SchemeServe has enhanced its cloud-based insurance software to save brokers as much as eight days per month in lost administration time.
With the enhancements, brokers will now be able to invite and renew multiple policies in batches within a specified date range. According to SchemeServe, the additional auto-renew option (on top of auto-invite) will further reduce processing time.
In addition to improved broker efficiency, the changes are also aimed at customer retention. Part of the goal is to give brokers more time to conduct customer-facing activities.
SchemeServe said every 1% of renewal retention equates to, on average, £20,000 of premium and £5,000 of commission income.
“Our aim is to help make brokers’ lives easier and simpler and to introduce efficiencies at every touch point with our solution,” commented SchemeServe chief operating officer John Price.
He added: “Auto invite and renew will deliver significant income uplift from improved retention and efficiency savings by eliminating the routine work and time involved in case by case renewals.”
The enhancements will not only improve workflow but also provide a responsive service to policyholders, according to Price.
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