The Client:
One of the largest trucking insurance company in the USA.
Scope of Work
Policy change requests.
Process Bottlenecks
Despite being one of the largest and fast-growing trucking insurance agencies in North America, the client's policy change process was manual, riddled with multiple forms and data sources, and lacked standardization. With annual volumes as high as 400,000 requests and non-standardized incoming requests, the process suffered from high error rates leading to frequent customer complaints and low customer satisfaction.
Cogneesol’s Optimization Solution
Drawing on our proven domain and technology expertise, Cogneesol worked with the client to jointly create a comprehensive solution to address the problem statement. The entire process was evaluated end to end, and a two-pronged solution was provided based on data and technology. It consisted of the following:
Two-phase solution creates a new operating model bringing standardization, and time and cost efficiencies.
- Working with the client team, team Cogneesol initiated the standardization of input data. Using analytical tools, we identified inconsistencies, redundancies, and errors in the process, and defined their respective mitigation. An AI-based solution was then used to create an intuitive and user-friendly data-input template combined with RPA.
- With input data standardized, the next endeavor was to deploy a robust and efficient validation and request processing procedure.
PHASE 1
PHASE 2
It is amazing how Cogneesol helped us create almost 50% more capacity. It was huge! And completely helped in expanding our business. Working with them has been most lucrative!
Impact Delivered
The team finetuned the solution through continuous improvements and within four months of deployment, we were able to provide the following benefits to the client:
- Process accuracy increased from 50% to 88%
- 48% increase in Capacity due to optimization
- Enabled client teams to focus on core business areas
- Overall, delivered $1 Mn savings
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.
Policy issuance was a problem area at our end until a couple of years go. We reached out to Cogneesol for policy checking services. They came in with expert understanding of the statutory requirements and worked out a process flow that not only eliminated errors but also required less time. These in turn reduced costs for us.
Cogneesol established stringent quality parameters and timelines right at the beginning of our association. Owing to these SLAs, our insurance policy check process underwent a transformation within a short period. Soon we had streamlined validation and review process that were both in-depth and time saving. We are grateful to Cogneesol for these efficiencies!
Cogneesol has made an exhaustive checklist of processes required for policy-checking. This list is like our holy grail. It has made our policy checking process error free. We can now issue policies within short timelines after all the necessary checks and underwriters’ inputs. Cogneesol works on short timelines and reasonable rates. Perfect for small agencies like ours.
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.
