5 Most Common Use Cases For Automated Insurance Sales Workflows

Leor Melamedov

The P&C insurance sales process is highly regulated. As such, it is likely to involve multiple procedures, from a detailed product presentation, to T&C scripts, to signature collection. Now that insurance sales have increasingly moved to the online realm, more companies are trying to find ways to foster digital compliance and efficiency.

This is where business process management tools come in. Automated workflows are a type of BPM solution that relies on conditional logic to ensure business logic between steps and within steps. These workflows make it easy for insurance agents to redirect their efforts away from the mechanics of selling, and towards creating a great buying experience.

Here, we will discuss the importance of automating insurance sales with digital workflows, and the top five use cases.

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Why Automate Insurance Sales With Digital Workflows?

P&C insurance carriers have multiple stakeholders besides the insurance agent. Calculating insurance premiums, making a convincing yet accurate pitch, and satisfying customer expectations are all essential.

When you add stringent regulatory requirements to the mix, it makes for a potentially cumbersome sales cycle. KYC requirements are subject to change, which means that insurers need to keep their processes up-to-date. Failure to do so can result in customer complaints, post-sales cancellation, hefty penalties from regulators, and reputational damage.

Automated workflows allow insurance agents to provide a seamless yet compliant sales experience every step of the way. Unlike traditional manual processes that leave everything to the discretion of the agent, automated workflows ensure that a predefined sequence is automatically generated based on conditional logic. And unlike robotic process automation (RPA), which generally focuses on automating discrete tasks, digital workflows are focused on streamlining the end-to-end process.

The best workflow solutions require zero coding, allowing the insurance company to adjust the workflow on the fly in response to changing business or regulatory needs. This makes it a good choice for insurance companies that prioritize staying agile. And let’s face it — in today’s world, with great customer expectations for easy digital insurance sales, this is top-of-mind for many future-focused insurers.

Here are some of the most significant benefits of automating the full insurance sales process:

  • Simplified processes: A single system controls the entire end-to-end sales cycle with a simple drag-and-drop interface.
  • Digital tools in one digital suite: At various stages of the workflow, rules trigger the sending of requests for eSignatures and ID verification, as well as sharing disclosures such as T&Cs for customer approval.
  • More streamlined processes: Easy and intuitive conditional rules can be set to ensure business logic at every stage of the sales process.
  • Optimized: Each sales interaction can be optimized across touchpoints and existing systems.
  • More visibility: Digital workflows come with dashboards that allow business leaders to gain visibility into the KPIs that matter most, such as sales cycle time and cost of sales.
  • Zero IT involvement: Project managers can adjust their business rules according to their needs without requiring IT support or coding.

5 Common Use Cases For Insurance Sales Automation

Automated workflows trigger requests for customer information or action based on the requirements of their state of residency and policy type.

Agents can put together more digital and engaging insurance product presentations, review the final policy in a collaborative environment, digitize T&Cs, and request the customer’s eSignature. Admins can make modifications to any of these elements without the need for coding.

Furthermore, these workflows can all be carried out digitally through collaboration between the agent’s system and the customer’s mobile phone.

Here are the workflow functionalities that correspond with key insurance sales use cases:

1. Dynamic Product Presentations

Agents no longer have to rely on in-person or even PowerPoint insurance sales presentations. These cumbersome ways of selling add needless friction to the sales process. In contrast, automated digital workflows allow agents to create a visual “order” showcasing potentially relevant insurance products, and sharing it in real-time with customers in a collaborative mobile environment. Simultaneously, agents are on a phone call with the customers to provide guidance and answer any questions each step of the way.

Once the customer shows interest in specific insurance products, the agent’s workflow triggers the following actions:

  1. Detailed product specifications are generated, including all the fine print, so a full offer is produced through the platform.
  2. A corresponding dynamic document that correlates with the selected products maps the different selections to sections within the documents.
  3. A dynamic document preview appears on the agent’s screen so the agent can review the product offering first.
  4. The workflow triggers the sending of the corresponding offer summary to the customer.

