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 an need to
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Tightly track and manage every document including slips, quotes,
policies, and contracts.
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Stay in compliance with the ever-changing market and governmental regulations.
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Insurers send documents for underwriting, rating, quoting, policy, etc. to their customers.
These documents are critical both 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.
Advisors should be able to access and retrieve data residing in various
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 documents 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.
To generate a new document, an advisor simply enters a document portal and selects
the appropriate template. The system then pulls data from the internal systems and
partially fills it with some of the information automatically. The rest of the
information can be entered by the advisor either through a data file or a form.
The system then generates the finished document in MSWord 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 management 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
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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.
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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.
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On-demand document generation:
Interactively create documents for
customer/ employee actions such as filling an inquiry form, workflow
actions, or updating customer records.
It improves brand governance. All documents would be generated
from the central repository of approved templates. This includes the generation of
proposal letters, proof of insurance
cards, policy issuance documents. You can be sure that the latest
document templates and digital assets are used 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, language. It also ensures compliance with regulatory changes,
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 EDocGen, group benefits insurers can let users generate an array of
simple to complex documents. This includes customized policy documents,
contracts, and 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
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Authorized users can create, modify or delete insurance
templates.
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Dynamic Fields
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Supports dynamic population of Text, Tables, Images,
Content blocks (paragraphs), Hyperlinks, QR codes.
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Additional features
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Conditional statements (if-else), calculations, multi-lingual
document generation.
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Documents
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Generate Quotes, proposals, policies, claims, and reports in
PDF or Microsoft Word format.
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Print/Email/Save
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Print/Email/Sync to cloud storage right from the output folder.
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Archiving
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Archive generated documents to
document management systems such as SharePoint.
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Insurers can create professional, print-ready documents in DOCX or PDF format
with the click of a button. Since it’s a cloud platform, users can create
documents at a time and place of their choice.
Another biggest bottleneck in the insurance process is document collection. Many organizations
still turn to email for requesting and collecting documents from customers to complete the customer onboarding.
This wastes productivity.
Using EDocGen, insurers can auto-generate fillable forms from existing insurance templates. Customers can
access these forms online through secure URLs. They can fill,
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.
Using EDocGen insurance document management software significantly reduces risk,
improves compliance governance. It also enhances the customer experience apart from
cost and time savings.