New Insurance Policy – Example Home Insurance
Situation – An Insurance agent meets a client seeking home insurance at a convenient cafe.
Speed – The client wants to have the insurance policy start as soon as possible.
Weakness – Generally the paper application form will take several days to process.
Challenge – The client may choose the insurance company that can provide the fastest service. Efficient service is important.
Opportunity – The Insurance agent has the client fill in the digital paper application form with the digital pen.
Efficient Process – After the form is completed the information is instantly sent to the company’s data systems.
Instant Processing – the Company’s data center checks the form information for approval (generally takes a few minutes, depending on the company’s data systems capabilities) and sends an authorization/approval text message to the Insurance agent who informs the client – good news; your policy has been approved and is now activated.
Result and Benefit – The new policy is ‘activated’ and the client is happy. The client tells others about the efficient process. The company wins more business AND creates internal efficiency.
