Did you know that the property and casualty insurance industry…
- Pays out more than $400 billion in policy benefits per year?
- Has more than $1.4 trillion in investments?
- Employs approximately 2.3 million people?
With numbers that large, imagine the ripple effect that a few process automations and changes could produce! Let’s take a closer look at four ways property and casualty insurance services could start working smarter…
#1 Mailroom Services
Insurance services deal with an astonishing amount of mail. From claims paperwork to billing to policy declarations, your organization may be swamped in paper. Virtual mailroom services can help. InStream can receive your company’s incoming mail, open and scan the contents, and securely load it all to a document management system, where it can be routed down workflow for processing. The appropriate employees would then receive digital copies, which can be viewed from any device and any location.
This service allows our property and casualty insurance clients to free up their internal staff and resources. Hand off your mailroom to InStream and redirect employee resources to focus on what you do best: insurance.
#2 Virtual Lockbox Payment Processing
Of course, insurance services also collect a large number of payments from customers. If volume or current processing techniques makes it difficult to deposit those checks in a timely manner, a virtual lockbox payment service may help.
With Virtual Lockbox, InStream can deposit incoming checks to your bank account on behalf of your business. Copies of checks and remittance advices can be stored in a document management system or digitally and securely delivered to you for review. Our process is bank agnostic, allowing us to accommodate your organization’s specific deposit needs.
#3 Robotic Processing Automation (RPA)
Robotic process automation is a form of automation where InStream can develop digital “robots” to perform repeatable tasks automatically on behalf of a human. Not only can this free up an employee’s time by reducing manual processes, but it can also be a powerful tool for maximizing cross-selling opportunities within your insurance service.
In the property insurance industry, for example, you can utilize RPA to scan your customer databases and identify which customers are taking advantage of the various coverages you offer. You can also have RPA fine tune these queries to generate specific lists of who has one type of insurance but not another.
By having this information handy, your sales team can increase sales within your current customer base (e.g. cross-selling your home insurance products to your car insurance customers, and vice versa).
Use your data to generate more sales with robotic process automation!
#4 Workflow Automation
Finally, InStream can utilize document management software to create automated workflows that will process your documents and data based on your company’s specific business rules. For example, with an automated workflow, a policy document could automatically be sent to a customer after it’s approved by an underwriter. Workflow automation reduces the friction and delays sometimes involved in routine tasks in the insurance business.
Find Out How We Help Insurance Services
Want to learn more about how we help insurance services like North Carolina Mutual Life Insurance Company? Contact us to find out how we can create a custom solution for you!