15th January 2024
More brokers than ever are embracing new technology to enhance their customer experience. Automation in insurance is often taken for granted as part of the digital upgrade but is it actually the most important part for brokers to get right to achieve overall business success?
Customer purchasing behaviour is continually evolving and so are their expectations of how, where, and when they can buy their insurance. In this ever-changing insurance landscape, brokers need to do whatever they can to stand out. Automation is the key that can unlock huge benefits for them and their customers, including boosting efficiencies, creating a unique customer experience, and improving the bottom line.
Streamlining Performance
Integrating automation tools into brokers daily operations can inject a new level of efficiency into their everyday business processes. They spend a lot of time on disjointed, manual, and repetitive activities such as data entry, document processing, and issuing policies. Automating these processes will boost productivity and efficiency. Freeing up valuable resources to add value to customers and focus on business growth.
Reduce Human Error
Automation in insurance can reduce the risk of human error, ensuring accuracy and consistency throughout the process. It minimises the chance of costly mistakes, thereby building trust and improving the overall quality of services for clients.
Document Management
It is not an understatement to say that brokers generate a substantial volume of documents—ranging from standard letters, quotes, policies, to forms and contracts—required daily. When producing hard copies, managing these documents would involve significant amounts of paper, incurring high costs for labour, sending to clients, and storing copies.
Automating the creation, storage, and delivery of these documents not only saves time and money but also brings significant environmental benefits. Reducing paper usage and conserving energy in distribution contributes to achieving net-zero targets.
Seamless Customer Experience
In a world where technology shapes our daily experiences, consumers want to enjoy the same seamless experience when buying insurance. Economic pressures are also forcing them to seek out the best deals. Making it crucial for brokers to deliver a seamless customer experience.
The good news for brokers is that the ripple effect of introducing automation across the business will directly improve the customer experience. The addition of automation through the creation of a B2C quote and buy website or a self-serve customer portal will further enhance the customer experience. Allowing them to purchase insurance or access their documents 24/7 wherever they are.
The increases in speed, efficiency, and accuracy achieved through automation will position the broker as a reliable partner. Promoting loyalty with their customers.
AI and Machine Learning
This is just the tip of the iceberg of how automation can be used to transform your business. With the well-publicised expansion of AI and machine learning. Brokers will be able to use new tools and programs to assist them in the assessment of risk. Enabling them to make more informed decisions.
Follow this link for further information on what machine learning is and how the tools are being used to assess risk, detect fraud, and predict price. – https://opengi.co.uk/technology-talk/machine-learning-is-shaping-insurance-future/
Automation in insurance is becoming a necessity for brokers to enable them to stand out in the market and stay ahead of their competitors. For many the main benefit is about adding value, freeing up brokers to focus on broking. Enabling them to continue to provide the personal service customers value and grow the business.
Accelerate your Mobius upgrade
Mobius, our latest platform has been designed to deliver everything a broker would need from a modern digital system. Our cloud-native, open, and API-rich broking platform easily connects with existing software and systems. As well as other API-enabled third-party services so it can flex with you.
Easily configure a range of automated workflows and design your own client journey to suit your business. Supported by partnerships with over 150 of the UK’s leading insurers, data and payment providers, aggregators, and premium finance providers. Through their integration with our software, we have an entire ecosystem that’s easy for our clients to access as they develop the technology strategy that’s right for them.
