Policy enrolment is one of the vital characteristics of every insurance broking business. Configuring and exploring any automated policy enrolment software in their broking business will help them to perform on a better scale. Having a configurable insurance software solution will meet most of the insurance broking regulatory requirements and helps their business to adapt to the dynamic broking conditions and deliver superior results in terms of optimizing the in-house policy enrolment process.
This article will detail to you the automated policy enrolment process, the pain points we diagnosed from our prospective customers, the solutions we provided for optimizing their policy enrollment difficulties, the evolution of policy enrollment software, and how it helps in your insurance broking business, etc.
What is automated policy enrolment software?
An automated policy enrolment software is a technological invention that helps insurance brokers to manage their policy enrolment activities systematically and effortlessly. The so-called software will have a data filing section where it will help its user(s) to ease their enrolment process and all related calculations. Every activity that comes under this process can be handled automatically in seconds which makes it even more painless and reliable for insurance professionals.
How does an automated policy enrolment software smoothen your insurance broker business?
Let’s walk you through a recent real-life in-house business scenario with one of our potential clients that helped both parties to look much closer into the automation of the policy enrolment process and how it will positively impact the entire workforce.
What were their pain points?
They were a south India-based insurance broker who performed all insurance broking activities including the enrolment process. The existing process was whenever an enrolment happens one of their field executives collects all the necessary details or the employee directly emails the required details to the firm. The enrolment executive reviews the data and manually records all these and performs the enrolment process.
At first, they were recording the policyholder or the employee details only. But when it comes to the collection of their family members, the process becomes more difficult. It was such a tedious task. When the enrolment count increased exponentially, the process become more and more tedious.
They foresee that if this goes further longer, then the existing process will be a barrier to their insurance broking business growth. As they are already enjoying Sibro, the most recommended insurance broking software of modern times, they approached us for a feasible and viable solution to this matter.
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Our approach to this matter?
Our technical team has a pre-defined methodology to take care of our client’s pain points. Like every other brainstorming session, we decided to sit together to analyze the problem. That was always our first step. We analyzed the issue from different angles and come up with a viable option.
The initial solution we proposed?
After our hours of brainstorming sessions, we decided to create a data filling software with an email login. We believed that this software will help their associates to easily organize and handle all the incoming enrolments. It will also save their time to a Largent extent. So we believed this was the most suitable and apt solution for their concerns.
Challenges we faced?
Again, with this proposed solution, we sat together for a detailed analysis of the solution we proposed. Even though the solution was purposeful, it still doesn’t address some of their other concerns, which they are yet to reveal. They were:-
- They also want this software to record and display the premium details corresponding to the policyholder and policy type entered
- As their target audience is not that much into the “email thing” they need another alternate login option which has to be common with everyone
- We understood that the sum insured amount depends on the employee and this made it difficult to generalize the premium calculation model
- The income cases had an eligible sum insured value. So the system must have a provision where the user can’t choose a lower value other than the eligible sum insured value.
These challenges were very much familiar to our technical team as we are working on these for a protracted period of time. So, it was just a matter of time for the solutions to raise.
Our final solution?
Again after multiple conversations and discussions, our team remodeled the software architecture into a system that satisfies all the above concerns. The new software will have the provisions to:-
- Record and save all the employees as well as his/her family members’ details
- As soon as the user completes the entry and selected the policy details, the premium amount will be auto-calculated by the software itself
- Instead of email logins, we incorporated phone number OTP login which is more of a common genre
So, after multiple sittings and discussions, we finalized the process and started the software development. Even though we were in the developmental stage, the discussions were ongoing. As the software gets its shape, things have become much clearer. So as per their suggestions, incorporated the premium details also into the software. The system offered the provision to incorporate the premium charts to make the calculation easier.
At last, the software was ready to serve, satisfying all the conditions and requirements. After completion, the software was immediately provided for user acceptance testing with a pre-defined timeline. After, a couple more final revisions and optimization from the UAT results, the software was completely ready to perform in the insurance broking arena.