Almost 80% of Insurers Still Use Manual Processes for Some Part of the Buying Process, Despite a Quick and Easy Checkout Process Being a Top Priority for Consumers
Vlocity, Salesforce, and Deloitte recently teamed up with Newsweek to survey 300 C-level insurance executives globally regarding some of the most prevalent issues facing today’s insurance leaders. One of the key findings of the survey was that despite earlier Salesforce research showing insurance buyers value a quick and easy buying process, the majority of insurers are still using manual processes to quote and bind new business. In fact only 6% of insurers interviewed have extensive use of straight-through processing with little to no human intervention in their quote to bind process.
Whether an insurer relies on agents to sell products or goes direct to consumers or both, a quick, easy buying process that meets the expectations of today’s consumers is attainable, even if legacy systems are part of the landscape. Vlocity has successfully transformed heavily manual transactions involving spreadsheets, email and even faxing into streamlined, smooth processes, all in the cloud and all on top of the Salesforce platform. Using Vlocity’s drag and drop tooling, an insurer can configure a product with all of its eligibility and underwriting rules, upload rating tables, create a responsive application and launch a modern new quote to bind process in a matter of weeks. Vlocity customers have seen quoting times reduced at least 50% and usage by agents increase by 75%.
The majority of insurers are still using manual processes to quote and bind new business.
The insurance buying experience doesn’t have to be constrained by cumbersome legacy systems and processes that are decades old. For carriers looking to compete, grow, or even just survive in today’s digital world, Vlocity can provide a quoting and application process designed 100% with the customer experience in mind - easy to deploy and easy for an agent, broker, prospect or policyholder to use.
Read the Newsweek report here.
To learn more about Vlocity Insurance, visit insurance.vlocity.com