Overcoming Common Broker Workflow Inefficiencies

Many insurance brokers struggle with inherent inefficiencies - driven by legacy technology - in their workflow that can lead to increased costs, longer processing times, and decreased customer satisfaction.

1. Manual Data Entry

Brokers often need to rely on manual data entry, which can be time-consuming, error-prone, and costly. By automating data entry, brokers can reduce the risk of errors and increase data processing speed, save time, and focus more on advising clients.

Solutions:

• Implement a data management system that enables automated data ingestion

• Consider using Optical Character Recognition (OCR) software to automatically extract data from documents

• Invest in a modern workflow solution, like Azimuth, that can automatically capture and store customer data

2. Lack of Automation in Managing Submissions and Quotes

Many brokerages still rely on manual processes to create and manage inefficient communications to carriers, which can lead to delays and errors in submission and quote generation. By automating submissions, quotes, and ultimately recording bound policies, brokers can reduce the time it takes to administer… and increase the time available to provide better service to their customers.

Solutions:

• Invest in digital signature software to enable customers to sign policies electronically, speeding up the policy-issuing process

• Invest in a modern workflow solution, like Azimuth, that automates the policy creation and management process

3. Inadequate Reporting and Analytics

With limited reporting and analytics, it is difficult for brokers to identify trends and make informed decisions. By implementing robust reporting and analytics tools, brokers can better understand their business and make data-driven decisions. A great example of this would be having access to analytics related to natural disasters in a region to properly insure your clients against this risk

Solutions:

• Consider using predictive analytics to identify trends and forecast future business performance

• Invest in a data visualization tool to help brokers understand and interpret data quickly

• Implement a Business Intelligence (BI) system that can provide real-time reporting and analytics

• Invest in a modern workflow solution, like Azimuth, that consolidates your data in one place so that you can easily integrate BI or data software

4. Inadequate Communication and Collaboration

Inefficiency in communication and collaboration manifests itself in email-based exchanges, elongating processing times, and negatively impacting customer satisfaction. By implementing tools and processes that improve communication and collaboration, brokers can transform to meet the speed and expectations of their clients.

Solutions:

• Implement a communication platform that allows teams to easily collaborate and share information

• Consider using project management software to streamline workflows, increase team collaboration, and reduce delays and errors

• Invest in a modern workflow solution, like Azimuth, with built-in collaboration and team management capabilities

Azimuth transforms brokers’ workflow inefficiencies through our integrated platform. Shedule a demo today to learn more about how we can partner to achieve your goals.