Handling insurance applications and renewals can be tedious, time-consuming, and all-around inefficient. Whether you're following up with a client to get a piece of seemingly minor information or attaching a PDF to an email for the hundredth time that day, the time you spend handling insurance applications is precious time that could be better spent on growing your organization.
What's more, insurance applications and renewals can be tough to delegate. You need someone detail-oriented who can be trusted to get the information you need and transmit it accurately.
Enter Broker Buddha—with a vast library of interactive smart forms, it can streamline complicated insurance submissions, helping free up your time for more valuable pursuits. No matter your agency's size, scope, or client list, Broker Buddha has something to offer.
Common Challenges for Applications and Renewals
It's well-known that applications and renewals can often be the most time-consuming parts of an insurance professional's day. So what are some of the most common "pain points" during this process, and how can they be solved?
Invalid or Erroneous Information
Companies often spend days exchanging emails with other departments in their organization trying to find the right information. And when someone does find this information, who's to say whether it's accurate—and who can you check with to confirm?
Inputting invalid information onto an insurance application or renewal can have a major ripple effect. Even if you're not materially misrepresenting the content of the application—and potentially voiding coverage in the process—if an insurance policy is extended based on misinformation, the client could be hit with a whopping bill when this error is discovered and corrected.
Both agents and clients want instant information to ensure the process remains smooth from start to finish. But with this constant level of back-and-forth communication, it's easy for time-sensitive emails to be buried and missed by the recipient. Not only can it be frustrating to feel that you're constantly nagging your clients to respond, but the time you spend engaged in this follow-up can be better used on other tasks.
Duplication of Effort (and Data Entry)
Filling out the same form with the same information is inefficient, frustrating, and time-consuming for both agents and clients. The more times you or your clients need to manually fill something in, the greater the odds that a mistake will slip through.
While each of these pain points has the ability to send an application or renewal off-track for days, even weeks, Broker Buddha's all-in-one, interactive platform and comprehensive library of smart forms can solve many of these problems before they begin. With Broker Buddha, you should be able to eliminate some of the most tedious work agents perform when completing new applications and securing renewals.
Benefits of Broker Buddha's Smart Forms Library
Insurance agents who take advantage of Broker Buddha's platform can realize instant and substantial time savings while improving accuracy and decreasing response times.
With Broker Buddha:
- The average return time for applications is a mere 3.5 days
- Agents can save one hour for every application they process with Broker Buddha
- For agencies with 1,000 policies, Broker Buddha creates an average $200,000 in value
These smart forms can be easily pre-filled with a client's information—but instead of pre-filling the form yourself, you simply allow Broker Buddha to retrieve data from last year's form or from a short questionnaire the client fills out online. Changes from last year are highlighted for easy review, while clients are asked only to input the information that has changed.
It's also easy to underestimate the impact a smart forms platform like Broker Buddha can have on employee morale. Inputting application and renewal information can be monotonous as well as time-consuming. With faster responses from clients and more time to focus on building business, you’ll find that employee morale improves after Broker Buddha is deployed.
Get in Touch With Broker Buddha
Instead of spending long hours filling out paper forms, use Broker Buddha's online forms and automated reminders to help you save time, effort, and energy. This online platform can solve each of the main pain points in the insurance application and renewal process, freeing up your time to do more of what you need to help your business succeed.
To learn more about what Broker Buddha can offer, or to schedule your no-obligation demo of our services, just fill out the brief contact form on our website and a member of our team will soon be in touch.
Monday, October 24, 2022