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Errors and omissions (E&Os) are all too common in insurance admin work. After all, we are humans, and humans make mistakes. While understandable, these errors cost your agency and clients. A mistake in a policy or a missed deadline can tarnish your agency’s reputation, not to mention the loss of money and time.
Historically, hiring more agents and investing in training programs has been the best possible way to evade those costly law suites, until technology took over. We now have automation bots to make all our lives easier.
Without any further ado, let’s explore how automation helps your agency avoid needless E&Os while bringing out the best work in the people you hire.
How do E&Os Happen?
Documentation errors such as a misplaced decimal or a forgotten signature go easily into hindsight even with the utmost care. On the other hand, failing to notify a client about a renewal or cancellation in time could be a costly mistake. But how do these errors happen?
When your agent’s workday is full of repetitive policy administrative tasks, the chances of these errors are relatively high. With thousands of policies to track and manage, even the most experienced agents can make mistakes. A decimal or an extra zero can easily go unnoticed.
Agency management system processes like document retrieval, sending notice of cancellations to policy holders and policy renewals involves a lot of documents and validation. It’s the repetitive nature and mundaneness of the processes that often lead to these errors. In addition, these tasks are highly time sensitive, and with hasty work, mistakes often happen.
Intelligent Automation to the Rescue
Robotic Process Automation bots are perfect for automating rule-based repetitive tasks like most policy admin tasks. Imagine a bot tirelessly tracking policy expiration dates, automatically sending personalized renewal reminders to clients, and even flagging potential lapses in coverage. A single RPA bot can automate the entire renewal process right from sending renewal emails to policy holders to renewing policies data in the AMS, leaving no room for errors. The bots integrated with OCR technology extracts policy data with 100% precision. This ensures timely renewals and prevents lapses in coverage due to oversight. A human agent might miss sending a notice of cancellation to a policyholder due to workload, but a bot never does.
Check out this article to know more RPA use cases for agencies.
More Reasons to Consider Automation for Agencies
RPA bots don’t get tired, distracted, or make typos. They consistently follow pre-defined rules, minimizing the risk of mistakes that can lead to E&O claims. But there are more compelling reasons to consider automation for agencies.
Boosted Efficiency: RPA bots work around the clock, processing tasks at lightning speed. This frees agents to ditch the repetitive tasks and focus on higher-value activities.
Faster TAT: RPA can drastically reduce the time taken to get things done. Quicker process turnaround times mean happier clients and smoother operation overall.
Slashed Cost: Think about all those hours spent on repetitive tasks like data entry, policy renewals, and claims processing. Those hours add up, and they’re not cheap. RPA bots can take over those tasks, working tirelessly for a fraction of the cost.
Enhanced Compliance: RPA bots can be programmed to adhere to the latest regulations, ensuring your agency stays compliant and avoids costly penalties.
Improved Customer Satisfaction: Faster processing times, accurate information, and round-the-clock availability lead to happier clients and a stronger reputation for your agency.
Increased Customer Retention: With the bots taking up the monotonous, repetitive tasks off the plates of your employees, they can work on more complex tasks and feel more engaged and fulfilled. This can lead to increased job satisfaction, reduced burnout, and a greater desire to stay with your company.
Final Note
E&O claims can bring financial and reputational damage to the insurance agencies. But with extra care and the right tools, you can navigate these treacherous waters. With RPA being the inevitable solution to your E&O problems, the best way is to start small.
“For agencies that are on the fence about RPA, I would suggest starting small, see how that goes, and you will not look back when you see the time you are giving back to your staff to invest in other areas of your agency.” – Moe Elkateb , The Magnes Group.
Think about automating a well-defined, high-volume task that is both repetitive and error prone. Choose an automation partner, access your process workflow and get started.
Don’t wait for an E&O claim to be your wake-up call. Get in touch with our experts today!
