The Client:
A US-based commercial and personal insurance agency.
Scope of Work
Complete Support With:
- Reinstatements
- Cancellations
- Endorsements
- Policy checking and uploading
- Claims updates
Process Bottlenecks
The client required a third-party insurance solutions provider to manage their day-to-day endorsement requests and free up management and employee time to focus on their core business of sales and servicing insurance coverages.
Cogneesol’s Optimization Solution
As an insurance solutions provider since 2008, our team comprised specialists conversant with processes across product lines and geographies. With strong support from the client team, our team was able to identify key lags in processes. They proposed the elimination of non-vale add steps and redesigned a lean operating structure based on strong domain knowledge and experience.
These were some of our concrete steps that saved time and reduced average handling time on processing endorsements:
- Saved quotes on the carrier’s websites for premium approval by the end customer. Upon receipt of confirmation, endorsements were processed
- Prepared ready-to-use templates to ensure that endorsements based on related coverages are readily transmitted by just amending the unique customer details
We have been a high-performing organization. Cogneesol joined in to give us more muscle power – they removed the lags, making us lean and strong for future business intake. They are truly our strategic partners.
Impact Delivered
Cogneesol’s aim was to not only bring in efficiencies and a lean methodology but also infuse agility and resilience into the processes so that they could address future business imperatives. At the operational level, our team:
- Significantly increased daily endorsement processing and reduced overall life cycle time from 16 hours to 8 hours resulting in greatly elevated customer satisfaction levels
- Added substantial value by generating additional business through increased volumes per year -- from around 3000 endorsements to more than 4500
At the corporate level, our initiative impacted the business unit's bottom line.
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.
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.
Our insurance agents are a satisfied lot owing to our efficient commission management system. And we have only Cogneesol to thank for this. The team ensures timely policy updates, commission entries and accounting, and liaison with the Accounts team to authorize disbursals. We thank Cogneesol for the efficiency they have brought into the process!
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!
Commission calculation and distribution used to be a cumbersome work for our department owing to unavailability of manpower. When we hired Cogneesol to manage our commissions distribution, they came in with a team that followed a blueprint to lay down process and procedures. Soon, commissions disbursements started to take place on time. Kudos to the team for the quick turnaround!
