In the competitive landscape of group insurance, delivering speed, accuracy and efficiency is paramount. Employers, brokers and insurers often bogged down by manual data entry, extensive reviews and frequent errors. These inefficiencies cause delays, dissatisfaction and missed opportunities.

According to the 2023 Workforce Benefits Study by LIMRA and EY, real-time quoting is among the top five unmet needs of large US employers. This underscores a pressing opportunity for insurers to revolutionize the group benefits quote generation process. By leveraging data, artificial intelligence (AI) and workflow orchestration, insurers can accelerate quote intake, improve accuracy and create a seamless experience for all stakeholders.

Challenges in the traditional quoting process

The group insurance quoting process is inherently complex. It involves collecting and processing a significant amount of data, including employee demographics, benefits requirements, group current benefits, insurance history, group size and characteristics. In many cases, this process relies on manual inputs and spreadsheets/unstructured email quote requests or in multiple formats, leading to:

• Time delays: Lengthy back-and-forth for data collection and validation prolong quote preparation.
• Potential errors: Multiple manual data entries and updates by stakeholders increase the likelihood of inaccuracies, which can affect the final quote.
• Frustrated stakeholders: Employers, brokers and sales teams face unnecessary delays and inefficiencies, leading to missed opportunities.

These pain points make it clear that traditional approaches are no longer sufficient to meet the evolving demands of today's employers.

Harnessing data, AI and workflow orchestration

The solution lies in digital transformation, where data, AI and workflow orchestration come together to redefine the quoting process. Here's how these technologies work:

Data: Building the foundation for accurate quotes
Insurers collect a wealth of data from employers, brokers and internal systems. By automating manual data entry, i.e., via intelligent key data capture from documents like census data experience history and standardizing this information via API integrations, insurers can eliminate redundancies and inconsistencies. This will ensure that quotes are based on the most up-to-date and accurate inputs, setting the stage for precision in underwriting and optimal plan proposal for employee.

Artificial intelligence: Driving intelligent insights
AI enables insurers to analyze large datasets and assess risks with remarkable accuracy. Machine learning models can assess employee demographics, plan preferences and historical claims data to recommend the most suitable benefits packages based on historical success. AI also helps detect and correct anomalies, reducing errors in the quoting process.

Workflow orchestration: Streamlining the process end-to-end
Workflow orchestration tools ensure that all stakeholders—employers, brokers, and sales teams—are seamlessly connected. These tools automate routine tasks, such as data validation, while ensuring compliance with underwriting guidelines and assigning cases to underwriters as per their skill sets, group prospect characteristics that are validated and the workload of underwriters. As a result, the quoting process becomes faster, more transparent and error-free, freeing up valuable resources for other activities.

Benefits of digital transformation

The digital transformation of the group insurance quoting process offers tangible benefits for insurers and stakeholders:

• Reduced quote generation timeline: Automation accelerates the entire process, delivering quotes in hours instead of days.
• Accurate quote generation: Data-driven insights and AI reduce errors, ensuring that quotes are precise and reliable.
• Improved customer experience: Employers and brokers benefit from faster responses and tailored recommendations, enhancing satisfaction.
• Increased operational efficiencies: Streamlined workflows free up resources, allowing sales teams to focus on building relationships and closing deals.
• Higher closing rates: With quicker turnaround times and accurate quotes, insurers are better positioned to win business in a competitive market.

Conclusion

In a market where real-time quoting is a critical unmet need, digital transformation of the group insurance quoting process is not just an option—it's a necessity. By harnessing the power of data, AI and workflow orchestration, insurers can overcome traditional challenges, deliver exceptional value to employers and brokers and secure a competitive edge.

The future of group insurance lies in automation, innovation and customer-centricity. Now is the time to adopt this transformation and redefine what's possible in group benefits quoting.

Sources:
LIMRA and EY Workforce Benefits Study, 2023