Introduction
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Insurance policy data and documents can come from a variety of different carriers and while most of the time, these items can download directly into the BMS system, in many cases, the these items aren’t able to find their way to the correct location due to data discrepancies between the carrier and what's stored in the BMS information (for example, the policy number in the BMS might be slightly different than what the carrier put in). When this occurs, these items sit “in suspense” which is essentially BMS limbo.
The items in suspense need to be manually assigned to the correct policy or correct account. This means there is someone at the brokerage who goes through each policy, eDoc and invoice every day and assigns them to the correct areas in the BMS. This is a manual process that, depending on the amount of policies coming in, could take between 1-8 hours of work per day.
Leaving this type of workflow to individual brokers can be costly and prone to error. If a policy is mismatched or attached to the wrong account, incorrect information might be communicated to a customer.
How can Quandri help?
Quandri’s Daily Download capability runs the EDI process in the exact same way a person does. This varies quite a lot from one BMS to another, but generally requires the following steps.
- Log in to the BMS system
- Match policies that cannot be automatically matched to an account within the BMS
- Match eDocs that cannot be automatically matched to an account within the BMS
The robot then delivers these items, updating the BMS.
The Daily Download capability will help your brokerage by:
- Saving time and money: Most brokerages have at least one person to potentially an entire team dedicated to completing the download every day. Assigning items in suspense is manually intensive, time consuming and an often expensive task that/which is rule based and involves little skill. The humans completing the download can be repurposed to higher value work in other areas of the brokerage that require human touch.
- Delivering a more accurate experience: Manually assigning items in suspense is a task that is often prone to error, particularly due to its repetitive nature. An incorrectly assigned policy can cause major issues for a brokerage. The Daily Download capability errs on the side of caution, and there are rules in place to ensure it is always selecting the correct policy or account to assign to.
Can’t resolve your issues via our Knowledge Hub? Email us at support@quandri.io with your query.