Many insurance carriers have begun using an electronic delivery system to generate new policies, enrollments and renewals. Not only does this system save a lot of trees but it is also saves a lot of time and eliminates many processing errors. Normally, it takes approximately a week to complete the delivery process. With the convenience of the electronic format, oftentimes you can have access to the policies the very same day they were produced. Additionally, you can track all policies with the click of a button.
Unfortunately, there are still some insurance companies that continue to send paper copies of policies to keep a “paper trail” of the documentation. These policies either get scanned into a computer database or stored in a filing cabinet. As time elapses and more policies are received, it gets harder and harder for the administrator and/or contractor to locate a particular policy for a specified date. This can create problems for the sponsor who is trying to provide proof of wrap-up insurance coverage for an enrolled contractor. Missing policies must be regenerated by the carrier and sent to the sponsor and/or contractor. This process may take several weeks to complete.
Government agencies have started to punish carriers for untimely filings. As such, now is the perfect time to take advantage of the electronic delivery process.Â Policies can be generated and received within a matter of minutes instead of days. This helps all parties meet required deadlines with ease.
So If you are contemplating the implementation of an electronic delivery system, you can finally put your mind at rest. Save a tree and increase your productivity while doing it. We encourage you to take the next step to making your delivery process more efficient and less costly by switching to an electronic policy delivery.