RELEASE: What's New in Summer 2024
By Apryse | 2024 Jul 19
3 min
Tags
fluent
apryse sdk
document generation
Summary: Traditional underwriting processes are bogged down by manual work and integration issues. Apryse's Document Generation Solution offers a powerful alternative that provides the flexibility and customization needed for any underwriting environment, whether you use Microsoft products or prefer a platform-agnostic approach.
Underwriting is a complex process used by insurers to determine the risks of insuring prospective clients. It involves many manual steps, numerous documents, and multiple parties. In an outdated organization, the underwriter’s job is full of risks, prone to errors, and unfulfilling for both the client and the underwriter.
Traditional underwriting procedures are rapidly being replaced by digitized solutions, including document generation, that eliminate some of the common challenges insurance companies face, especially when handling policies, settling claims, and carrying out risk management.
When choosing a technology solution to automate underwriting, insurers have several options. An off-the-shelf solution is quick to deploy, while a custom-built application can be built to meet specifications.
Off-the-shelf software solutions often come with limitations that may not align with an insurance company’s unique needs. Custom software, on the other hand, is designed to accommodate specific requirements and can be easily scaled as the business expands. This adaptability ensures that the software remains effective and relevant over time, preventing the need for costly replacements or significant modifications.
1. Cost-Effectiveness: Off-the-shelf software often comes at a lower upfront cost, making it accessible for smaller insurers with limited budgets.
2. Rapid Deployment: These solutions can be implemented relatively quickly, allowing insurers to realize benefits sooner.
1. Lack of Customization: Off-the-shelf solutions may not align perfectly with an insurer’s specific needs, potentially leading to inefficiencies and missed opportunities.
2. Limited Scalability: As insurers grow and evolve, they may outgrow the capabilities of off-the-shelf software, requiring costly migrations to new systems.
While off-the-shelf solutions offer convenience and speed, they may not fully align with an insurer’s unique needs. This is where custom insurance software solutions shine. Custom software, meticulously crafted to fit an insurer’s operations like a glove, provides unparalleled efficiency, accuracy, and innovation. As insurers navigate the intricate landscape of insurance software, considering the benefits of custom solutions is essential for those seeking to not only keep pace but also lead the way in a competitive market.
A Document Processing SDK that supports document generation, editing, form creation and filling, and digital signatures can significantly enhance the underwriting process in the following ways:
1. Automated Templates: Both Fluent and the Apryse SDK allow for the creation of standardized templates for various underwriting documents, ensuring consistency and compliance with industry regulations.
2. Customization: Documents can be easily customized to include specific details about each policyholder, reducing the time spent on manual adjustments.
3. Real-time Edits: Underwriters can make real-time edits to documents without the need for printing and re-scanning, increasing efficiency and reducing errors.
4. Version Control: The SDK can manage document versions, ensuring that underwriters are always working with the most current and accurate information.
5. Interactive Forms: Create interactive forms that applicants can fill out online, streamlining data collection and reducing manual entry errors. The SDK can pre-fill forms with existing customer data, speeding up the application process and improving accuracy. Built-in validation rules ensure that all necessary fields are completed correctly, reducing the need for follow-up and corrections.
6. Integration of Digital Signatures: Digital signature support allows applicants and underwriters to sign documents electronically, eliminating the need for physical paperwork and in-person meetings. Digital signatures provide a secure, legally binding way to sign documents, ensuring authenticity and integrity.
7. Improved Compliance and Accuracy: Automated document generation and processing help ensure that all documents meet regulatory standards, reducing the risk of non-compliance. By automating repetitive tasks and data entry, the SDK minimizes the risk of human errors, ensuring more accurate underwriting decisions.
By leveraging the capabilities of an automated reporting and templating solution, insurance companies can enhance the efficiency, accuracy, and speed of their underwriting process, leading to better risk management, cost savings, and improved customer satisfaction.
Fluent: For automated reporting in Microsoft Office.
Apryse SDK: For specific template generation needs that don’t require frequent changes.
Cutting-edge technology can help insurers remain competitive and provide tools for employees to work faster and better. Document automation is a driving force in improving service delivery while maintaining a reasonable administrative cost. In the end, the client, the employees, and the board are all happy with the results. Everyone gets to save time and money. Contact our Sales team or book a Fluent Trial to learn more.
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apryse sdk
document generation
Apryse
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