The ongoing Automation-as-a-Service revolution is forecast to register an annual 26.9% growth by 2026. 

In order to grasp its importance and size, we should briefly look back on its background: the Intelligent Document Processing (IDP). At its beginnings, it meant little more than a process of machine-encoded character conversion. 

Over the years, however, IDP has been gradually evolving into increasingly complex directions. At its current stage, it includes a growing capability of AI-based content recognition and redefines the entire user experience on both Software-as-a-Service ends.

In our industry, it means the broker-policyholder relation is fully elevated, as already implemented by the Pathway solutions: we streamline your data collection, unburden the workforce and free up the extra time that you need to nurture meaningful relationships with clients while increasing growth and saving money.  

Let’s do a quick, 5-step overview of the Pathway Intelligent Document Delivery main benefits.

1. Boost in sales

Today’s policyholder expects a clear, one-click, personalised digital insurance service on time, with one pre-digital perk: a sense of assurance provided by their broker.

Statistically speaking, personalization built on trust is “critically important to 43 percent of customers”, and 88% are looking for a brokerage capable of providing such an experience.

Our motto – Right message + Right time = More sales – is built upon the perfect mix of efficiency that only automation provides, with a well-articulated, timely and in-depth direct communication between brokers and policyholders.

https://iterro.wistia.com/medias/2dwjnoopma

2. Cost savings

A big one, too. Not only is going paperless an irreversible industry trend, but it also redefines the cost of the entire work process for the better. 

Consider these numbers: the annual cost of paper-filing in a ten-person office was estimated at about $57,000!

On the other hand, 59% of already-paperless businesses have achieved full ROI in less than one year. Within the six following months, 84% achieved payback as well. 

3. Increased efficiency

By 2030, predictions are that the operational costs would be cut down dramatically, with the overall productivity increased up to 40%. Again, we’re already ahead of the trend with fantastic productivity increase stats. 

Let’s compare it with the estimates that up to $48,000 is being lost per week by some major enterprises in attempts to retrieve or locate lost information.

And let this sink in.

4.  Improved retention

If satisfied with their brokers, policyholders are 80% more likely to renew policies. 

To get there, an industry has to listen, understand clients’ motivations, act in the right moment, enhance and improve the quality of its automated service 24 / 7. Most brokers are just too busy to focus on the ever-increasing demands and requirements of the automation process. 

That’s where Pathway jumps in.

https://iterro.wistia.com/medias/pmxymul2j2

5. Enhanced customer experience

In Insurance, time is often the most valuable resource to brokers and policyholders alike. Yet, 32% of policyholders are unsatisfied with phone calls, widely considered the most frustrating customer service channel. So instead, we’re providing the ecosystem that ensures seamless, instant, Intelligent Document Delivery and full-scale insurance marketing automation.

In many ways, the “Insurer of the future” already uses one of Pathway’s game-changing solutions: we’re proudly partnering with leading management and software-solution systems across our industry. 

At the moment, we’re working with insurers on two continents as their ideal one-stop platform for ensuring a smooth, harmonious Automation-as-a-Service.

Let’s grow together.