The Client:
Our client is a growing commercial insurance agency based in North America, dealing with thousands of regional brokers.
Scope of Work:
Streamlining and automating policy checking, issuance and renewal process.
Process Obstructions:
As a rapidly growing insurer, our client aimed to adopt a lean operating model with continuous innovation to enhance competitiveness and rationalize costs. Despite using top-notch cloud software, their business processes lacked consistency.
In a time-sensitive market, they sought to optimize time-to-load and certificate issuance, reduce costs, and increase productivity. They needed an agile partner to work within their ecosystem and desired automation and AI intervention to scale up a turnaround with the existing workforce.
In a time-sensitive market, they sought to optimize time-to-load and certificate issuance, reduce costs, and increase productivity. They needed an agile partner to work within their ecosystem and desired automation and AI intervention to scale up a turnaround with the existing workforce.
Insurance Support World’s Solution:
In 2016, ISW became the client's strategic partner for sustainable transformation. Our insurance experts focused on standardization and efficiency, while our automation team streamlined processing using our in-house tool. To ensure accuracy, we eliminated unnecessary steps for regular certificate issuance, only adding extra steps when changes were made by the insured. Delinquency was minimized, and the process became more efficient.
Benefits
- Improved average handling time for certificate issuance
- Reduction in end customer waiting time
- Restructured process with AI tool to include the most recent coverage selection step
- Integration of AI and automation in a BI tool for batch run program
- Complete, efficient, and fast turnaround for certificate delivery
Impact Delivered
- Productivity up 42%
- TAT Reduction by 68%
- Less then 10 mins time for certificate issuance
- ~5% less time spent on the road for cover holder
- Non-intrusive AI and automation tools with no impact on efficiency
- Designed to deliver certificates automatically while maintaining data integrity
