The Client:
A US-based specialized insurance solutions provider for social service and non-profit organizations.
Scope of Work
Complete support with:
Policy checking - current policy vs. proposed terms vs. expired policy.
Process Bottlenecks
The client wanted to onboard a service provider who could manage its customer's insurance accounts and policy with a high level of precision and skill, with deep domain expertise and specialized insurance background. Their goals were manifold:
- Reduce average handling time
- Optimize and effect economies of scale
- Establish sustained cost rationalization
Cogneesol’s Optimization Solution
Our team deep-dived into the processes and found that given the specialized nature of the products coverage and the wide range of insurance riders, over 40 different clauses had to be referred to for a single policy checking. Adding to the process complexity was the high frequency of updates to the insurance clauses and riders that had to be incorporated during policy checks.
This thorough study enabled us to design an operating model with reference points to simplify the tasks. We generated a reference rule book for each type of coverage, serving as a ready reckoner to be used along with custom-designed policy checking checklists for different insurance coverages. Alongside, we sorted the policies with the help of exhaustive keywords checklists to reach any page of 100+ policy pages to match the context with the proposal and expired policy.
These reduced the overall time taken to process policy documents while maintaining accuracy and completeness.
Here was a team that understood our ecosystem and requirements immediately and put in place intelligent and practical solutions. Our processes are stronger, leaner, and very agile now. It helps us to do business in extremely efficient ways.
Impact Delivered
Redesigning operating models to cut average handling time and enhance capacity by 40%.
Leveraging our deep domain expertise and vast experience of servicing clients across insurance capabilities, our team brought about lasting value to the client’s operations:
- Improved the average handling time (AHT) of pre-renewal and new policy processing to 1.30 hours and 1 hour per policy, respectively
- Enhanced capacity by ~40% with almost doubling the expanded range of output and clearance of all backlogs in policy issuance
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.
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.
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!
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!
