The Client:
A top-notch insurance company operating in the P&C domain based in the US delivers excellent solutions to its customer base.
Scope of Work
Streamline fragmented insurance data and processes.
Process Bottlenecks:
The client’s processes were complex owing to multiple fragmented datasets in different formats. These were causing reporting delays including regulatory reporting delays, resulting in fines and penal action by the authorities.
In addition to this, the client’s teams were struggling with their performance on key metrics, the most critical requirement for any business. All these had led to gaping operational inefficiencies, inaccurate forecast demand, and an absence of strategy with most requirements being met on “emergency” basis instead of planned executions.
Cogneesol’s Optimization Solution:
We approached the issues on the back of our domain expertise in P&C operations and thorough understanding of the data sources combined with complex data management skills. Our solution comprised the following structures:
- Intelligent data warehouse: The team prepared logical data structures and programs to centralize data from multiple data sources.
- Real-time reporting matrix: Once the data structures were detailed to a granular level and complexities highlighted, business metrics were defined with inputs from the client’s team. This helped streamline data further and rationalize demand within the client environment. Data sources were now streamlined to create “one source of truth”, standardizing reporting across all brands, regions and teams.
- Self-service model: The team then went to the next phase of transformation where they spearheaded multi-dimensional view of reports enabling users to analyze key data metrics across different variables including portfolio, product, operational and distribution level. Business users were empowered to customize reports based on their departmental requirements.
The team has over-exceeded our expectations. What started with simplification and standardization, has now graduated to automation and highly responsive processes. These have impacted our revenues in a positive way. We continue to have deeper engagement with Cogneesol.
Impact Delivered
- Automation solutions in reporting led to 15% increase in resource capacity; more work could now be handled with lesser staff.
- Delivered overall savings of more than $5mn over a period of 3 years.
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.
