HotDocs recent participation inFinovate Europe– a leading Fintech conference – sparked the interest of Thomas McCourtie, General Insurance Analyst atGlobalData.
Quite rightly, Thomas picked up on the potential that HotDocs offers to companies in the insurance sector and, in addition to citing HotDocs as his personal “Best of Show” at Finovate, he scored HotDocs with four out of five in his productreview.
With a large number of insurances companies across the world already using HotDocs for the automatic creation of documents in areas such as policy issuance and claims litigation, the points that Thomas makes in his review underline the many benefits that HotDocs brings to the insurance industry. Let’s look at each point made:
Is it original? Answer: Yes.
Thomas says: HotDocs offers a unique proposition that would work wonders for the insurance industry. Providing insurers with the ability to structure and recreate policy documentation quickly and efficiently, productivity, as well as the accuracy/clarity of the information provided, is bound to improve.
We say: HotDocs pioneered the concept of automated document production and we have been helping organisations of all sizes, in lots of different sectors, to streamline the creation of business-critical documentation for many years. Clients report times savings of thousands of hours when using our software to create documents automatically via intelligent HotDocs templates.
Is it long-lasting? Answer: Yes.
Thomas says: Insurers are very much in need of technology to aid the policy documentation creation process. This is an issue that has confounded consumers and, at times, providers, meaning any solutions to the problems would be welcomed.
We say: Our existing clients within the insurance sector have let us know that the adoption of HotDocs has revolutionised the policy issuance process. Backlogs are eliminated, accuracy increased, quality improved and risk reduced in the creation of policy documentation. And documents are produced in a fraction of the time, at a fraction of the cost, of traditional methods.
Is it operationally game-changing for the provider? Answer: Yes.
Thomas says: HotDocs enforces standardisation, meaning users (insurers) can develop a “uniform” for their policy documents. This means there are also less “points” to consider, including the actual information contained or even the formatting.
We say: In addition to creating efficiency, HotDocs also provides control over the content and layout of documents. This reduces risk and aids compliance when producing documents, as well as ensuring that branding and formatting are on point. Only relevant clauses and wording will appear and any calculations will be carried out automatically to ensure accuracy.
Will it significantly improve the user experience? Answer: Yes.
Thomas says: HotDocs maximises simplicity and reduces the number of complexities when creating documents. Users would ultimately have to work far less hard to comprehend the information contained if the documents are developed in a clear, concise, and consistent structure.
We say: Instead of the traditional methods of tailoring document for a specific client, such as finding the last document created, saving as the new version, finding / replacing / modifying the content and running the risk of missing vital change requirements, HotDocs allows the user to produce a new document by completing a dynamic HotDocs interview. Once all questions are answered, the software places the data in all the right places and produces a perfectly accurate, perfectly formatted document in seconds.
Is it market-changing? Answer: No.
Thomas says: The HotDocs proposition is commanding substantial interest and a sizable uptake; however, there is a current lack of awareness regarding the importance of documentation, while many still regard it as an afterthought or a lesser priority. This needs to change in order for HotDocs to have a significant impact.
We say: The production of documentation is a dry subject and is often seen as a necessary evil that is difficult to improve on. With HotDocs, this is not the case! If an insurance provider reduces the amount of time spent creating documents by using HotDocs and makes time savings of, say, 40,000 work hours every year, then the cost saving is many hundreds of thousands of pounds, dependent on the hourly rate of the team producing the documents. Couple this with the reduction in risk due to improved document accuracy (meaning less chance of potential litigation due to error) and improving document production processes with HotDocs becomes a lot sexier!
To find out more about how HotDocs document automation software can streamline the production of insurance documentation and positively impact your organisation’s bottom line ,schedule a 30 minute demo.