Many wholesalers and MGAs still rely on manual processes for new business submissions, renewals, and data entry tasks, resulting in significant time and resource drains. Automated solutions built with MGAs in mind reduce or eliminate these processes, freeing people to do what they do best- work with clients. By adopting best-in-class technology, MGAs will rapidly reduce errors and time-consuming tasks, improve customer satisfaction and retention, and overcome compliance and regulatory issues.
Increased efficiency and reduced errors
Manual processes require significant time for data entry, information verification, form creation, etc. They slow the entire workflow, leading to delays in quotes, renewals, and new business policy issuances.
Additionally, manual data-entry tasks require people to enter data, often multiple times and with a risk of errors. Automated intelligent workflows manage data processing, minimizing manual intervention and the chance of errors.
Automating these tasks:
- Streamlines workflows. Automated workflows reduce and sometimes eliminate the number of times data is touched by human hands.
- Allows for cross-platform integrations. Data can flow between different systems via integration and API technologies, so employees don’t have to duplicate time-consuming efforts.
- Frees time. Employees can spend their time on more important tasks that machines can’t do, such as building and maintaining client relationships.
Greater operational costs and missed opportunities
Sluggish and inefficient data processes so more than affect day-to-day operations in an agency. They also affect the bottom line and customer satisfaction.
Managing data with automation improves customer relationships, regulatory issues, and overall growth potential for MGAs.
- Increase data accuracy. Inaccurate data can lead to non-compliance issues, which can result in fines, legal fees, and reputational damage.
- Improve customer satisfaction. Errors in service can frustrate customers, leading to lost business and negative reviews.
- Stay ahead. Inaccurate data hinders informed decision-making, leading to missed opportunities for growth and profitability.
Managing compliance and regulatory issues
Compliance and regulatory issues can be expensive and time-consuming for MGAs, so avoiding them is a top-of-mind priority. Automation solutions help MGAs avoid costly fines and other regulatory problems.
- Automation: By automating compliance and regulatory processes, MGAs can improve.
- Report management. Automation minimizes manual data entry errors, ensuring reliable data for regulatory reporting and audits. It also generates regulatory reports, saving time and providing timely, error-free submissions.
- Transaction monitoring. Automated systems monitor real-time transactions, flagging potential compliance violations and alerting compliance officers.
- Recordkeeping. Automated systems create detailed audit trails, providing valuable evidence for audits and inquiries.
- Security. Automation streamlines document management, ensuring secure storage and easy access for audits.
MGAs cannot afford to rely on outdated manual processes. Embracing automation is essential for streamlining operations, improving accuracy, enhancing compliance, and ultimately delivering a better experience for clients and employees. By implementing the right InsurTech solutions, MGAs can unlock significant efficiencies, reduce costs, and position themselves for continued growth and success.
Learn more about Vertafore’s focused InsurTech solutions that deliver the most comprehensive support for MGAs.