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Use Case: Inspakt for Insurance
Use Cases

Use Case: Inspakt for Insurance

Sura Aydin
October 31, 2022

What is Inspakt?

Inspakt is a trust-building platform that digitalizes your paper-based operations and documents. By digitalizing, we mean that you can operate all digital from start to finish. It allows you to create PDF templates, design them, and then finalize your documents by collecting the required information and receiving signatures from customers and business partners.

Problems related to papers often occur in the Insurance industry.

The insurance industry has been depending much on producing and exchanging papers. This includes time-consuming manual procedures and plenty of documents resulting in clutters, ink, and toner; printing can substantially cost your insurance company. 

Insurance operations such as accident reports, appraisal reports, health statements, and housing damage application forms are difficult to manage with hard-copied documents. Using paper for documentation is not the most convenient solution because it is pricey and tricky. Besides, paper is not helpful for damage management and doesn't offer a trustworthy process for customers or business partners. Paper in operations would result in several difficulties.

Contributions to the environment by shifting to paperless and digitalized operations:

1. An insurance company with 1.000 employees spends 3 million dollars per year on document management and correcting information deficiencies in the documents. (Source: IDC)

2. An employee in the insurance industry spends 60% of their time handling documents. Creating documents, entering the data, and correcting the deficiencies consume most of their time. (Source: US Department of Labor)

3. For every 10.000 agreements, you cut 29 trees. Yet, saving thousands of trees and protecting natural resources is in your hands. (Source: The Republic of Turkey Ministry of Environment and Urbanisation)

Privacy matters

Insurance companies usually require access to sensitive customer information, like your health records. Customers who want health insurance must fill out many forms to inform the company about their health status. Yet, health data is confidential and private, and the privacy of such type of data is protected by law. If you are keeping health data records, you must secure and promise its privacy. In addition, customers want simplicity and 24-hour access and quick delivery, precise, relevant information about a service's features, particularly concerning pricing, and innovative, tailored services designed for the digital age. The goal must be to meet customers' expectations, which have been transformed by digital technology. They want to know what they agree with.

In the shorter term, fulfilling this goal is a chance for insurers to improve their core business profits. Running the company digitally can be a great way to improve service and speed without spending more. It also means people will have greater customer satisfaction which, in turn, leads to increased customer retention. Concurrently, insurers can remove high costs across the value chain by digitalizing your existing business, further increasing customer lifetime value. For example, automation can reduce the price of a claims journey by as much as 30 percent.

What does digitalizing operations mean for insurance businesses?

Digitalization is a strategy or process that goes beyond implementing technology to imply a greater, core change to the entire business model and the evolution of work. Grow your business by digitalizing. Illustrate the digitizing process; you use paper documents to take notes and fill out the forms, then you go to your computer and write the notes down manually and maybe even use OCR to fasten the process. This provides you a digital data storage, but you still suffer from misleading information from operations. Unfortunately, such a work model does not save you from facing fraud or losses due to not having on-time information about the case. 

On the other hand, using digital means does not mean that your operations are digital and you collect data securely. Digitalizing implies handling all operational processes with digital tools, from beginning to end, without pen and paper. You record the data on digital templates without noting it on paper documents. Digitalization does not consist of photocopy machines because you keep the data digital, save it digitally, and store it digitally. One can also say that digitalizing your business means a change of perspective, even changing a mindset. This is why it is not easy to integrate a company into this new digital system. 

For sure, no change in anyone's life is easy, even though it presents much more profit in the long run. Keeping yourself with the world and exploring alternative ways would make you one step ahead. For instance, customer satisfaction will drastically improve because people feel secure when they witness what they agree to. 

What does Inspakt offer for digitalizing your business?

If you have an insurance business, the company size doesn't matter; you want to avoid future risks and fraud while also managing damages. You need to change how you gather information instead of just using multiple tools. Inspakt can help you with this shift. Using Inspakt, you can send your insurance application form to the health insurance customer. They fill out the required fields, which are saved in your database. Health insurance forms often contain sensitive personal information; you secure their privacy using digitalized processes. You can also sign the agreement with digital signatures. You can also record all of the vehicle's details while insuring. When your customers come to you with a request, you may immediately inspect the damages based on the initial pictures and compare them. This removes any confusion you and your customers may have and presents it in an easy-to-digest format. Additionally, your customers can notify you directly from the scene of an accident and file an accident report then and there using Inspakt.

Building Trust with Inspakt

You can now feel more confident, and your insurance company can rest assured that every client's personal information is safe and secure. Inspakt digitalizes the paper-based processes related to accident reports, damage reports, and application forms concerning your customer, business partner, or internal processes requiring trust relations. Inspakt also enables you to access instant and accurate information in a comfortable, fast, safe, and environment-friendly way.

With or without Inspakt's mobile application, you can prepare your documents quickly and easily. You can fill out the templates you have previously designed and safely access instant and accurate information.

1. Digitalize your operations,

2. Create your templates

3. Collect data digitally

4. Store them without printing.

Sura Aydin

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