Insurance Document Automation Software

Insurance documents

Insurance is a highly regulated document-intensive business. Regulators have a great say in what and how insurers convey information to their customers.

For example, the Insurance Conduct of Business Guidelines (ICOB) has a direct impact on the content and presentation. Also, the EU-wide regulation requires insurance firms to create Key Information Documents (KIDs) that outline the risks and costs of the investment in the customer’s language.

Hence insurers face a need to

1. Tightly track and manage every document including slips, quotes, policies, and contracts.
2. Stay in compliance with the ever-changing market and governmental regulations.
3. Remain competitive in a digital-first world post-pandemic.

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Insurance companies send documents for underwriting, rating, quoting, policy, etc. to their customers. These documents are critical in conveying information and maintaining the insurer's brand. Manual creation of appealing, accurate, and compliant customer-facing documents is error-prone and costly. This increases the risk of errors and results in inefficient QA checks.

The retail network consisting of advisors and field staff is the growth engine for insurers. To run their business efficiently, insurers must make them more productive during presales. They should be able to retrieve data from different Enterprise systems to perform risk and performance scenario calculations and cost breakdowns.

Every minute spent on creating documents is a non-productive minute not spent on evaluation and selling. Re-key data at various points in the process wastes time and resources.

Automate Insurance document generation

To address the above, insurers are adopting document automation solutions. These solutions auto-generate documents from desperate Enterprise data sources and applications. Thus they eliminate manual data entry. It produces compliant documents and removes expensive QA checks.

The policy administration process, from application to claim processing, can be managed through automation. The end goal is to provide quick service at a high level of quality that complies with existing legislation.

Document automation solution help your remote workforce stay compliant with your policies. To create a new document, users can access the document portal and choose the relevant template. The system will extract data from internal sources and pre-fill certain information. Users can then input the remaining details using a data file or a form. Finally, the system produces the completed document in either MS Word or PDF formats.

Thus, insurers can go to market quickly, lower costs, and offer better customer service. They help insurers to beat increased scrutiny from the regulators. They also reduce compliance overheads in the pre-sales phase and save costs.

EDocGen Insurance document automation software

It is built to deliver a powerful, efficient, and streamlined process for generating documents. It is an API-first product that integrates into your IT ecosystem. You can use it for

1. Interactive Document Generation:

   Auto-creates data gathering forms (fillable form) from PDF and Microsoft Word templates. The entered information populates the document template, creating a compliant, accurate document. This saves >80% user's time in insurance documents creation.

2. Bulk (Batch) Document Generation:

   Produces thousands of documents from databases and Enterprise applications data in one go. Omnichannel delivery of generated documents through email, cloud storage, e-sign, or print.

3. On-demand document generation:

   Interactively create documents for customer/ employee actions such as filling an inquiry form, workflow actions, or updating customer records.

It enhances brand governance. All documents will be generated using the approved templates from the central repository. This includes creating proposal letters, insurance cards, and policy documents. The most up-to-date document templates and digital assets are always utilized for document generation.

Life Insurance documents:

Life insurers can rapidly generate personalized documents at every step of the product’s lifecycle. It ensures compliance with branding, jurisdiction-specific variations, and language. It also ensures compliance with regulatory changes and legal, and financial requirements.

Health Insurance documents:

Through on-demand document generation, health insurers can provide immediate access to real-time information to health insurance members. This drives customer loyalty.

Group Insurance documents:

Using document automation solutions, group benefits insurers can let users generate an array of simple to complex documents. This includes customized policy documents, contracts, certificates, etc.

How EDocGen Insurance document management software works

It empowers business users to create/edit templates in familiar Microsoft Word / PDF editors. Thus users can create insurance document templates in moments without worrying about formatting.

One of the notable features is mass amendments to templates, whenever there is a regulatory content change. This can be achieved through a dynamic population of content blocks (paragraphs). Instead of manually updating each template, change just one content block. The new content would reflect on all the associated templates during document creation.

Templates	Authorized users can create, modify, or delete insurance templates.
Dynamic Fields	Supports the dynamic population of text, tables, images, content blocks (paragraphs), hyperlinks, charts, QR codes, etc.
Additional features	Conditional statements (if-else), calculations, and the ability to generate documents in multiple languages.
Documents	Generate Quotes, proposals, policies, claims, and reports in PDF or Microsoft Word format.
Print/Email/Save	Easily print, email, or sync to cloud storage directly from the output folder.
Archiving	Archive generated documents to document management systems such as SharePoint.

Insurers can generate professional, print-ready documents in either DOCX or PDF format instantly. As it is a cloud-based platform, users have the flexibility to create documents at their preferred time and location.

Another big bottleneck in the insurance process is document collection. Many insurance companies still turn to email for requesting and collecting documents from customers to complete onboarding. This wastes productivity.

Information from your CRM is automatically extracted and placed in your business template by the platform. This automation streamlines the generation and distribution of customer communications. Customer interactions on the portal can prompt the sending of various documents at the right moment. Insurance documents are personalized for each individual based on the latest data pulled from your CRM, ensuring they are always up to date.

Using the system, insurers can auto-generate fillable forms from existing insurance templates. Customers can access these forms online through secure URLs. They can fill out, e-sign, and upload supporting documents through these forms. The system populates the form data into the templates and embeds the uploaded documents to generate onboarding document packages. This increases processing capacity and improves customer experience.

EDocGen is built for complex Insurance document management needs. With a well-developed REST API, it integrates into your eco-system seamlessly to fill gaps in your core system. It is HIPAA compliant.

Using insurance document automation software significantly reduces risk, and improves compliance governance. It also enhances the customer experience apart from cost and time savings.