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 to technologically-based software to simplify its processes. To handle their customer base, many insurance firms now employ an Intelligent Cloud based Solutions. Using these software helps insurance brokers 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 help 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 wonderful approach to keep track of your business in a consistent manner.
Advantages of using a Klevron’s Smart Insurance Management System enabled by Microsoft Power Platform
Quick-build Data Management:
Moving data from spreadsheets and physical forms to the Power Platform Common Data Service, a centralised data store that serves as a single source of truth for data that can be used to power many applications. The interface for Agents and Insurers is created using Power Apps’ Model Driven App, hence the customization in the interface will not be a challenge and integration with other tools to show Illustration etc, is also feasible . Moreover, the app can accessible on any device.
The applications control the types of data that may be entered based on each field, avoiding most mistakes, automatically populating and tracking milestones, and automatically sending an email reminder to complete given tasks.
Paperless Application Forms: A client portal is integrated within the system to review the application forms. An automated email is sent to client for their review when an application is created by agent. PDF document generation is also incorporated in the solution, 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 and total revenue, total customers, they can also check the performance of their product etc. The reporting system is fully configurable and can be customized according to the business need. They system is also compatible with Power-BI to create visual reports to analyse the performance of your brokers, agencies, and intermediaries.
Hasslefree 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 at the time of policy renewal and the insurer does not need to take the stress of it. 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: 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 accessibility within the power app application. For customer, 2-factor authentication is in place for secured login.
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 instructing the programme to notify you and your clients when their policy is ready to expire. 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. For an instance, 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: Taking care of Pandemic guidelines, the system came up with a concept of Virtual face-to-face. This solution is enabled with Video call facility to host virtual interactions between clients, advisers, and agents, bringing visualisations 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 and accountability.
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 Approval & Master Data:
Each Insurers has their own procedures for issuing policies for different products. Some has STP and some has multiple approval cycles. So, the system is designed by keeping this thing in mind. Claim Approvals 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 with any back-end operations.
Automated Notifications:
When dealing with clients, communication is crucial. When a claim is approved, rejected or any other details is changed, you should notify them right away. In the same manner, Agents and Underwriter should also be informed on each stages of claim processing.
Using Power Automate, we integrated sales journeys, policyholder onboarding, and renewals. Clients or intermediaries fill out front-end Power Apps forms, which are then linked to the next level of the process for action, review, risk, approval, or refusal. A risk audit trail is built, efficiency is increased, and data accuracy is maintained when data is fed directly into the system.
Accelerating time-to-market with Klevron:
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 within a matter of time.
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.
