New Insurance Solution Brief: Paperless Insurance Applications
Posted by Melanie Aizer on Mon, Oct 04, 2010 @ 01:31 PM
Automate Paper-Based Processes with Paperless Application Processing for Insurance.
Contract Management Software optimizes the enrollment process — providing insurance organizations more time to close more business.
Whether your firm sells commercial insurance with complex products or consumer insurance with straight-forward policies; creating, processing and completing the enrollment applications involve a complex labyrinth of manual business processes and large volumes of paperwork.
A paper-based contract process is inefficient, time-consuming and expensive. Paper business processes rely on manual labor to compile data, assemble documents and distribute them to appropriate signatories. It is prone to data-entry errors and provides little visibility over the status of insurance applications.
With paper, it is hard to ensure proper business routing for reviewing the documents, checking them for errors, and keying the data into external or internal back-office systems. As well, expenses are usually incurred in order to distribute paper contracts to and from various signatories, either by mail or by courier.
Business Challenges with a Paper-Based Application Process:
- High rates of unreturned applications.
- Increased NIGO (Not In Good Order) rates.
- Latency in application processing.
- Long sales cycle and time to revenue.
- Lost revenue opportunities.
Rather than allocating additional resources to support an existing paper-based contract management system, more organizations are resolving these issues by automating their business processes with contract management software.
Agreement Express is a technology platform that automates any paper-based business process.
Some examples of this are compliance sign-off, new business and renewal insurance applications, electronic pay stubs, HR employee on-boarding, and more.
Contract Management Software Automates The Entire Application Process.
This solution brief focuses on improving the processes associated with new business and renewal insurance applications.
Download This Insurance Solution Brief Today and Discover:
The Top Five Ways To Improve Revenue Opportunities With Contract Management Software.
• Lower rates of unreturned applications.
• Reduce “Not In Good Order” (NIGO) document rates.
• Reduce sales cycle and shorten time to revenue.
• “Straight-Through” processing.
• Improve business operations.
Download Here