One of the largest and fastest-growing commercial insurance agencies in the USA.
Standardized policy management process and incorporated automation.
One of the most critical concerns of the client, a North American Insurance Agency, was to ensure that the Certificate of Insurance was available to the policyholder before the commencement of shipment. It is because all commercial shippers are mandated by regulatory authorities to have the COI for every unique consignment.
Easy COI issuance faced hurdles owing to non-standardized processes - inputs from consignors were different, leading to COl issuance taking around 30 mins. This had to be reduced. Multiple stakeholders further complicated the process.
Our first target was to standardize inputs collation -- we worked with the client team to standardize the inputs and then created a standard form to easily process the data. This met with stiff resistance from the client's end customer; adaptability was less than 10% for the new form we created.
We now explored the possibility of automation and worked with our client to create a two-phase automation journey using latest RPA and Al tools:
Payroll management took a great deal of time at our end until we took the services of Cogneesol. They brought in technology for self-declaration of details, automated claims submission, leave records, and manager approvals saving time and eliminating inaccuracies and delays. This brought down the payroll cycle significantly and has led to increased employee satisfaction. The process efficiencies brought in by Cogneesol have resulted in huge cost savings.
Cogneesol increased our operational efficiency with timely payments and efficient management of our working capital. We are impressed with the dedication of the team and their professionalism. Most importantly, the team is professionally qualified and has the technical expertise to guide the accurate and compliant management of the payables process. Thanks to them, we have a non-manual AP function that functions seamlessly and has brought us significant cost savings.
Cogneesol transformed our Accounts Receivables processes, freed up cash, and optimized our working capital position. The team does a thorough job of checking the accuracy of their bills, invoices, or credit terms, apply for cash payments correctly, do not override credit limits, follow up with customers in a timely manner when payments are past due, collect and apply cash correctly. These have made our Accounts Receivables position very efficient!
Despite the severe constraints during peak COVID-19 lockdown, we could credit salaries to our entire staff on time thanks to Cogneesol’s continuous support through the month in payroll management. Cogneesol has turned out to be the perfect partner during this terrible pandemic. They handle our end-to-end payroll operations, give us reconciliation reports every month-end, and free us of salary disputes and discrepancies, giving us the bandwidth to concentrate on strategic matters.
Our customer master data was in complete disarray, slowing down our receivables considerably. Cogneesol assigned us a dedicated resource to help with customer data maintenance and streamline all the other sub-processes of Accounts Receivables. The resource immediately set to task with correcting payment terms, centralizing data maintenance, implementing controls, and conducting regular audits. Soon we were able to do away with more than 80% of customer disputes!
We had a huge pile of outstanding receivables that had blocked huge amounts of cash. We hired Cogneesol to help clean up our account sand support, especially with the receivables. The team charted a collections plan, segregated receivables as per their DSOs, and allocated the collections to their team with set targets. It took the agents under two months to collect close to 90% of our receivables!