Clients are putting more pressure on insurers to move to an optimized multi-channel distribution model with agencies and brokers. Insurers’ business development teams require more accurate, real-time data to make transmissions even simpler and faster for the agents they work with. Today, this process is often limited by the insurer’s ability to process submissions, which can take weeks for the data extraction, underwriting, and quoting thus leading to poor satisfaction.
Insurers also struggle with accurately processing submissions. These traditionally manual processes are cumbersome and result in slower processing times. Insurers need the ability to automatically route submissions for better placements and improved satisfaction from agents and brokers. Extracting and normalizing the data into a single language can help keep their underwriting data up to date and free from manual entry. This offers more accurate information to reduce risk in the submission validation process to drive a better broker experience and write more business.