Insurance companies, agencies, brokers, and individual agents are required to go through rigorous compliance measures to remain licensed and operating. Although, insurance companies are licensed by state, they are all required to do some sort of due diligence before they take on new books or approve claims, like KYC.

An insurance agent’s day-to-day involves interfacing with several different agencies, banks, appraisers, individuals and more. For any given coverage there are several parties involved that need to coordinate in order to provide the right coverage. All in all, it’s a clunky process to sign up new clients or add new policies that’s often done using outdated software, in person visits, snail mail, faxes, and more.

It’s time to update that process.

With Liveoak, you can:

• Virtual policy sales enablement and claims management
• Fraud detection and mitigation utilizing live conferencing, image and document capture and ID verification (KYC)
• Eliminate NIGO with accurate data capture ahead of electronic signature
• Unique System of Audit™ including compliant capture of activity, keystroke log and collected data/files

Utilizing the Liveoak’s Virtual Interactions™software, insurance companies can sign on new clients and policies in a location-agnostic environment. Our completely remote conferencing tool will allow you to speed up the customer onboarding process, assist customers in filling out routine paperwork, digitally sign paperwork and often times eliminate the need for an agent to travel to a client’s location.

Our software allows the insurance industry to work directly with customers regardless of location in a completely secure, interactive, remote environment. Here are just a some of our features:

• On screen coaching and live conferencing
• Synchronous document editing
• Capture and verify identity
• Complete remote, digital signatures
• Know Your Customer compliance and customer due diligence features
• System of Audit™ record of all conference participants activity and actions taken inside the conference, including shared documents and images

Insurance Software Solutions

The Liveoak platform is designed to integrate with any company workflow. While we’re not a tried and true insurance software company, we provide IT solutions for the insurance industry as a whole. Our platform is designed to help companies streamline workflow and take their customer engagement, onboarding, and auditing process into a completely virtual environment that meets all compliance requirements.

Our digital insurance software is currently being used in several different ways. One of the most compelling use cases for Liveoak is as an insurance claims processing software.

Some insurance companies have already launched tools that allow their customers to digital file claims and paperwork through an app. However, without an in-house team of developers or enough cash on hand to hire someone to build it, mid-level companies are falling behind.

Liveoak is an insurance industry technology that leverages existing digital technologies to help companies provide a more frictionless experience for their customers.

Insurance Industry Software FAQs

Is adapting to new technology required by the insurance industry?

There are plenty of regulations in the insurance industry that require companies to maintain a level of access for their customers. In most cases, it is not required that insurance companies adapt to new technologies unless they’re out of compliance due to legacy tech.

The Liveoak platform allows insurance companies to move their onboarding and claims process into the virtual cloud where they can maintain compliance and meet their customers in a location agnostic environment.

Is adapting to new technology a problem for the insurance industry?

Yes, the insurance industry is a legacy industry that has traditionally had a difficulty adapting to new technology as it arrives. Because most insurance companies and processes have been around for decades, it’s not easy for them to pivot to new technology on the fly.

But it’s important for insurance companies to leverage new tech when it’s appropriate. You can’t stay on your legacy technology forever. If you’d like to learn more about how Liveoak can help you pivot to a frictionless solution, get in touch with us today!