A request for changing beneficiary name should be processed carefully to ensure that correct individuals receive the benefits upo policyholder’s passing. This is a time-bound and critical process that should be supported by accurate documentation and regulatory compliance. Beneficiary change request is made up of multiple steps, starting from form submission and ending with record updation in the insurance database. Manual execution of these data- and labor-intensive steps is inconsistent and error prone, leading to legal issues or customer dissatisfaction. 

Processing beneficiary change requests the traditional way is prone to overlook, as it involves multiple departments, and each step of the process requires review and approval. Delays in even one of these steps has a cascading effect, resulting in frustrated policy holders and inefficiencies for the insurance provider. It becomes increasingly difficult to keep track of request status, managing documentation, and ensuring compliance, when beneficiary management is a manual process. 

Workflow automation is the solution for a highly efficient and accurate beneficiary change request process. Insurance providers can minimize errors, maintain a clear audit trail, and reduce processing cycle times with automation. All the steps in beneficiary change management are executed in the right sequence and relevant stakeholders are automatically notified in case of discrepancies. With automation, you have a streamlined process that provides a superior policyholder experience marked by faster resolution of their requests and timely updates.