2. Instant Document Collection

Once the customer gives verbal confirmation of the order summary, it’s time for document collection. This is where it normally gets tricky, as insurance companies have very complicated business logic determining which supporting customer documents are required.

With automated digital workflows, there is no need for agents to keep track of these requirements. It’s built into the conditional logic of the system, ensuring the right documents are collected from the right customers. This eliminates the risk of human error.

A typical document collection procedure works as follows:

  1. Formulas built into the workflow allow the admin to determine which document requests are sent to which customers.
  2. The appropriate document is requested from the customer.
  3. The customer snaps a photo of their document, which is automatically sent to the agent for review.

3. Terms and Conditions (T&Cs)

Terms and conditions (T&Cs) vary depending on the different parameters of the agreement with the customer. Depending on the offer type, there is usually a corresponding T&C paragraph. While it’s certainly possible to save every T&C document in a separate PDF template, this slows down the time-sensitive sales process.

With automated digital workflows, there is no need for agents to search for the right T&C template or read lengthy compliance scripts.

Using dynamic documents, it is possible to create multiple sections on the same HTML document, add a section for each T&C paragraph, mark those paragraphs as objects, and apply conditions on them.

This way, with a single dynamic document, agents can send a single page that includes all the T&Cs — straight to the customer’s cell phone for approval.

Here is how the disclosure procedure works:

  1. The workflow automatically generates a T&C based on information inputted, such as policy type and state of residence.
  2. The T&C PDF or web form appears on the customer’s cell phone, where they can read it and check the approval checkbox.
  3. The agent is instantly notified of the customer’s approval.
  4. If needed, a request for an eSignature is also triggered.

4. Self-Service

While insurance sales agents can play an important role in advancing the sales cycle, automated digital workflows are also ideal for self-service. Insurers can easily embed the entire sales cycle into an email body or website.

This is very helpful for attracting prospective customers who may be wary of interacting with a sales representative, and would rather buy online. While some customers are reassured by representatives who can answer all their questions, for others it’s a barrier to buying. Insurance companies should cater to both types of prospective policyholders.

Self-service workflows also allow existing customers, whose information is already in the system, to renew or upgrade their insurance policy in a low-touch, convenient fashion. For these customers, there may be no need to speak to a representative at all.

A typical self-service experience can look like this:

  1. Customer arrives to an insurance product webpage or calls into an IVR, and requests new policy forms.
  2. If the customer already exists in the system, the forms are pre-populated with their details and the customer can automatically change or renew their policy.
  3. If the customer is new, they can fill out forms, upload documents, read and consent to T&Cs, and set up an ACH payment plan.

5. Customizable Look and Feel

With automated digital workflows, insurance companies can create a look and feel that reflects their unique brand. Not only does this support the goal of creating a cohesive, easily identifiable brand — it also makes it easier for sales agents that represent multiple products and brands.

Here are some of the ways insurers can customize their user interface and functionalities:

  1. Add images sized to HTML templates and font colors.
  2. Change the color of the template.
  3. Push data to the workflow via URL or API.
  4. Easily build and manage hundreds of workflow URLs.
  5. Redirect to a page when the workflow is completed, or notify the parent window that the workflow is complete.
  6. Avoid Google bots.

Digital Workflows for Automating Insurance Sales

Automated digital workflows allow insurance companies to dynamically build and adjust processes to meet their current needs. This flexibility means that customer interactions with the insurer are more targeted.

Customers are asked to provide only the information that is needed from them, no more and no less. Automated workflows ensure insurers keep the ball rolling between critical steps in the insurance sales cycle, promoting both better compliance and efficiency.

Lightico offers such a workflow automation solution that uses conditional logic to streamline end-to-end insurance sales processes. The platform includes eSignatures, smart eForms, a “visual cart” for insurance product review, digital T&Cs, co-review of order, self-service, and more. Learn more at Lightico.com.

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