Outsource Function –
Policy Management

USA Based Insurance Company Case Study

Our client runs an insurance company based out of Arizona, the United States, which is also one of the fast-growing insurance companies. They offer various personal and commercial insurance solutions, serving more than two lakh customers and over 10,000 businesses across the US.

insurance policy administration

The Business Challenges

A shortage of employees was one of the core challenges the client was facing.

There was an utter need to boost administrative, clerical functions, and business productivity without disrupting other essential processes.

Moreover, with the increased business volume, the client detected several bottlenecks in policy management that we had to eliminate.

Here, it was challenging for us to streamline policy-related processes, making them flawless and time-efficient.

We were expected to bring a secure and user-friendly insurance policy management platform that could help the client save time and money.

Besides, a substantial technical challenge was that the client needed a cloud-based 360° platform within a short turnaround time for automating policy issuance and overall management of policies.

We are much thankful to team Cogneesol as they streamlined our policy management process with intelligent automation tools.

Our Solutions

Keeping in mind the client’s business challenges, we devised a strategic plan for them and devoted our team of insurance experts to the assigned policy management project.

Our dedicated and reliable team helped the client manage policy administration tasks. With our profound solutions, the client became able to get rid of the hassles and worries related to the recruitment and training for in-house employees. That’s how we solved the resource shortage problem.

We provided our policy checkers with a carefully-created standard checklist, comprising of several mandatory to-dos, which are as follows;

  • Checking for accuracy (before renewing policies)
  • Identifying difference in premiums and changes in rates
  • Evaluating costs
  • Checking coverage changes for renewals
  • Identifying changes in deductibles

Finally, we set up software and tools to automate customer records management, policy renewals, data entry, and manage workflows.

The Impactful Results

As we delivered the completed project within the defined deadline, which brought desired results, the client was impressed as their company achieved business performance stability.

With our highly-effective policy management solutions, the client obtained the following benefits.

The client;

  • Now have a well-defined and easily-manageable policy checking process.
  • Can now efficiently track and manage renewals
  • Has reduced the time taken for policy checking by 35%
  • Has cut down operational costs by up to 50%

Besides these, by allowing Cogneesol to handle their policy management, the client got a considerable amount of time to focus on the better management of other core functions. The client was not only satisfied with service quality but also affordable service costs.

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.

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