Microdea’s Synergize for Carrier Downloads enables insurance brokers to electronically store, manage and track declaration documents. Processing time and costs are significantly reduced as files are automatically indexed and routed to workflow queues for the appropriate person to review. Brokerages are able to mitigate E&O risk and concentrate more on selling and customer service rather than on managing paper.
In order to reduce costs associated with paper, toner and mailing, more and more carriers are now providing brokers with downloadable electronic copies of declaration documents. Difficulties are arising as each carrier typically has their own naming convention for these files and offers them in different formats. This is putting stress on brokers, as they are unsure how to handle the incoming declaration pages and correspondence. Many brokers are printing and filing these copies and others are manually renaming them and attaching the files individually, both methods are time-consuming and costly.
Synergize for Carrier Downloads automates and simplifies the process. This is achieved by extracting the declaration pages sent by the carriers, then parsing the index information, saving the files to Synergize, and finally performing lookups against the Broker Management System (BMS) data to complete the index information. Once a document is indexed in Synergize, it is automatically moved to a workflow queue for the correct designated person to review and process the file.
As a result, declaration documents are processed more efficiently while at the same time staff are able to track their movements. For instance, if a change request is sent to an insurer and the document is put in a pending Carrier Downloads queue, Synergize automatically matches the incoming declaration page to the change request and moves them both to the appropriate customer service representative (CSR) for processing. The Synergize queue monitor also sends automatic email notifications if a pending declaration page has not arrived in a predetermined amount of time. This ensures documents are processed on schedule and allows brokers to track which carriers are providing the required documents the fastest.
Synergize for Carrier Downloads provides:
- Digital storage of all declaration documents and correspondence in a single, secure location
- Improved processing efficiency through automatic indexing of files and routing to the correct workflow queue
- Real-time monitoring capabilities to track Carrier Downloads and compare how quickly carriers deliver the documentation
- Significant staff time savings
- Improved customer service levels
- The ability to retain documents in accordance with compliance requirements
- Reduced costs associated with processing, renaming, storing, printing, mailing, and losing or misplacing documents
For more information on how Microdea can help your insurance organization automate the processing of declaration documents and reduce costs, contact us at 905.881.6071 ext 244 or marketing@microdea.com