Is Paperless on Your Insurance Software Christmas List?

Remember back in the dawn of the computer age, with all the buzz about how we were headed for a paperless society? Obviously we aren’t there yet. The computer age was not a paperless revolution, but instead created a deluge of paper production.

However, today several considerations once again turn our thoughts to the paperless dream … 

  • The need for increased productivity and greater efficiency in this tough economy
  • The desire to do away with time-intensive, costly and outdated processes
  • Increased environmental consciousness and the “green” industry
  • New technologies and changing consumer buying habits

What about your insurance agency? Are you still buried under mountains of paperwork? Does your insurance software help or hinder your paperless quest? How much inconvenience do you cause your customers with outdated and inefficient paper handling processes?

And here’s the real question … How much is your paper handling actually costing you?

John’s Insurance Agency – Case in Point

Every month, roughly 50 prospective and existing clients receive an average of three documents from John’s Insurance Agency. The average document length is three pages. On the surface, it appears that John’s Insurance Agency has about 5,400 pages flowing through the office every year.

But what’s really happening? John’s CSRs print one draft copy for review and editing. Once the document is final, they print two more copies of every document – one copy for the customer and another copy for office storage. Suddenly the 5,400 pages has multiplied to a total of 16,200 pages printed every year for review, filing and storage – adding up to annual printing costs of $2,430.00

Then there’s the additional costs for storage such as additional filing cabinets and the space for them  … the cost of staff time to store and retrieve the documents . . . and costs for supplies, professional archiving, mailing, and shredding.

In the end, John spends nearly $5,000 a year just dealing with paper.

If this sounds like your insurance agency, maybe it’s time to put paperless software on your Christmas wish list.

The right insurance software can greatly improve turn-around time, accuracy, and efficiency of application and other transaction processing. That’s good for you and your customers. It can also help create a platform for future expansion. When you’re spending less time and money on paperwork, you’ll have more time and money for marketing and growing your business. That’s good for the environment and your bottom line.

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