Insurance brokers: Save 15-20 minutes per letter when processing policy-renewals and lapse-notifications Implement insurance bots to prevent lapses and increase policy renewals—sending thousands of letters a day! Notifying your policyholders that their policies are due for renewal is a massive challenge for your insurance brokerage. This isn’t a one-time thing. It’s an everyday, tons-of-manual-effort thing. …
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Do you really still have people performing these rote, error-prone chores? “Reconciliation” is just a fancy word for “making sure things match.” It’s an essential cross-checking chore that can be found in all industries. In insurance, you need to make sure that numbers from one source—say a carrier’s commission statement—match those in another—such as your …
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1. Information security (IS) blocks, delays the start of RPA development Excessive IS “over-caution” delays RPA development and launch—often by months. The IS reasoning is rarely disclosed, but The Lab suspects it may result from a lack of understanding by the IS organization of how RPA works at a detailed level. RPA bots simply automate …
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Sales and Operations The recently-hired COO of a large, successful, third-generation, family-controlled insurance brokerage struggled with a range of frustrating challenges. The traditional, “sales-driven” culture typical of almost all comparable brokerages was based heavily on personal, face-to-face relationships. Lots of businesses rely on this model for sales; however, this culture also pervaded senior management’s views …
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