Research
Stop Re-Keying Data - It's Costing Your Insurance Brokerage Time and Money
Oct 11, 2024
In the world of insurance broking, efficiency is key. And one of the biggest drains on your brokerage's time and resources is re-keying data. Think about it: once client information exists in digital format (like an online form), why should you waste time manually entering it again elsewhere? At Recorder, we call this "data entry redundancy," and it's a surprisingly common problem in the insurance industry.
The Scenario: A client fills out an online application form. That data is then printed or exported to client onboarding document, but then the same data is manually re-keyed into multiple insurers portals and finally re-keyed again into your policy management system too. Sound familiar?
Why is this such a bad idea?
Wasted Time and Money: Re-keying client data is inefficient and costly. It's literally paying someone to perform an unnecessary task, taking valuable time away from client interactions and revenue-generating activities.
Increased Errors: Every time data is manually entered, the risk of errors increases. Re-keying doubles (or even triples!) that risk, potentially leading to incorrect policy details, premium miscalculations, client dissatisfaction and broker E&O risk.
Compliance Headaches: Maintaining accurate client data is crucial for regulatory compliance. Re-keying introduces unnecessary risk and makes it harder to demonstrate data accuracy and consistency during FCA audits.
The Solution:
Modern technology offers solutions to eliminate manual data entry. Many online forms and CRM systems can integrate directly with broker management systems, allowing for seamless data transfer. Explore API integrations and automation tools to streamline your workflows.
Recorder's Recommendation:
Analyse your brokerage's data workflows. If you find client data being re-keyed, prioritise finding an automated solution. Not only will this save time and money, but it will also improve data accuracy, enhance compliance, and free up your team to focus on what matters most: serving your clients.
Need help streamlining your insurance brokerage's data processes?
Recorder can help. Contact us today for a consultation
