Indirect benefits

Indirect benefits are much harder to quantify but should definitely be considered when evaluating the ROI of policy review automation. Here is a shor tlist of the indirect benefits customers usually see:

Reduced company risk: Because it is more accurate than manual labor, policy review automation greatly reduces the risk of missing important clauses or misinterpreting provisions. Quote specialists may overlook two to three provisions for a given number of plans. Each overlooked provision has a cost associated with it (higher risk for the company, negative impact on profitability, etc.).
Shorter sales cycle: Because automation accelerates the policy review process, quote specialists can process the quotes quicker. An insurance company will be able to submit quotes much faster and consequently close more deals. Note that the faster response time enabled by automation also positively impacts customer satisfaction.
Improved pricing strategy: Accrued accuracy indirectly affects the bottom line because it enables a better pricing strategy. Human accuracy is generally estimated at around 80%, while a good review automation tool reaches about 90% accuracy. For an insurance company, this translates in more accurate quotes and therefore either better margins or more competitive quotes, resulting in a higher probability to close a deal.
Easier knowledge transfer: When employees move up the ranks, leave or retire, a document review solution with trained models helps transfer knowledge about extractions and how to interpret them to new employees.

How can these indirect benefits be quantified?

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Evaluating the ROI of policy review automation (Part 2)

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