be digitally formatted into a single report for a more accurate assessment.
Let’s look at an example, agents who have access to the LossRunner tool offered on the Appulate platform have the ability to utilize the most comprehensive loss run request tool currently on the market. Appulate’s LossRunner not only features an extensive database, but it also allows ACORD data to be digitally imported or manually entered into the system to request a loss run. By taking advantage of this type of automation businesses eliminate the unwanted outcome of having the insured be put on notice while saving time.
Now that we have provided some insight on how automation will change the face of loss run requests, it’s time to share how you can take action and change the loss run request process of your business.
How to Get On-Board with the Future of Loss Run Request NOW!
With 80% of all independent agencies trusting Appulate to automate their submission process, it is highly recommended to look into the advantages your company will see in partnering with your leader in insurtech. Appulate offers a fully automated platform with the most comprehensive loss run request tool on the market, called LossRunner. LossRunner allows loss run requests to be submitted, tracked, and sent on behalf of the insured or prospect digitally – eliminating all of the issues once faced with the traditional loss run request process. Click HERE to schedule a demo and begin your journey into the future of loss run requests with Appulate.
