Adapting Trends to Remain Competitive
Providing property and casualty coverage is at its heart a very necessary and helpful practice, in that the protection gives security and peace of minds to people that they need to go about their lives with the confidence that they can be made whole or compensated in the event of a claim. In processing all the millions of pieces of data behind these policies, there must be a staggering amount of back-office work to enter each bit of information correctly every step of the way, from inputting the insured’s personal information to collecting rates, completing policy agreements and more. This flow of data is only getting faster and larger as time wears on. For this reason, savvy MGAs, program administrators and carriers alike are constantly on a mission to find ways to enhance their business operations – that is, to find ways to function better, smarter, faster, with a greater level of accuracy always. This search includes rating engine insurance methods.
Productivity is on the climb
It’s a good thing, then, that modern technology has moved far beyond the pen and the clipboard. One example which can streamline operations substantially is the concept of the electronic signature, or e-signature, which industry analysts are saying has the potential to change the game for everyone. There are many reasons this development is catching on like wildfire, including:
- Reduction of paperwork
- Reduction of turnaround time (up to two weeks in savings, report some users)
- Reduction of users’ practices and workloads
- Popularity with customers, who enjoy the convenience and ease of conducting business in a manner that they are becoming increasingly comfortable with
Also, why not consider the significant benefits that this method brings:
- It allows users to go green and reduce their carbon footprint. By collecting virtual instead of paper-based signatures, veritable forests can be saved and the reduction of mail that hardcopy would otherwise have created means that fossil fuel production in cars that transport the mail is also reduced.
These and other technology advances that support rating engine insurance processes will continue to develop; it’s important that agents, agencies, carriers, and managing general agents be prepared to adopt changes after vetting their security, of course, to ensure that they retain their competitive edge in the marketplace.