50 states, 50 uniquely complex forms—all requiring varying amounts of time and effort to review and complete. This has been the process risk managers have dealt with when renewing uninsured motorist and underinsured motorist (UM/UIM) coverage. Until now.
Old Republic Risk Management (ORRM) is proud to introduce simpliFORRM, an automated uninsured motorist/underinsured motorist (UM/UIM) selection and rejection application for insureds. As all U.S. jurisdiction requirements are different, this new application greatly reduces the number of hours required to complete the process. As an added benefit, simpliFORRM modernizes the policy issuance process for Commercial Automobile insurance coverage.
"The old process was labor intensive, paper-heavy, and had the potential for mistakes," said Brad Wiggins, Risk Manager at CHS Inc. "Relative to the old process, this is a big step in terms of streamlining the process."
In developing simpliFORRM, Margaret Barlow, Vice President and simpliFORRM implementation leader, states that the focus was on process flexibility and regulatory compliance: "Simplifying the process, ease of use, and legal compliance were at the forefront in designing this application."
The simple three-step process begins with the execution of an Electronic Document Delivery Agreement (EDA), which permits the use of electronic documents and signatures. Next, a questionnaire is completed to determine the insured's coverage intent. Lastly, state selection/rejection forms are automatically populated based on the insured's coverage selections and are then electronically transmitted to the insured for signature execution.
The insured has the opportunity to review each form to confirm that it reflects their intent; then they electronically sign or initial each form as required. Where appropriate, brokers are copied on various communications to the insured. Compared to the hard copy process that took hours; the questionnaire, selection, signing, and review process takes on average less than 45 minutes to complete.
"Client reception has been amazing," said Barlow. "They have embraced the quick, easy to use process." "This is definitely a worthwhile application that has removed the administrative burden from the process," said Stephen Zimmerman, Risk Manager at Stryker Corporation. "Old Republic took an involved process and made it less time-consuming [and] more effective."
For more information on this innovative application, please contact your account executive or account manager.
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