Digital Transformation in the Insurance Industry

Digital Transformation in the Insurance Industry

The life insurance industry has long depended on manual and paper-based processes, such as transferring physical paperwork between insurance applicants, physicians, and insurers when applying for coverage or filing claims. This not only wastes time for the parties involved, but it also restricts potential for data-driven insights that may enhance products and services.

Fortunately, the sector is transitioning leveraging technology to simplify its processes. To improve their operations, many insurance firms now employ an Intelligent Cloud based Solutions. Using these software helps Brokers and Insurance companies to fulfil their objectives without being impeded by mountains of paperwork.

Microsoft, as always, is at the forefront of the insurance industry’s innovation, with over 400 enhancements to Dynamics 365 and the Power Platform in the most recent version. The IT giant’s investments in Artificial Intelligence (AI) and low-code, no-code technologies has helped insurance companies bridge the ongoing digital skills gap by allowing business users of varied abilities to create apps, visualisations, and workflows, as well as improve business performance, using simple point-and-click technology.

Agent productivity can be improved by having rapid access to vital data. You can also reduce the number of mistakes that come with manual document handling. As more insurance firms explore for methods to automate their processes, Klevron’s Insurance Management System is a perfect choice to keep track of your business in a consistent manner.

Why Klevron Smart Insurance Management System is a perfect choice?

Data Management Made Easy

Moving data from spreadsheets and physical forms to the Microsoft Dataverse (Formerly Common Data Service), a centralised data storage that serves as a single source of truth for data, that makes data manipulation and management a piece of cake. The interface for Agents and Insurers is created using Power Apps’ Model Driven App, hence the customization in the interface is effortless and it also supports seamless integration with multiple data sources. Moreover, the app is responsive and can be accessible from any device.

This insurance management system gives you full flexibility to setup custom data validation and complex business rules instantly specific to your business need, as it is built on Low-code platform. 

Paperless Application Forms

An automated email is sent to client for their review when an application is submitted by the agent. A portal is integrated within the system for the  client to review the application along with the attached documents which can be accessed after the 2-factor Authentication via OTP. Additionally, system also supports capturing of digital signature of the client if required by the Insurer. Multilingual document generation is incorporated in the solution as well. Application form, illustration, and policy documents can be generated in PDF format and sent to Client and Insurer for record keeping.

Track Important Information Easily

This insurance management system provides separate dashboards for Agents and Underwriters to track the information as per their need. One can track the performance of an Agent and Sales. Insurers can see the number of Policy generated, total revenue, total customers, and they can also check the performance of their products etc. The reporting system is fully configurable and can be customized according to the business’ needs. The system is also integrable with Power-BI to create visual reports for detailed analysis.

Hassle-free Receivables

The platform is integrated with online Payment Gateway to receive payments online. It also has the facility of recurring payments which will automatically deduct as per the selected payment frequency. Moreover, it also has the functionality of Ad-hoc payment, in case of any additional payment is required, a payment link will be sent to customer via email to complete the payment. 

Security and Compliance

Since it is built on Microsoft ecosystem, the platform is highly secure and reliable. Custom Roles based security can also be configured in No-time for secured data access within the application. Data is secured at rest as well as In-transit.It has built in information protection and usage analytics with full audit logs, data loss prevention policies and more. On the top of that, our application provides Compliance leadership with 13+ standards including FedRAMP high, HIPAA, EU model clauses, SOC, and GDPR.

Keep Track of Policy Renewals

One of the best features of the system is the ability to automate policy renewals. You may automate the reminder process by creating an automation to notify you and your clients when their policy is about to expire or near expiration. This guarantees that the agent and the customer are both aware of the deadline and what has to be accomplished. 

An email follow-up timeline can also be easily configured to help you interact with your clients more efficiently. Clients can be reminded 90 days, 30 days, and 14 days before their renewal due. This allows them to keep track of when their insurance expires and contact you as soon as possible. 

Virtual Customer Interaction

Keeping the pandemic guidelines in mind, face-to-face meetings are difficult and risky. This solution is enabled with Video conferencing facility to host virtual interactions between clients, advisers / agents, and underwriters, bringing illustrations and proposal models to life and providing real-time assistance. It also offers screen-sharing capabilities as well as a recording tool to capture consumer consent, ensuring complete transparency while improving compliance. 

Because the visits are virtual rather than physical, agents may reach out to a larger number of individuals in a far more convenient manner while still providing the personalised attention that comes with real-time, one-on-one conversation. 

Configurable Approvals & Master Data

Each Insurers has their own procedures for issuing policies for different products. Some has STP and some has multiple approval cycles. Keeping this in mind, application Approval cycles and Statuses can be easily customized in a matter of time as per the business requirement. Furthermore, Approvals can also be designed differently for every agency linked to the insurer. 

Similarly, master data like product types, questionnaires, premium rates can also be configured without any back-end operations. 

Automated Notifications

When dealing with clients, communication is crucial. When an application is approved, rejected or any other details are changed, in this system, the customer is notified right away via email. In the same manner, Agents and Underwriter are also notified on each stage of application processing. 

Accelerating time-to-market with Klevron’s Insurance Management Solution

Since the platform is built on Low-code platform, it speeds up the development process and promotes quick onboarding. With the complete configuration and setup, this entire cloud based Microsoft Power Platform enabled solution can be deployed to your tenant in 8-10 weeks for straight forward implementation.

We at Klevron are eager to empower business people across the organization to automate their own workflows. We can deploy the MVP in 4-6 weeks and get your business onboarded digitally.

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