Outsource Function -
Policy Administration

The Client:

A full-service MGA and surplus lines broker with a wide range of commercial property and casualty coverages distributed to retail agents through in-house and brokerage markets in the USA.

Scope of Work

Endorsement creation, policy checking, policy issuance, renewal processing, cancellation and reinstatement, driver endorsement, loss runs, binding, submission/rating, and email indexing.

The Client:

Process Bottlenecks

The client’s insurance submission clearance had been plagued with inaccurate and delayed processing owing to the presence of manual interventions and handwritten submissions. These had to be transported into a required format that could be understood by the carrier software, thereby again necessitating manual data entry. They were in need of a faster system that was not dependent on direct agent involvements, did not compromise on accuracy and instead, yielded quicker responses.

Cogneesol’s Optimization Solution

Keenly aware that the main problem area of the process was its manual dependency, our team collaborated with the client to design and deploy a specialized document reading software that reads and understands handwritten entries irrespective of document formats, context, and document structure details. The output of this specialized software is structured data that is required to quote an insurance submission.

By applying natural language processing and natural language understanding capabilities, our team was successful in creating and implementing the document reading software. This can process and read emails, extract information from them and their attachments, run compliance checks or other business rules to provide swift submission of applications for insurance quotation.

Our engagement with Cogneesol has been extremely successful. Their team has helped us do away with our manual processes. Our automated systems now allow us to work smarter and help us in our growth strategies.

Impact Delivered

Creation and deployment of a specialized document reading software for the insurance submission clearance process increased productivity by 46%, bringing in compliance and reducing manual intervention and the probability of errors.

With the deployment of the specialized document reading software, we could affect an immediate spike in volumes processed – from 15-20 submissions per shift during manual operations, volumes now went up to 30-35 per shift. Productivity, thus, increased by 46%.

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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