Insly has introduced a groundbreaking AI-powered product named FormFlow to revolutionize the data submission process between Managing General Agents (MGAs), insurers, and their broker partners. As a leading low-code software provider within the insurance sector, Insly developed FormFlow in response to the industry’s demand for a more streamlined, efficient, and reliable data submission process. The current system often involves brokers completing multiple quote forms for different entities or sending risk details via email with document attachments. This cumbersome method places the burden of data re-entry on underwriters, leading to delays, errors, increased costs, and potential loss of sales.
FormFlow aims to tackle these persistent challenges by capturing data provided by brokers in various formats—including PDFs, images, emails, and even handwritten texts—and processing it for quote and bind systems. This innovative tool not only eliminates the need for manual data re-entry but also significantly boosts the efficiency of the entire data submission process.
Addressing Industry Pain Points
Current Challenges with Data Submission
The traditional data submission process in the insurance industry is fraught with inefficiencies. Brokers often deal with the tedious task of filling out separate quote forms tailored to different MGAs and insurers, or submitting risk details via email that come with document attachments. This flawed system then requires underwriters to manually re-enter this data into their systems, which is both time-consuming and prone to errors. As a result, there are processing delays, increased operational costs, and a high probability of manual errors.
Moreover, a significant number of broker submissions go unprocessed, leading to missed business opportunities. Insly’s internal estimates suggest that currently only 30 to 50% of broker submissions are processed. This means that many potential sales slip through the cracks, negatively impacting the profitability and efficiency of insurers and MGAs. The existing data submission framework clearly needs an overhaul to meet the demands of today’s fast-paced insurance industry.
FormFlow: A Transformative Solution
FormFlow addresses these critical issues by enabling brokers to submit data in any language and format, using a combination of AI systems that can extract and map the information into standard templates suitable for MGAs and insurers. This innovative approach is further enhanced by the integration of third-party data, ensuring that the information captured is both comprehensive and accurate. By eliminating the need for manual data re-entry, FormFlow not only speeds up the processing time but also reduces the margin for human error, thereby enhancing the data quality and reliability.
FormFlow’s ability to process data in various forms—whether PDFs, images, emails, or handwritten texts—sets it apart from traditional methods. This flexibility ensures that brokers can submit information in whichever format is easiest for them, without worrying about compatibility issues on the receiving end. As a result, the efficiency and accuracy of quote processing see a notable improvement, which ultimately benefits all parties involved—brokers, MGAs, insurers, and customers.
Enhancing Underwriting Efficiency
Boosting Processing Rates and Speed
One of the most impressive projections by Insly is the potential boost in quote processing rates thanks to FormFlow. The company estimates that FormFlow alone can increase processing rates to 60-70% and up to an astonishing 80-90% when integrated with automated underwriting systems. This remarkable improvement not only speeds up quote processing but also has the potential to transform the overall customer experience. Quotes that previously took days to process can now be completed in a matter of minutes, allowing for quicker decision-making and a faster turnaround time.
The enhanced efficiency brought about by FormFlow directly translates to better service for customers, who expect quick and accurate responses to their insurance inquiries. This speed and reliability can make a significant difference in customer satisfaction and retention, particularly in a competitive industry where time is of the essence. Furthermore, by freeing up underwriters from the arduous task of manual data re-entry, FormFlow allows them to focus on more strategic activities, such as risk assessment and crafting tailored insurance solutions.
Quality and Security of Data
Another crucial advantage of FormFlow is its ability to enrich the quality of data used for underwriting. By incorporating additional third-party data, FormFlow ensures that the information handed over to underwriters is not only accurate but also as comprehensive as possible. This enriched data quality can improve the precision of risk assessments and, consequently, lead to better and more competitive insurance products. Underwriters can make more informed decisions, thereby enhancing the overall quality of the underwriting process.
From a security perspective, FormFlow also ensures that sensitive data is handled securely and efficiently. Insly has incorporated robust security measures to protect the information that flows through FormFlow, addressing any concerns regarding data privacy and integrity. This instills confidence in brokers, MGAs, and insurers, who can trust that their data is being managed securely and responsibly within the system.
Integrating with Existing Systems
Broad Compatibility and Digitization
One of the key strengths of FormFlow is its ability to integrate seamlessly with any existing IT system, providing significant value even for MGAs or insurers who may not have their own advanced software infrastructure. This broad compatibility ensures that FormFlow can be adopted across various platforms without the need for extensive modifications or overhauls of existing systems. As a result, organizations can quickly and easily implement FormFlow, reaping the benefits of improved data submission processes without major disruptions to their current operations.
Moreover, by digitizing customer information and fortifying it with additional third-party data, FormFlow offers MGAs and insurers the opportunity to modernize their data handling procedures. This digitization not only enhances the efficiency and accuracy of data processing but also ensures that all relevant information is easily accessible and manageable within a digital framework. This is particularly beneficial for organizations looking to stay competitive in an increasingly digital world, where quick access to accurate data is crucial for effective decision-making.
Fostering Collaboration and Sales Growth
Insly has unveiled an innovative AI-powered product called FormFlow to transform the data submission process between Managing General Agents (MGAs), insurers, and their broker partners. As a pioneer in low-code software solutions within the insurance industry, Insly created FormFlow in response to a pressing need for a more streamlined, efficient, and accurate data submission process. Traditionally, brokers must fill out multiple quote forms for different entities or send risk details through emails with attached documents. This outdated approach burdens underwriters with manual data re-entry, causing delays, errors, increased costs, and potential sales losses.
FormFlow is designed to address these longstanding issues by capturing data provided by brokers in various forms—including PDFs, images, emails, and even handwritten texts—and seamlessly processing it for quote and bind systems. By eliminating the need for manual data re-entry, this cutting-edge tool significantly enhances the efficiency and reliability of the data submission process, ultimately benefiting all parties involved in the insurance value chain.