Case Study: Paperless Insurance Client Application Process
Posted by Melanie Aizer on Tue, Mar 15, 2011 @ 11:33 AM
Insurance brokerage improves sales volume and speed by automating with TELUS Secure Contracts powered by Recombo™.
Leading insurance firm HUB International Ontario has transformed their business processes with contract management software.
SITUATION:
- HUB International Ontario has more than 500 employees working in 11 offices and offers a broad array of property and casualty, life and health, employee benefits, reinsurance, investment and risk management products and services
- Paper-based insurance policy application process resulted in lost business with an unreturned application rate of 15 percent
- Turnaround time for closing sales was four to five days
- Multiple printings and faxing generated a significant amount of paper and management was resource intensive
BUSINESS BENEFITS:
- Reduced the rate of unreturned applications from 15 to five percent
- With a five percent unreturned application rate, HUB estimates that it will be able to realize a five percent increase in revenue
- Reduced turnaround time for closing sales from four/five days to a day and a half
- Eliminated the $3 per client spent on paper costs by transitioning to a paperless environment
- Increased efficiency for clients by simplifying the application/purchase process
- Differentiates HUB in the brokerage industry because of its automated policy application process
DOWNLOAD THE CASE STUDY HERE
“By automating with TELUS Secure Contracts, we are now a more efficient company. One of our Producers remarked that she wrote more than 60 new policies in a month, without the typical stress of chasing down applications. By eliminating the administration, our sales brokers can focus solely on what they were hired to do – service clients, sell policies and generate revenue.”
— Sharlene Locke, President of Personal Insurance Practice, HUB International Ontario.
(*Agreement Express by Recombo™ is sold through Recombo licensing partner TELUS as TELUS Secure Contracts in Canada)