Insurance Industry Solutions
With increased competition and mounting pressure by government regulators to drive down premiums, it is critical that insurance companies and their agents find ways to reduce costs.
One way to reduce costs is to increase efficiency by automating business practices and forms processing. Insurance companies process more paper than the average company in other industries. Recent data shows insurance companies have 6 linear feet of file storage per every one linear foot of an average non-insurance company.
The Xpressite Solution
Here are some of the custom Xpressite business solutions Kolaco has developed to help insurance companies and agencies effectively meet the cost-reduction challenge:
- On-line Applications: Our on-line application process guides prospects to the application best suited for them based on information they provide on a pre-qualification form. Upon submission of the on-line application, the system notifies the appropriate agent in the prospect’s region for follow up.
- Consolidated Application Processing: For certain lines of business, insurance companies require submission of a company-specific application for each prospect. The sales agent, trying to get the best coverage and price for their customers may have to complete multiple application forms for a single prospect, some requiring hours to complete. Our universal application system allows agents to enter information once, automatically populating the appropriate company forms that the agent can print (or send). This eliminates input redundancy and saves the agent time.
- Marketing Information Database: Independently owned and operated insurance agencies often represent several different carriers and multiple lines of business. We have created an information Intranet for a network of these agents so they can share marketing information (proposals and analysis).
- Sales Discussion Forum: As part of the Intranet for marketing information, a sales discussion forum was designed to streamline the process of getting answers to common questions that span regions.
- Product Information Dissemination: Our by-company document library database enables insurance companies to communicate policy coverage and rider information changes online, eliminating costs associated with mailing, filing and tracking down paper copies. With this information available online and full-text search enabled, agents can quickly and easily retrieve the latest coverage and rider information they need, when they need it.
- On line Request for Certificate: Processing a “Request for Insurance Certificate” is one of the most common follow up activities after the initial binding. By allowing policyholders to complete an on-line request form, agents can process the information received and generate a certificate more efficiently.
- Online Rate Indication: Providing an indication on a prospect to see if a complete application is needed is a common practice. By creating an online indication form for analysis, agents can quickly determine whether to pursue the carrier (complete the application) or find a more favorable match, without the direct involvement of underwriting.
- Underwriting Process: The more complicated the insurance coverage the longer the underwriting process. The back and forth between the agent and underwriter involves a series of requests and responses which become part of the underwriting file. Automating the process not only reduces paper but also speeds up the turnaround time and provides a comprehensive audit trail of the entire process.