Streamlining Insurance Onboarding with OutSystems

In today's fast-paced and technology-driven world, the insurance industry faces mounting pressure to enhance its client onboarding processes. Traditional methods, often characterized by manual paperwork, in-person branch visits, and fragmented communication, struggle to meet the expectations of modern clients and operational efficiency standards. These inefficiencies not only delay the onboarding process but also hamper overall customer satisfaction and business growth.

To address these challenges, leveraging digital solutions has become imperative. One such powerful tool is OutSystems, a low-code platform that enables the rapid development and deployment of applications. By creating an integrated Agent/Broker portal through OutSystems, insurance companies can significantly streamline their onboarding process, ensuring a smoother, faster, and more effective experience for both clients and agents. This article explores the challenges of traditional insurance onboarding and presents a comprehensive solution that can revolutionize the way insurers handle new client intake.

PROBLEM

The traditional insurance onboarding process is fraught with inefficiencies and obstacles that impede timely and accurate client service. Key challenges include:

• Incomplete and delayed submission of client requirements: Agents often face delays in gathering all necessary documentation from clients, leading to prolonged onboarding times.
• Physical visits to branches for submission and revisions: The requirement for in-person visits to submit documents or request revisions adds inconvenience for both clients and agents.
• Manual creation of proposals: Without automation, creating and managing proposals becomes a time-consuming task prone to errors.
• Lack of a repository for client interactions: The absence of a centralized system for tracking conversations and interactions hampers effective communication and process improvements.

SOLUTION

To address these challenges, leveraging the OutSystems platform offers a comprehensive digital solution through an Agent/Broker portal. This solution encompasses the following features:

• Agent/Broker Portal: Agents and brokers can log in to create entries for potential policyholder, initiating the onboarding process digitally.
• Centralized Document Submission: Branch assistants can request additional client requirements via the portal, with agents notified to upload the necessary documents.
• Digital Proposal Management: Agents can request revisions, receive softcopies of proposals from branch assistants, and share them with potential policyholders. Once signed, these documents can be submitted back to the portal.
• Unified Communication Repository: All recordings, email conversations, and other media can be uploaded to the portal creating a comprehensive repository for review and process improvement.

RESULTS

Implementing this digital onboarding solution yields several significant benefits:

• Efficiency and Streamlining: By reducing manual paperwork and automating key processes, the onboarding process becomes more efficient, allowing agents to focus on client engagement.
• Enhanced Communication: The portal improves communication between agents and branch assistants, ensuring clarity and prompt responses.
• Reduced Turnaround Time (TAT): The digital approach speeds up revisions and the submission of requirements, shortening the overall onboarding timeline.
• Process Improvement Insights: A centralized repository of client interactions enables the company to easily review and identify areas for process enhancements, driving continuous improvement.

Below is the sample workflow for this Use Case.

By embracing this OutSystems-based solution, insurance companies can transform their onboarding process, offering a seamless, efficient, and client-friendly experience.

Want to know more? send us an email at inquiry@infomax.com.ph or you can call us at 8813-6721 !