The Client:
One of the largest and fastest-growing commercial insurance agencies in the USA.
Scope of Work
Complete support with account creation, loss runs management, policy and endorsement review, change incorporation, account servicing, postings, and claims management.
Process Bottlenecks
Being one of the fastest-growing insurers in the country, the client wanted to operate on a lean operating model with continual innovation that would rationalize costs and enhance its competitiveness. Despite using one of the best cloud software for real-time delivery of certificates, the client’s business processes lack consistency. Further, functioning in a competitive market where time is of the essence, the client was looking for sustainable ways to arrive at an optimal time-to-load trucks and certificate issuance in order to reduce costs and increase productivity. It sought efficiency and agility and was looking for a partner who could work in its ecosystem of scale, systems, and business commitments.
Cogneesol’s Optimization Solution
Cogneesol, with a global track record of insurance services, was chosen as the client’s strategic partner for its sustainable transformation in the year 2016. Our team of insurance experts drove standardization, consistency, and efficiency through the shortening of the value chain.
Since there was nil delinquency expected over the omission of any critical context of a certificate, our team reassessed the complete process to arrive at the outcome of eliminating extra steps in regular certificate issuance by not going into the coverage for cases with no changes made by the insured in coverage. Only for cases where the summary mentioned add-on coverage, the team performed three extra steps for certificate issuance. This brought in improved average handling time for certificates issuance and reducing end customer waiting time.
Cogneesol’s team has given us more power to grow! We rely on our efficient processes to draw our future strategies and grow our footprint.
Impact Delivered
What began in 2016 with just 5 people and one process has now grown to a strength of over 50 Cogneesol insurance specialists delivering underwriting assistance, claims administration, and broking operations processes. We deliver value to the client and the end customer by eliminating steps that waste time without adding benefits. Our continuous improvement in our service delivery led to:
- Productivity increased by 20%, with the team processing 96+ certificates per shift per user
- TAT reduced by a whopping 42% to 35 minutes for a request
- Average handling time for certificate requests improved by a range of 10-15 percent through the value chain streamline in the task processes and helped end customers wait less
- Time spent on the road improved by ~10%
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.
Despite the surge in volumes owing to the COVID-19 pandemic, Cogneesol has not charged us higher rates. They increased the team size to help tackle the rising volumes. It has been a relationship of trust and partnership with them. We are happy Cogneesol handles our insurance agency services.
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.
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!
We had inherited legacy systems from a recent acquisition. Cogneesol helped us migrate our processes from the outdated systems to the ones used across the organization and streamlined them in a matter of months. Thanks to them, our processes are now lean and efficient, making our team many times more productive than previously.
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.
