As a discerning decision maker or influencer of your P&C insurance business, you know productivity is a cornerstone of your business. You already know your staff’s and agents’ productivity is a critical factor to your continued success. What more can you do that you’re not already doing?
You already have talented, hard-working agents and staff. However, does your current policy administration system (PAS) make their work as easy as it should be? Read on to learn more about key areas in which our customers elevated their productivity to the next level.
Anywhere access for agents, staff, and customers
The last few years have witnessed a technology explosion. Remote work, and the technology that enables it, is more prevalent than ever. Demand for it shows no signs of slowing. Gone are the days when you could work, access important information, or even access your customers, only from your physical office. Customers and staff alike want convenience, they want it now, and once they’ve experienced it, they’re not likely to go back. It’s every leader’s job to deliver on these expectations. Your core insurance PAS is a major opportunity to improve and deliver on the expectations of a modern workforce and customer base.
A modern core PAS must facilitate effective policy and claims management, but amid an industry rife with innovation, it should also be:
• Cloud-based
• Accessible anywhere there is internet access, from any device
• A highly secure and always-on tool your agents and customers find satisfying to use
One of our customers, Panhandle Farmers Mutual, implemented BriteCore’s policyholder portal so that policyholders could conveniently access many self-service capabilities. Whether it was the Apple or Android app or via web browser, customers have full access to their policy, coverage, documents and contact information and can pay their bills electronically, submit photos, request a change, or submit a claim. In addition, the policyholder app is fully integrated with the admin and agent portals, so administrators, agents, and policyholders can all see the same updates in real-time. Increased customer accessibility frees up employee hours that are now spent enhancing the business in more valuable ways.
Multiple systems: A time-consuming headache
The technology that drives the P&C insurance industry has transformed radically since the legacy systems of decades past. You’re no longer limited to disparate, single-function solutions that don’t play well together, can’t share information seamlessly, or which require customization or post-end-of-life support simply to keep running. Modern expectations require a modern solution, not multiple solutions. Insurers in this modern P&C space need, and customers expect:
• An all-in-one solution that facilitates all of the essential daily functions for P&C insurance
• One-and-done data entry with little chance for errors from double data entry
• A single-source of truth for quick, complete information access across different modules and functions
Agents and staff working smarter, not harder
You want your agents to be happy with their ability to complete their myriad tasks effectively while delivering on your promise of strong customer relationships and quality of service. However, when a PAS doesn’t automate essential, everyday tasks, your agents aren’t using their time efficiently. This doesn’t benefit your company or your customers. Your core PAS should:
• Simplify the performance of daily tasks through automation
• Process all transactions and house all information within the same system
• Enable your staff and agents to complete tasks quickly so they can focus more on your customers
Through BriteCore’s automation of formerly manual processes, staff and agents at Frederick Mutual Insurance Company (FMIC) gained tremendous productivity improvements in the areas of risk assessment, underwriting workflows, and claims processing, while experiencing dramatically reduced cycle times. Quotes can be completed in less than five minutes, so agents now spend more time directly helping customers. The project’s complexity included moving from multiple on-premise legacy systems to a modern cloud/SaaS core system platform to manage new insurance products that delivered differentiation and captured greater market share—all occurring amid the COVID-19 pandemic, with FMIC working fully remotely.
More business? Yes. More staff? Not necessary.
One of your goals is to increase profitability so you can remain competitive and viable while delivering greater value to your customers. Increasing efficiency can drive new growth while decreasing overhead. Your core system should empower you to:
• Increase business while maintaining or reducing staff
• Perform more work in less time
• Free up staff resources to focus on important initiatives
Another BriteCore customer, Friends Cove Mutual, experienced significant business growth and efficiency gains after leaving their legacy system. The improvements that BriteCore enabled in the quoting and application conversion phases significantly reduced workloads for Friends Cove’s staff. Eliminating redundant data entry when converting a quote to a policy gave Friends Cove the opportunity to keep staffing at historically low levels while still maintaining a high level of customer service to their agents and policyholders. In addition, within seven months, the company saw a 61.5% growth in new business compared to the previous year even while staffing was reduced by 15%. Friends Cove also saw a significant increase in operational efficiency, ease of use, and workforce adoption after partnering with BriteCore to launch.
What can you do today?
There are numerous facets to your operations where enhanced productivity is possible. What are your productivity goals? What are the pressing questions keeping you up at night? Check out our complimentary Core System Buyer’s Guide to learn how a modern core system can help you increase both your productivity and agent and customer satisfaction. When you’re ready to discuss how BriteCore can help you accomplish your vision, please get in touch.
