The insurance sector is one of several industries where the benefits of HotDocs make a huge difference. In this highly regulated market, it is essential for documentation to be compliant and free from error and to ensure this, HotDocs software is used by some of the top insurance organisations in the world. To benefit from reduced risk, enhanced compliance and increased operational efficiency, each of these companies uses HotDocs to automate many different types of documents.
A large insurance organisation has used HotDocs for a number of years to generate letters of underwriting authority, which provide a breakdown of areas of risk that each individual underwriter has authority to reinsure. This previously involved the manual production and saving of upwards of 40 documents, which was very time consuming and prone to error. Since HotDocs was implemented, the underwriters can generate and save these documents automatically, vastly reducing the amount of errors made and the effort this process once required.
HotDocs is a very flexible product and is often used within several departments of an organisation. One global insurance company has three different implementations of HotDocs and it is utilised to automate a large selection of documents such as severance agreements, summons, claims, motions, lending documents for real estate and insurance policy information for expatriates, including dental, life, prescription and medical information.
Saving time is a major benefit when using HotDocs and one of the largest insurance companies in the United States drastically reduced the time spent on producing documentation after introducing HotDocs into the business. Before HotDocs was implemented, this organisation was struggling with a hard to maintain document assembly system that could not deal with the huge amounts of documents such as legal letters, litigation, plaintiff and opposing counsel claims that were needed to run the business effectively. Now with 1,500 employees using HotDocs and 13,000 HotDocs templates, 20,000 documents are being produced per month and savings of approximately 5,000 work hours are made in the process.
Another of the leading insurance companies in the United States uses HotDocs for automating letters, policy amendment notifications, policy riders and endorsements and can generate more than 2,000 documents per day, many of which can be produced in a matter of seconds.
As demonstrated above, for companies of any size in the insurance market, organisational efficiency is key and HotDocs has been instrumental in maintaining accuracy and consistency within the documentation that is required to run a business to the standard expected by its clients.