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.
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%.
Other Client Stories
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.
Policy issuance was a problem area at our end until a couple of years go. We reached out to Cogneesol for policy checking services. They came in with expert understanding of the statutory requirements and worked out a process flow that not only eliminated errors but also required less time. These in turn reduced costs for us.
Cogneesol established stringent quality parameters and timelines right at the beginning of our association. Owing to these SLAs, our insurance policy check process underwent a transformation within a short period. Soon we had streamlined validation and review process that were both in-depth and time saving. We are grateful to Cogneesol for these efficiencies!
Cogneesol has made an exhaustive checklist of processes required for policy-checking. This list is like our holy grail. It has made our policy checking process error free. We can now issue policies within short timelines after all the necessary checks and underwriters’ inputs. Cogneesol works on short timelines and reasonable rates. Perfect for small agencies like ours.
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.
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.
