The insurance industry has historically relied on paperwork and manual processes. From policy issuance to claims processing, old-school paperwork methods can slow operations, increase costs, and leave room for errors.
The Times recently published, “the biggest life insurers on the market took between 53 and 122 days to process a claim from start to finish for a ‘term insurance’ policy.” Or, in other words, 2-6 months!
That’s why the insurance industry is embracing document automation to streamline workflows, reduce costs, and improve accuracy.
Key insurance processes transformed by document automation
Policy issuance and renewal
Creating and distributing policy documents is a historically time-consuming task prone to delays and errors. Document automation simplifies this process by automatically generating and distributing policy documents. With Anvil, insurance providers can embed customizable templates into their systems, reducing turnaround times and ensuring every document is accurate and up-to-date. Need a customer to fill out a digital form? The data from that completed form can then be fed into your application’s backend database(s), updating that customer information across all communication channels, making any future changes to their policy easier for them and you.
Claims processing
Remember how some insurance providers need up to six months to process a claim? Automating insurance workflows allows for the collection, categorization, and population of claims data directly into forms and the backend of your application. This reduces human error and accelerates processing times, helping insurers resolve claims faster and provide a better customer experience.
Customer onboarding and verification
Customer onboarding often involves collecting and verifying large amounts of information. With document automation, insurers can use digital forms and automated validation processes to onboard customers securely and efficiently. For example, Anvil’s platform allows customers to input their information once, with the data seamlessly transferred across the system for validation and record-keeping.
Customer service requests
Frequent service requests, such as policy changes or updates, can create administrative bottlenecks. Document automation can handle these tasks efficiently by generating pre-filled forms and updating records automatically. Customers receive faster responses, while insurers save time on manual data entry.
Why insurance providers are adopting document automation
Efficiency and cost reduction
Insurance document automation eliminates the need for repetitive, manual processes. By automating tasks like form creation, data entry, and validation, insurers save significant time and reduce labor costs. Automation also ensures processes can scale as the company grows, supporting higher volumes of claims or policy updates without increasing administrative burdens.
Error reduction and compliance
Manual document handling introduces opportunities for human error, whether through data entry mistakes or misplaced paperwork. Automation minimizes human error by standardizing and digitizing data collection and validation processes. This not only improves data accuracy but also ensures a secure transfer of data–a critical factor in the highly regulated insurance industry.
Enhanced customer service
Automation improves customer service by streamlining workflows and accelerating response times. Faster claims processing, quicker policy issuance, and responsive customer service requests lead to higher customer satisfaction. Anvil’s API
Options for implementing document automation
Product managers and teams tasked with implementing document automation have several approaches to consider. Each option comes with its own set of advantages and challenges.
1. Build a workflow in-house
Building an in-house document automation solution involves developing custom tools tailored to your organization’s needs.
Pros:
- Customization: Full control over features, workflows, and integrations to meet unique requirements.
- Proprietary ownership: Retain ownership of the technology, without reliance on external vendors.
Cons:
- High development costs: Building a full-scale document automation solution requires significant investment in time, money, and technical expertise. This distracts from core feature development. Would you build your own CRM or ATS? Hopefully not.
- Longer time to market: Developing and testing a custom solution can delay implementation, potentially falling behind market needs.
- Maintenance and updates: The burden of ongoing maintenance, updates, and compliance with industry regulations falls entirely on internal teams.
2. Stitch together multiple vendors
Some teams attempt to achieve document automation by integrating tools from multiple vendors, such as combining form builders, e-signature providers, and data validation tools.
Pros:
- Best-in-class features: Access to specialized tools designed to handle specific aspects of document automation.
- Flexibility: Teams can pick and choose vendors based on their needs.
Cons:
- Integration complexity: Stitching together disparate systems often creates compatibility issues and workflow gaps.
- High total cost of ownership: Licensing fees for multiple vendors can quickly add up, making this approach expensive in the long run.
- Scalability challenges: As needs grow, managing and scaling multiple systems becomes increasingly cumbersome.
- Data silos: Lack of seamless integration can lead to fragmented data, creating inefficiencies and compliance risks.
3. Using Anvil
Anvil offers a streamlined, all-in-one solution for document automation, designed to simplify workflows and reduce complexity.
Pros:
- Comprehensive solution: Combine form creation, PDF filling, and workflow automation in one platform, eliminating the need for multiple vendors.
- Ease of integration: It’s easy to embed customizable, branded workflows directly into your existing systems.
- Cost-effective: Avoid the expenses of building in-house or maintaining multiple vendor contracts.
- Time to market: Ready-to-use tools significantly shorten implementation timelines, allowing teams to deploy faster.
- Scalability: Anvil’s platform grows with your business, handling increased volumes or additional workflows with ease.
- Support and updates: Dedicated support ensures smooth onboarding, and Anvil handles platform updates to stay compliant with industry standards.
Cons:
- Less customization than in-house solutions: While highly flexible, Anvil may not meet every hyper-specific use case compared to a fully bespoke solution.
- Dependence on a vendor: Organizations must rely on Anvil for ongoing service, though this is mitigated by the platform’s proven reliability, up-time, and support.
Case study: How StartSure transformed its workflows with Anvil
StartSure, an insurance provider focused on startups, chose Anvil’s platform to overcome challenges with manual processes. With Anvil, StartSure automated key workflows, including policy issuance and claims processing. The results were quick and clear:
- Faster processing times: StartSure reduced the time it took to issue policies, helping them onboard new customers more efficiently.
- Improved accuracy: Automation minimized errors in policy documentation and claims data, ensuring a smoother experience for both the company and its customers.
- Enhanced customer satisfaction: With faster service and accurate document handling, StartSure improved customer trust and retention.
By embedding customizable, templatized workflows into your existing systems, you can streamline operations and focus on serving your customers better. We’re experts in document automation for insurance providers and can have our tech working congruently with your application in a matter of hours, not months.
Ready to transform your workflows with insurance document automation? Book a demo today and see how Anvil can help your business thrive.