Just over 10 years ago, Wrap-Up Administration was managed by using paper forms submitted via fax and enrollments tracked via simple excel spreadsheets. Administrators were manually creating weekly reports, and companies were hiring entry-level personnel or third-party administrators for routine data entry. This left a great margin for error.
The Wrap-Up Insurance Administration industry is changing! Wrap-Up Administration has expanded and become more intricate, leaving no room for error. The industry now requires the use of world-class technology and skilled personnel to manage the program’s success. Hiring entry-level personnel and using third party administrators created heartache for many brokers and is no longer the best option.
With technology becoming prominent in all areas of everyday life, it is clear that Wrap-Up Administration and its technology must evolve.
With the Wrap-Up industry growing and the need for technology increasing, many brokers find themselves trying to evolve into software companies by attempting to develop costly systems to meet their growing demands. Brokers are not software companies, and as the industry transforms, many brokers will continue to abandon their manual spreadsheets and older inhouse applications that are unable to meet their needs. Wrap-Up Administrators recognize the need for a management system that is technologically advanced and can digital transform their processes.
While some companies continue to cling tightly to their spreadsheets and inhouse software, it is important for them to recognize that their growth and stability lies in the use of digital Wrap-up technology.