The Client:
A US-based multi-line insurance agency.
Scope of Work
Complete Support With:
Account creation under EPIC (central software repository)
Process Bottlenecks
Time-consuming analysis of coverage during account creation resulted in severe operation lags and high costs. The client approached Cogneesol to affect both time and cost efficiencies in their account creation operations.
Cogneesol’s Optimization Solution
Cogneesol’s team proactively mapped the as-is account creation process of the client to identify steps that were time-consuming and causing inefficiencies. Our deep dive revealed that in a 50+ pages pdf document, bound coverage, instead of being in a sequence, was spread all over the document. Compounded by the validation required on contents of the bound proposal to the quotation, the time requirement of individual accounts went up significantly.
We designed an efficient alternative to the process:
- We created a rule book for contents requiring validation
- The rule book served as a guide to design a one-pager template for overall account creation. This template saved reference time for specific information from master documents during account creation.
There has been a huge shift in the way our customer perceives us. Our efficient processes have made us a sought-after agency, resulting in a big uptake of our business. With Cogneesol handling our processes and making them smart and agile, we have been able to put ourselves in a firm growth mode.
Impact Delivered
Enabling a US-based specialty insurance agency to enhance customer servicing and increase business spread through 66% productivity gains and 33% capacity creation.
The client’s account creation process underwent an immediate turnaround with the introduction of the rule book and the summary template.
- Volume processed per shift increased by 33% per FTE per day
- Productivity increased by 66 %
- The capacity created allowed the client’s onshore team to focus on core areas of sales, enabling enhanced customer servicing and increased business spread
Client Testimonials
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
Cogneesol has been our insurance back-office solution partner for over a decade. They handle numerous processes including that of commission management. Our growth into new markets can be categorically attributed to Cogneesol’s support with the key functions. Thanks to their efficient and effective handling, we have a strong foundation!
Our customer service statistics have improved drastically from the time Cogneesol took over the complete policy management function of our agency. There are no more delays and unnecessary time lags. Customers get their documents and policy processed within agreed timelines without any hassle. This has given us a tremendous goodwill.
Cogneesol brought in huge savings by streamlining our policy management function and driving productivity. We are now using the example set in other functions as well. As a leaner and lighter organization, we have become nimble-footed and now have the freedom to expand our business and product lines. Cogneesol, Thank You!
Policy management process would devour our quality time. We needed a good service provider who not only understood the insurance domain but also had the resources to help a growing business. Cogneesol turned out to be the perfect partner – they handle our end-to-end policy operations, give us performance reports every month end and have given us the bandwidth to take on strategy matters.
The team that has been handling our policy management services are experts at U.S insurance regulations and statutory requirements. Their DD and transition timelines are short. This helped us in quick onboarding and swift application of transformative solutions in required areas. The team brought us increased productivity within a very short period.
