The Client:
One of the largest and fastest-growing commercial insurance agencies in the USA.
Scope of Work
Standardized policy management process and incorporated automation.
Process Bottlenecks
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.
Cogneesol’s Optimization Solution
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:
- AUTOMATION: In the first phase, data was manually entered into a common database, from where it was processed to the client system using an RPA tool. We also created a workflow tool to enter data and then linked it with the database and eventually, with the client system.
- INTELLIGENT AUTOMATION: Upon the successful implementation of phase I, we created an Al tool to extract relevant data from various input sources, and then linked it with the database and the client system.
PHASE 1
PHASE 2
Cogneesol’s team has given us more Technology and Automation power to grow! We rely on our efficient processes to draw our future strategies and grow our footprint.
Impact Delivered
- 68% TAT Reduction
- 42% Productivity Improvement
- <10 Mins Time for Certificate Issuance
- ~5% Improvement on Time on Road for Cover Holder
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.
