Streamlining policy issuance with accurate address data
Insurance customers expect quick and customized service and immediate responses in their interactions. Smartphones, online transactions, and digital communications rule the world.
Yet, the policy issuance for insurance can be extremely slow and painful. This is due primarily to the fact that accuracy matters so much regarding customer data, and this data takes a while to curate and process. So, how do insurers streamline claims processing while maintaining the highest accuracy levels?
Speed and ease go together
The quick answer is "automation and digitization." You can lean into the wizardry of the digital age, allowing it’s tools to help bring accurate address data to insurance policies without the pain and tediousness of constant double-checking done by humans.
Data shows that over 80% of shoppers abandon booking and checkout forms due to security concerns and form length. Forms for insurance policy applications are no different—the longer and more complicated the forms, the more complex the process.
Streamlining your digital platforms and providing solutions compatible with all devices becomes central to improving your customer’s journey. Intuitive websites have replaced lengthy pamphlets. Mobile apps are the go-to versus traditional paperwork. Online portals have reduced the need to go to brick-and-mortar locations or stand in line to make purchases or other transactions.
And that’s a win for everyone. When your digital platforms are designed with user-friendliness and efficiency as a focus, they streamline insurance policy binding and optimize backend operations. That means your organization operates with better efficiency with lower operational costs.
Impacting both the issuer and the insured
For claims adjusters who need to go out and visit properties, the quality of an address determines whether or not they go to the right property and how many properties they can see in a day. Many insurance companies use geocodes to map out claims and create routes for adjusters. A bad address means a bad geocode, which leads to a bad route or map, resulting in wasted gas, time, and potentially even a risk assessment modeled on compromised property information.
Geocodes become vital after a natural disaster when it may be impossible to find a home that’s been destroyed or street signs that have been wiped out. A geocode shows the actual position on Earth, so it’s not dependent on an address or nearby landmarks being visible. It’s strictly a latitude and longitude coordinate to follow.
From the insured’s perspective, getting accurate information extremely quickly improves their experience. After someone’s been through a traumatic event, it’s essential to give them a quick turnaround so they can get back to living. If your house washes out with a flood, you need your money to buy/rebuild. You know what I mean.
From buying groceries to scheduling doctor’s appointments, digital interfaces now dominate and bring unprecedented convenience. Policyholders immersed in tech-driven environments expect similar digital experiences from their insurance providers. This means insurance policy issuers should be on the ball and adopting a more agile digital environment to appeal to increasingly tech-savvy customers.
How it can be done
Tools like Smarty’s US Address Autocomplete ensure addresses are accurate from the moment they’re entered into the system. This feature also makes it easier and faster for customers to input their information—addresses begin to populate with as few as two keystrokes, and they can simply choose the correct one. Implementing a tool like US Address Autocomplete tremendously positively impacts how users enter their addresses because delays due to fat-fingering are history.
Additional tools are available that tie addresses to large caches of useful information for insurers. By pairing Smarty's rooftop geocoding and magical property data API, you get a comprehensive property data solution to make accurate risk assessments as fast as possible.
Smarty’s US Property Data supplies insurance companies with 350+ property data characteristics for an accurate risk assessment, whether commercial or residential property. You can also easily manage address aliases (commonly misspelled or previously used street names linked to that location) and public data records, identify duplicative info, and merge property data from multiple sources with Smarty’s unique identifier, SmartyKey®. This persistent unique identifier (PUID) keeps track of all of your changes and helps eliminate duplicate or alias addresses.
The secret sauce behind Smarty’s US Rooftop Geocoding is the accuracy of your location pin. Smarty's rooftop accurate geocoding API makes spatial analysis easy by giving you the precise geographic coordinates of the primary structure, as well as outbuildings such as sheds, detached garages, barns, etc. It also makes it easy to relate additional key address data to make critical business decisions when developing risk assessments and CAT models.
While implementing systems that offer the above benefits may seem daunting, it’s much easier than you might think. A simple API integration is all that’s needed to ensure you get clean data while meeting your customers’ convenience expectations. Accurate address data insurance policies have always been possible, but now that possibility is more precise and quick than ever. Thanks technology!
Streamline insurance policy issuance
Insurance processes don't have to be slow and painful for all involved. If you streamline insurance policy underwriting with auto-completing forms, you’re guaranteed accurate address data and supplemental property data enrichment for every address.
Make customers happy. Make employees happy. Create accurate address data insurance policies, and do it quickly. We’re here when you need us to support your quest to learn how you can get started today.
