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Key Components of a Workflow


Key Components of a Workflow

Gathering information, assessing risk, pursuing leads, nurturing clients and collaborating with colleagues are all elements of a typical workflow. For small insurance organizations and public risk pools, the amount of time and energy spent on each key component will differ, which is why SaaS software packages are convenient and cost-effective. In addition, SaaS insurance management software streamlines these processes by integrating them into one seamless software package that is built for insurance or pool management.

Here are some of the benefits that a SaaS insurance management system can bring to your workflow.

Accurate Risk Analysis

Small organizations understand their clients’ needs. Often agents have an almost intuitive understanding of their clients’ risks. Still, quantitative risk analysis is a key workflow component. Customized data fields provide organizations with the opportunity to collect only the client data they need to perform accurate analyses. Unlike off-the-shelf software, insurers are able to navigate demographic data fields with accurate efficiency, which, in turn, leads to accurate risk analysis.

Automated Information Collection and Services

Since data collection is integrated with other workflow components, data informs all aspects of workflow management, from billing, to claims management to customer service. Automated information collection builds on manually collected data to create a full and accurate policy profile. Using a rules-based, multi-state underwriting module, automated systems can provide customer service reps and underwriters with quote creation tools and provide the ability to easily renew, audit or cancel policies.

Collaborative Tools

Insurance management software protects policy and client information by alerting users when a breach, or other suspicious activity, occurs. The catch is that insurance management software means nothing if users are communicating on personal devices that are outside of an approved and compliant system. Choosing a system that provides employees and staff with real-time information exchange within a secure environment limits the need for shadow IT behaviors that can expose client information.

Whether exchanging sensitive policy information, updating collaboration calendars or listing individual tasks, workflow management tools ease employee pain points, increasing efficiency while successfully managing risk.

Though key workflow components might be universal, customized workflow solutions localize efficiency.