Streamlining Submission Ingestion in Insurance Underwriting: A Game-Changer for Efficiency

Submission ingestion is one of the most crucial components of the insurance underwriting process. Underwriters rely on receiving accurate and complete submissions, which must be determined as "in good order" before further steps can be taken. The data, schedules, and other information must align with underwriting guidelines. Once a submission is confirmed as complete, the clearance process follows, ensuring that the broker who requested the quote is authorized to receive it. Only after these steps are executed can a quote be issued.

Given the volume of submissions that many insurance organizations handle—sometimes in the thousands per day—efficiency is not just a preference; it’s a necessity.

The Challenge with Legacy Systems

Today, many organizations rely on legacy systems for submission ingestion. These systems often:

• Require significant manual intervention: Determining if a submission is "in good order" often involves manual checks and back-and-forth communication.
• Result in delays and inefficiencies: The manual processes slow down submission-to-quote timelines, potentially affecting customer satisfaction and profitability.
• Create a lack of transparency: It’s harder for management to track submissions, leading to bottlenecks and limited visibility into the process.

How Salesforce Transforms Submission Ingestion

At PS Advisory, we believe Salesforce offers a powerful solution to transform the submission ingestion process. By integrating submissions directly into Salesforce, your organization can enjoy the following benefits:

1. Improved Efficiency

• Automated submission processing: Salesforce automatically ingests submission data, reducing the need for manual input.
• Seamless Outlook integration: Submissions received via email can be directly integrated into Salesforce, simplifying the process from the outset.
• Faster validation: Salesforce quickly determines whether a submission is in good order, allowing underwriters to move on to higher-value tasks.

2. Enhanced Accuracy and Compliance

• Built-in data validation: Salesforce validates submitted data against underwriting guidelines to ensure accuracy.
• Reduced errors: By automating data entry and validation, the chances of human error are minimized, helping to ensure compliance and accuracy.

3. Increased Visibility and Transparency

• Real-time tracking: Both underwriters and management can view the status of submissions in real-time, ensuring visibility into every process stage.
• Transparent reporting: Salesforce offers detailed reporting tools that provide insights into submission volume, processing times, and bottlenecks, enabling better decision-making.

4. Faster Submission-to-Quote Turnaround

• Streamlined workflows: Salesforce speeds up the submission-to-quote process, reducing delays and ensuring quotes can be issued quickly.
• Minimized manual intervention: Automation reduces the need for constant human oversight, allowing underwriters to focus on more strategic tasks.

Integration Without Replacing Your Core Systems

One of Salesforce's key benefits is its ability to integrate with your existing systems, including Policy Admin, Rating, and Claims Systems. There is no need to replace these critical systems. As we like to say at PS Advisory, "Uplift, don't forklift." Your organization has invested heavily in human and financial capital in these systems, and there's no reason to start from scratch.

Rather than replacing your current systems, Salesforce acts as a multiplier by leveraging the data within these systems and integrating it into streamlined Salesforce workflows. This allows you to enhance your existing investments and extend their value further, improving efficiency and decision-making without needing a costly system overhaul.

The Bottom Line

Implementing Salesforce for submission ingestion doesn’t mean discarding your existing infrastructure. It complements and integrates with your current systems, allowing you to enhance what you already have while adding the benefits of automation, transparency, and efficiency.

If your organization wants to improve the submission process, enhance the experience for your underwriters, and do more with the same resources you have today, please talk to us at PS Advisory. We’d be happy to help explore how Salesforce can transform your underwriting operations and drive long-term success.