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How automation can increase efficiency for financial broker networks


For a successful financial broker network, efficiency can be a key to success. Your network needs to be able to process new customer applications, issue policies / financial products, and provide customer service quickly and accurately, and the members of the network need to communicate effectively regarding new products and sales performance.


However, with so many manual tasks involved, it can be difficult to maintain a high level of efficiency.


Automation can help. By automating manual tasks, streamlining workflows, and improving compliance, automation can free up your time and resources so that you can focus on more strategic work.


Here are a few of the ways that automation can increase efficiency for financial broker networks:


Automate manual data entry tasks

Automation can be used to automate a wide range of manual data entry tasks, such as processing new customer applications and issuing policies and other financial products. This can save you a significant amount of time and help to reduce errors.


Streamline the customer service process

Automation can also be used to streamline the customer service process. For example, you can use automation to route inquiries to the appropriate department and to send automated follow-up emails. This can help you to provide better customer service and to resolve customer issues more quickly.


Improve compliance

Automation can also help you to improve compliance with regulations. For example, you can use automation to generate regulatory reports and to monitor for changes in regulations. This can help to stay ahead of the evolving regulatory picture.


Different Types of efficiency

Automation can also help insurance broker networks to improve their efficiency in a number of other ways. For example, automation can help to:

  • Reduce costs: By automating manual tasks, automation can help you to reduce labour costs.

  • Improve accuracy: Automation can help to improve the accuracy of your work by reducing the risk of human error.

  • Increase productivity: Automation can help you to increase the productivity of your team by freeing them up from manual tasks so that they can focus on more complex and strategic work.

Automation is a powerful tool that can help financial broker networks to improve their efficiency in a number of ways. By automating manual tasks, streamlining workflows, and improving compliance, automation can free up your time and resources so that you can focus on more strategic initiatives and grow your business.


In the real world...

Here's a real-life example of how automation has helped broker network businesses...


A broker network needed to improve the way information was being received from financial institutions, and communicated out to individual brokers. They also needed to have a consistent method for reporting back from the brokers about which deals were being sold, including being able to demonstrate compliance that the financial products were appropriate for their clients.


A solution was built that automatically loaded information about financial products from the lenders, used the broker networks’ existing architecture to automate key processes, disseminate the information to individual brokers using a combination of Microsoft Power Platform and some software code. The system automatically updated individual brokers when new information was available, removing the need for manual intervention from the network.


Once a deal had been agreed with a client, the resulting information was automatically recorded and relayed back to the network, where a sales performance dashboard was automatically populated and shared with board members.


There were several benefits to this introduction of automation:

  • Relationships with the financial institutions were improved.

  • Each broker received information in a uniform and timely manner.

  • The network received better MI about which deals were selling, which enabled more informed future decisions.

  • Confidence about demonstrating regulatory compliance increased.

Start today!

If you are looking for ways to improve the efficiency of your broker network, consider implementing automation solutions. There are a variety of automation solutions available, so you can find a solution that is right for your specific needs and budget.

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