Collaboration and communication in commercial insurance: the key to successful digital transformation

Data silos can be a major roadblock to digital transformation in commercial insurance. The lack of real-time sync between core and secondary systems leads to gaps in the understanding of customer data and misalignments between different teams. Digital data intake solutions allow information to be quickly captured from customers, synced with core and secondary systems, and shared across departments for a more efficient process that reduces manual entry errors.

Manual data collection breaks communication between departments.

The commercial insurance submissions process is complex. Brokers and underwriters need to work together to ensure the accuracy of data prior to, during, and after a policy is written. 

Without effective communication between these teams, there are issues with the timely submission of critical data, compliance with internal processes, and, ultimately, customer satisfaction.

For example:

1. An agent submits a new policy submission to the carrier.
2. The underwriting team cannot access that information until it is manually entered into the core system by an underwriting clerk.
3. Once the data has been updated, there is often more information that needs to be collected from the customer. 
4. This leads to a back-and-forth process between the agent, underwriter, and often multiple decision-makers on the customer side, resulting in delays in processing.

Another example is when customers have to submit the same information multiple times because the data is locked in a siloed system or the data gets lost. This can lead to a lack of confidence in the customer experience and a feeling that the process is inefficient and disorganized.

In policy issuance, data silos can also lead to a lack of visibility into the status of policy plans. Without comprehensive data sharing in real-time, underwriters and brokers cannot quickly answer customer inquiries or resolve any issues that arise during the submission process.

The main issues with manual data collection across the organization include

• Delays due to data silos and manual entry of information into disconnected systems.
• Misalignments between departments resulting in errors and inefficiencies.
• Data silos between distribution, underwriting, policy, claims, and customer service departments.
• Difficulty in making timely and accurate decisions due to lack of visibility into customer data.
• Poor customer experience and frustration due to back-and-forth communications.

To break down these data silos and improve collaboration between teams, insurers need to adopt digital data intake solutions that streamline the customer experience and integrate information from multiple sources into a single source of truth.

Digital data intake solutions allow information to be quickly captured from customers, synced with core and secondary systems, and shared across departments for a more efficient process that reduces manual entry errors.

Data collection via digital journeys

To overcome this challenge, insurers need to implement a digital data intake solution that enables two-way collaboration and communication and real-time sync.

Data intake solutions for commercial insurance should be able to transform data collection from multiple sources – such as emails, websites, and forms — into a unified and structured format that can be easily integrated directly into the insurer’s core and secondary systems. This will eliminate manual data entry, provide visibility into the entire customer journey and enable teams to access accurate customer data in real time.

Underwriters can rely on accurate data with no missing fields, documents, or signatures and can request additional information digitally when needed. As soon as customers add any supplemental information, their submissions are updated in real-time. This efficient process enables the underwriting department to make quick and precise decisions.

Digital data intake allows for the quick and efficient information sharing and real-time communication, which is critical in the fast-paced and highly competitive commercial insurance industry.

• Customers can fill out and submit applications online via a channel of their choice, and the information is instantly available to both underwriters and agents. This speeds up the underwriting process and allows for faster policy issuance.
• Digital data intake eliminates the need for routine tasks, such as data entry and document processing. This frees up time for underwriters and agents to focus on more complex tasks, such as risk assessment and policy customization.
• Digital data intake makes it easier to track customer interactions and preferences. This allows agents and customer service representatives to provide more personalized service to customers and to anticipate their needs more effectively.
• Customers can sign and submit all supplemental documentation digitally, eliminating the need for manual paperwork and streamlining the policy issuance, adjustments, and maintenance processes
• Digital journeys can be shared with third parties, such as customers' banking institutions, to create a secure and seamless flow of data and documentation between all parties involved in a commercial insurance transaction.

In the commercial insurance industry, effective communication and collaboration between underwriters, agents, and customer service representatives are essential to ensure that policies are accurately assessed, priced, and managed. Digital data intake can play a crucial role in streamlining these processes.

By eliminating data silos and manual paperwork, insurers can provide a more efficient customer experience. This will help them become more competitive in the market, better serve customers, and reduce operating costs.