Insurance policy generation: how to improve it by simplifying the application map
Against a backdrop of unstoppable digitization, the increasing complexity of application maps has become one of the main focus areas on which insurance companies are concentrating their efforts.
The need to use numerous tools to govern very different core activities, from policy creation to claims management to contract renewal, generates a number of critical challenges such as fragmented communications, dependence on IT, and lack of a holistic view.
The result is increased operational inefficiency and overall associated costs and increased exposure of companies to the risk of noncompliance with regulatory obligations.
As we will see in this article, Doxee Platform® is an innovative solution that can simplify the application maps of insurance companies. And just by reducing the complexity of application maps, Doxee Platform® offers support to the policy generation process.
The challenge: the excessive complexity of the application map
Insurance companies depend on a variety of technological systems in their operations. In other words, their application map is usually very complex, involving a large number of different tools: these include policy creation solutions, CRM for customer campaign management, claims management systems and contract/policy renewal systems.
The enormous complexity of the insurance industry application map engenders a number of risks that significantly affect the conduct of operations, and can also jeopardize regulatory compliance.
Taking into account the specificity of individual business situations, we tried to collect the major critical issues into five major groups.
- Fragmented communications generation across multiple systems results in the production of documents with inconsistent layouts. This lack of uniformity not only undermines the clarity and credibility of communications, but also increases the risk of error and misunderstanding.
- Over-dependence on the IT department for document creation and template management. This dependence not only strains IT resources, but also results in delays and bottlenecks in the policy generation process, thus driving up overall costs.
- Lack of a holistic overview of communications due to the difficulty of effective collaboration between teams. The absence of an overview of communications, which greatly impedes collaboration among teams, further complicates matters. Improvised solutions hinder the planning, creation and updating of templates. The resulting communications come across as disconnected, and the customer experiences an incomplete, ambiguous and confusing service.
- Operational inefficiencies and high costs. The wasted time and resources required to navigate an application map that has grown in a disorganized manner over time inevitably result in increased overheads and impede agile, effective insurance processes.
- Regulatory risks. Inconsistent document layouts and a lack of centralized control can lead to noncompliance with industry regulations, exposing the insurance company to legal consequences and damage to its reputation.
The solution: integrating data with a single interface
With Doxee Platform® companies do not have to adopt new systems but can integrate data with a single interface.
Thanks to Doxee Platform® insurance companies can orchestrate all processes dedicated to the automated composition, generation and distribution of documents (paginated and digital) to end customers, in a way that is now fully omnichannel.
They can consistently govern template releases, reduce operational errors in document generation, and assure effective collaboration among persons working on the same documents.
Doxee Platform® covers and controls the entire documentation and communications lifecycle. It enables compliance, legal, and line-of-business teams to collaborate independently, without having to burden IT with the need to update content and layouts. The content & authoring interface (no code) assures consistent communications.
Doxee provides a single dashboard with a range of functionalities, from customer document management and archiving to long term digital preservation, from communications generation to marketing automation logic and the monitoring of all processes (customer interactions, behavioral analytics).
Doxee simplifies the complexity of application maps and improves policy generation
In conclusion, Doxee Platform® enables insurance companies to integrate huge amounts of data from various systems through a single interface. It unifies automated document composition, production and distribution processes. It also ensures that templates are consistent, reduces operational errors and facilitates collaboration between teams.
By covering the entire document lifecycle, Doxee Platform® frees compliance, legal, and business teams from their dependence on the IT department, by ensuring consistent communications and allowing integrated monitoring of all insurance processes.
Simplifying the complexity of application maps means being able to better manage resources to improve policy generation in the direction of increasing customer focus.
Doxee’s platform enables the customer-centered approach that is central to enabling insurance companies to respond to the needs of their increasingly demanding customers.