Business owners wonder how automation will affect insurance. The disruption caused by COVID has accelerated changes within the insurance industry and showed it’s high time to adopt innovations. Based on the latest numbers, the automation rates will keep growing. By 2030, 46% of current policy processing and insurance claims jobs will become automated. Machine learning, AI, robotic process automation also gain traction.
We encourage you to join the automation trend by automating the insurance documentation process. It will give you a competitive advantage and prepare you for comprehensive digital transformation. Start now to gradually automate insurance documentation processes and prepare your systems for further and more sophisticated automation.
In this article, we have listed eight types of insurance documents that need automated document generation. They are based on insurance templates and, therefore, convenient to handle automatically.
What Is Automated Document Generation?
Automated document generation is the process of automatic document management in applications or platforms. The software automatically compiles a custom document based on templates filling it out with personalized data. For example, it may add the name of the recipient, due dates, contact info, and other details that vary from document to document.
Automated document generation is particularly effective in the industries that handle massive amounts of documents and need to automate it. In these fields, docs serve as a primary means of communication and are critical for regulatory compliance. These are finances, healthcare, utilities, e-commerce, and insurance, of course. Apart from these domains, automated document management can optimize business operations in any organization that delivers communications.
Learn How Automated Insurance Document Generation in Insurance Portals Works
Why Use Insurance Templates in Your Web Portal?
If you provide an insurance web portal as a vendor or use it in your company, you need to automate the insurance documentation process. Users will automatically receive personalized docs with accurate details in real-time. The portal will also automatically store the copies of the generated and delivered docs for record-keeping.
Here’s how automation impacts insurance software users and owners:
- You turn a large portion of manual processes into automatic.
- The speed of insurance claims processing increases.
- The cost-efficiency of claims handling grows as you can manage more requests within a shorter amount of time.
- You prepare your software for more advanced automation, including the automated insurance documentation process as one of the core components.
- You grow your business by channeling human resources into more critical fields than the manual insurance documentation process.
- The enhanced user experience offered in your web portal improves customer satisfaction and loyalty.
The automation of the insurance documentation process is also a shortcut to regulatory compliance. If you use a document rendering API, the software provider is responsible for data security. Hence, it becomes easier to run the data processing workflow following the rules.
8 Types of Insurance Templates to Use for Insurance Documentation Process Automation
If you have an insurance web portal, you can use insurance templates for automated document generation processes. The software will complete data entry for you to render tailored PDFs ready for printing and delivery. This list includes the most common insurance templates to implement.
#1. Insurance Request Form
Insurance templates of request forms are the primary document type to automate in a web platform. Whatever insurance services you provide, health insurance, car insurance, or liability, customers will need to send a request form. If you implement insurance templates in your web platform, the software will automatically generate pre-filled request forms for users. They will only accept and sign the document to start using your services. It speeds up the onboarding of new leads and improves customer experience.