Our Endorsement Management System (EMS) addresses the urgent need for insurance companies to modernize and simplify policy management processes. With manual processing leading to high error rates, growing regulatory requirements, and the challenge of tracking policy changes, automation is essential. Developed on Salesforce FSC, the EMS aims to streamline endorsement workflows, enhance operational efficiency, and improve customer experience for both policyholders and internal stakeholders. Through the system, customers can request endorsements, insurers can attach existing endorsements, upload documents, create new endorsements, and identify affected policies automatically.
Challenges in conventional Endorsement Management
- Conventional endorsement workflows typically require manual data entry and undergo lengthy approval processes.
- Manual processes elevate the risk of errors and discrepancies in policy endorsements, affecting accuracy.
- Insufficient visibility into the endorsement workflow often leads to delays and a lack of transparency for stakeholders.
- Elaborate approval workflows may result in bottlenecks, causing delays in the endorsement process.
- Grasping the impact of an endorsement on related policies can be challenging within manual processes.
Key Solution Components
- Automated Workflows: Utilizing Salesforce FSC to consolidate customer data, policies, and enabling automated workflows via Omni Script for endorsement creation, modification, and approval.
- Self-service Dashboard: A customer self-service dashboard for initiating endorsement requests and uploading required documentation.
- Automated Mapping: Automated mapping of endorsements to determine their impact on related policies.
- Real-time Endorsement: Real-time endorsement dashboard and automatic attachment to policies upon approval. Capability to add new clauses or modify existing ones to create custom endorsements for emergency scenarios.
- Log Maintenance: Maintenance of comprehensive logs detailing all actions performed on any policy for audit purposes.
Solution Benefits
- Faster & Efficient Endorsement - Automating workflows enhances efficiency, reduces processing times, and boosts productivity for insurance professionals.
- Accuracy - Centralized data management and standardized processes enhance data accuracy, minimizing errors in policy endorsements.
- Lowers Risk - The solution's ability to evaluate the impact on related policies aids in risk mitigation, enabling proactive decision-making and minimizing unintended consequences.
- Visibility & Accountability: Real-time visibility into the endorsement process allows stakeholders to monitor progress and generate reports, promoting better decision-making and accountability.
- Happier Customers - Enhanced customer experience leads to increased customer satisfaction.
