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Tips to eliminate data entry in underwriting

Tips to eliminate data entry in underwriting

Regardless of which industry might be in the conversation, data entry has been found to be a common source of inefficiencies, inaccuracies and other problems for all businesses. Although this would have been an unavoidable issue for a wealth of companies in the past, automation tools have helped to eliminate data entry in certain procedures, leading to less waste and more prolific performances among staff members and fewer problems in reporting. 

Automation tools that reduce or completely eradicate data entry have been found to also boost employee engagement, as the more mundane and repetitive tasks tend to be the ones that crush morale in any department. One example of an industry that is exceptionally well-suited to the use of automation tools that reduce strain otherwise imposed by data entry responsibilities is insurance, as effective underwriting is increasingly dependent upon accurate digital information and record-keeping.

Merits of automation
Property Casualty 360 recently listed some of the main reasons why insurers should be leveraging automation tools for loss runs, affirming that these technology can actually help the firms reduce expenses that would otherwise become a problem in the underwriting process when leaning too heavily on manual data entry. As a note, these types of technologies have been found to boost responsiveness to compliance, which is invaluable in an industry as heavily governed as insurance. 

However, this is far from being the only advantage of using these tools for loss runs. According to the news provider, data quality can be improved while simultaneously strengthening risk management when the firm uses automated tools to handle loss runs, and talent management can be further improved given the fact that key employees will not be bogged down with menial tasks related to data entry. 

Finally, the source asserted that this approach can dramatically improve efficiency for the insurer, reducing the amount of time it takes to provide a quote and handle the underwriting process as a whole. 

Notes for other industries
Virtually any business can enjoy similar benefits from automation tools that reduce or eliminate data entry and, as regulation of digital information continues to rise across sectors and regions, these solutions will be more critical and less of an option in the near future. By deploying trusted tools that increase engagement and efficiency while driving down waste and expenditures, businesses can step into the modern era of process management. 

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