Overview
Unifying fragmented data from various sources is an ongoing challenge for the insurance industry. In this case study, we showcase how our bespoke data management solution revolutionized our client's approach to their data, enhancing both their insights and their bottom line.
Client Profile
Our esteemed client, a leading figure in the insurance industry, bridges the gap between underwriting and wholesale brokerage firms. They specialize in acquisitions and product development across numerous specialty lines, connecting vast networks of agents and underwriters.
Process Bottlenecks
The client faced significant challenges due to the overwhelming amount of unstructured data they received, including reports from 5000+ agents and 70+ underwriters. These reports covered essential metrics such as:
- Number of policies binded by underwriters
- Ratio of policy sales from various carriers
- Number of claims received and settled
The manual management of these extensive reports on Excel sheets proved to be challenging, leading to poor decision-making. As a result, the client had to hire additional resources solely to manage repetitive tasks.
Additionally, the client struggled to establish Key Performance Indicators (KPIs) for its partners, resulting in operational breakdowns and inefficiencies in strategy development.
Cogneesol’s Optimization Solution
Leveraging our domain expertise in Data Analytics and BI, we delivered a customized solution with the following structured approach:
- Data Standardization: We took the lead by organizing data from various sources, such as PDFs, Word files, and Excel spreadsheets into a structured format stored in SQL Servers. . This pivotal step paved the way for precise data extraction, tailored to the client's needs.
- Real-time Insights: Leveraging advanced BI tools, we seamlessly extracted, transformed, and loaded (ETL) data in real-time on a dashboard, offering the client a clear view of policies bound, claims received, and policy sales. This process automation empowered the client to make informed decisions promptly.
- Data Visualization: Our team crafted a BI dashboard that visually represented all the critical elements of client’s business like data from different brokers, insurance carriers, and distributors while presenting essential variables like portfolio, product, operations, and distribution. This enabled the client to set Key Performance Indicators (KPIs) for their partners, ensuring a more streamlined and effective operation.
“Working with Cogneesol has been exceptional! Their tailored approach streamlined our document management and legal preparations. With their proactive mindset, they organized information efficiently and ensured timely deliveries. The comprehensive legal research and attention to detail elevated our legal arguments. Thank you for helping us get through this change. It means a lot keep it up with the wonderful work”.
Impact Delivered: A New Horizon in Efficiency:
- Enhanced Resource Utilization: A significant 15% increase in resource capacity, enabling a more agile and responsive workforce.
- Monetary Savings: An extraordinary saving of more than $5 million over three years, translating into funds that can be channeled into strategic growth.
- Strategic Expansion: Facilitated the acquisition of 16+ small divisions across the nation, manifesting our client's vision of growth and dominance in their field.
Conclusion:
implementing our specialized BI and Data Visualization services, we not only alleviated our client's process bottlenecks but transformed their operational landscape. The measurable results speak for themselves, outlining a case where technology and expertise align to drive real business impact.
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.
Through the last three years of our association with Cogneesol, we have come to depend on their drafting support completely. They are experts of various laws and regulations; their drafts are accurate and complete; do not require undue review efforts. They make it easier and faster for us to build our cases.
We are a law firm based out of Washington DC. With increasing case load, we wanted to work with a dedicated team of paralegals to handle our backend legal work. Came to know of Cogneesol from an attorneys’ network. Their level of professionalism for their very first assignment won us over completely. They are now on our retainer rolls. We reach out to them for all our big cases.
Today, we rely on Cogneesol for handling most aspects of our law firm’s back-office operations. It had started with the basic yet crucial document review tasks. Their excellent service delivery simply led to widening the scope of work and now, we also depend on them for contract abstraction, drafting, and management. Not only do they deliver quality service, they are also reasonably priced helping us stay cost efficient.
Cogneesol provided us with proficient legal experts to provide paralegal services for all our open cases. We realized they are also trained on legal amendments on a regular basis so that their knowledge stays up-to-date. We have been getting timely services from them with in depth analysis and closures. Extremely satisfied with their services! Wish them well!
Cogneesol has been handling our document review and management, contract drafting and management services for the last two years, and we have been extremely satisfied with their comprehensive and immaculate service delivery. They are meticulous and leave nothing to chance. Further, the flexibility of their rate cards allows us the freedom to approach them with all requests of backend support.
