Existing policy management for insurance companies is a critical function, yet most insurance providers remain bogged down by outdated, manual processes. From updating policyholder information to processing renewals and amendments, the traditional methods of servicing policies are often slow, error-prone, and labor-intensive. Anvil’s Document SDK offers a streamlined solution, automating policy updates and improving overall existing policy management for insurers.
Overview of policy servicing
Policy servicing encompasses all activities related to maintaining and updating existing insurance policies. This includes policyholder updates, beneficiary changes, coverage adjustments, and annual renewals. Traditionally, insurers handle these updates through a combination of paper forms, email exchanges, and phone calls – all of which require extensive manual data entry and validation.
In the past, policy updates might have involved sending PDF forms to clients, asking for signatures and attachments, and manually transferring that data into backend systems. In-between that is often phone calls, emails, and other disparate communications that must inform the policy’s renewal. While this method has historically gotten the job done, it introduces numerous inefficiencies:
- Disjointed workflows: Handling policy updates across multiple communication channels (email, phone, fax) often leads to fragmented processes.
- Manual labor: Teams spend billable time re-entering the same data across systems, leading to errors and inconsistencies.
- Time-consuming: Policy updates can take days or weeks to finalize, frustrating customers and delaying critical adjustments.
- Low-value tasks: Staff members focus on repetitive paperwork instead of engaging in higher-value activities that drive revenue or improve client relationships.
The need for modernization
Old-school methods no longer align with the fast-paced, customer-driven demands of the insurance industry. Digital document automation for policies is the future – ensuring accurate, streamlined, and efficient servicing without the administrative drag of manual workflows.
How Anvil simplifies policy servicing
Anvil’s Document SDK, specifically its Etch product, provides insurance companies with an API-powered policy management solution that automates document creation, data handling, and signatures, seamlessly integrating into existing systems.
What makes Etch the premiere e-signature tech for policy updates?
Etch eSign by Anvil makes it easy to gather legally binding signatures on policy update documents. Customers can sign policy amendments, renewal notices, and more – directly within your app. This keeps the experience smooth and consistent, reducing drop-offs.
- Embedded signatures: Policyholders stay in-app throughout the signing process, keeping the experience aligned with your branding. Insurers can also customize the CSS styling of forms and documents to reflect the company’s look and feel.
- Usage-based pricing: Only pay for completed signature packets, unlike most e-signature solutions that charge for all sent documents (even those that never get signed).
- Rapid deployment: Launch fast with one API call, allowing Anvil to handle signer identification, form completion, and signature collection.
- Developer-friendly: Anvil’s SDK comes with comprehensive libraries, documentation, and UI components that simplify the development process, accelerating build times and reducing labor overhead.
Advanced features for complex policy workflows
Beyond basic signing, Anvil offers features designed to handle more intricate policy updates:
- Interactive Signing: Request additional information from policyholders during the signing process, perfect for policy endorsements and addendums.
- Unordered Signing: Allow multiple stakeholders (e.g., co-insured parties) to sign in any order, completing the update when all signatures are gathered.
- Progressive Signing: Enable different signers to update or add information throughout the process, streamlining multi-stage policy amendments.
- In-Person Signing: Facilitate face-to-face policy updates by guiding customers through the signing process on a shared device.
Practical applications
Imagine automating the entire renewal process for homeowners or auto insurance policies. Rather than mailing out forms or requiring in-person visits, policyholders receive a secure link to review and update their policy. They sign, confirm, and finalize the update in minutes – all through your application that has the power of Anvil embedded.
By comparison, insurance providers can go the route of building workflows internally, but the cost and development time can be prohibitive. With Anvil, insurers get a ready-made solution designed specifically to handle the paperwork challenges of policy servicing.
ACORD forms and automated document workflows
A prime example of Anvil’s capabilities in action is the automation of ACORD forms – critical documents in the insurance space. ACORD forms standardize data collection and ensures consistent recordkeeping across policies. Automating these forms with Anvil not only saves time but also ensures accuracy.
For more on ACORD form automation, read Anvil’s insight on ACORD 2.0.
Automate policy updates with Anvil
The benefits of automating policy updates are clear – faster processing, fewer errors, reduced administrative burden, and a better experience for policyholders. Anvil’s eSignature-enabled policy updates and comprehensive SDK allow insurance providers to modernize their servicing workflows without heavy investment in custom development.
Ready to simplify existing policy management and drive efficiency in your servicing workflows? Test drive Etch today and experience firsthand how Anvil can transform policy servicing for your organization.