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.
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.
Contract Management Software enables insurance carriers, brokers and sales agents to optimize the entire contract workflow processes so they can focus on advising and acquiring new clients instead of chasing paperwork.
The Top Five Ways To Improve Revenue Opportunities With Contract Management Software
1. Lower Rates Of Unreturned Applications
2. Reduce “Not In Good Order” (NIGO) Document Rates
3. Reduce Sales Cycle And Shorten Time To Revenue
4. Automate Processing From Client “Straight-Through” To Internal Or External Systems
5. Easy Retrieval Of Documents
Discover an Operational Cost-Savings Analysis of Transitioning to a Paperless Insurance Application Process
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The top 5 ways contract management software improves operating margins:
- 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
“By automating, 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