The Insurance Submission Intake Process is inundated with multiple operational challenges. Insurance forms are often manually processed, and the relevant data is then manually entered into the core application systems for storage and future retrieval purposes. The inconvenient manual-driven process is highly error-prone and brings unprecedented disruptions. Inbound forms arrive over emails or digital portals – effective management and monitoring can be a daunting task.
Underwriters and assistants spend up to 45% of their time on administrative work, consolidating and enriching data, when their core focus should be on evaluating risk. Processing forms manually increases process cycle time, increases costs, increases data processing errors, and the collaboration between agents and underwriters is often ineffective, and much more!