A US-based leading multi-line insurance agency working across property and casualty product lines.
Scope of Work
Complete support with:
- Policy cancellations
- Policy renewals
In the cut-throat competitive marketplace of policy sales and renewals, the client was losing ~35% of its clientele to competitors because of delays in policy renewal. They approached Cogneesol to assess and provide operational expertise, including technology options for streamlining and optimizing the renewal process and reducing customer attrition.
The client had a product-based structure, where the work distribution was uneven -- high volumes in one product line compared to the other. This was leading to inefficiencies both at a process and cost level. To top it, the client relationship leads were spending time on non-value tasks such as data entry rather than relationship-building activities.
The goal was to reduce the policy-renewal lifecycle with cost-effective and sustainable measures.
Cogneesol’s Optimization Solution
Our teams engaged with the client to assess the as-is operating model and provide an optimum process focused on reducing non- value adds. We undertook the following measures:
- Segregated existing operating model as per tasks to identify non-value-add steps
- Creation of new operating model by segregating core vs. non-core tasks
- Creation of shared services for all non-customer facing activities
- Worked with client process owners and IT teams to redesign workflows on various systems to enable access across different product lines
We have been able to curb customer flight in a big way, thanks to Cogneesol. This has improved our topline as well as our bottom-line. The team knows their job well!
Re-engineering of policy renewal operating model and optimized interventions increased customer retention by 90% and productivity by 26%.
Cogneesol’s optimized model resulted in an immediate turnaround of the renewal process’s performance. All renewals began to be pitched within a framework of 90 days before the impending renewal date. This resulted in:
- Increasing customer retention by 90% from the previous 65%
- Efficiency gains of more than 20% through consolidation
- Productivity rise of 26 % through 24 renewals per shift that was previously pegged at 15 renewals per shift
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.
My office is completely dependent on Cogneesol’s litigation support services. The team that services us has been steady over the years, are completely aware of our Acts and laws, stay updated on all amendments and latest updates. So, when we send out assignments to the team, it doesn’t require too many rounds of explanations or iterations. They are an extremely bankable bunch!
Be it for our motions or our pleadings, case after case, Cogneesol has exhibited an unerring commitment to service excellence, quality, thoroughness and timeliness. They literally function like our own in-house team! Such is the comfort level now. Their deep expertise give us the confidence to delegate to them all our litigation support assignments. Add to this their reasonable rates! We strongly recommend Cogneesol!
Through the last three years of our association with Cogneesol, we have come to depend on their drafting support completely. They are experts of various laws and regulations; their drafts are accurate and complete; do not require undue review efforts. They make it easier and faster for us to build our cases.
Thank you, researchers, for your extensive research and inputs for the BC Court of Appeal case. I am happy to confirm that the firm could present a strong appeal thanks to the thorough drafted factum. Your strong understanding of the law and the related regulations give us confidence for stronger representation in the future. You make us a formidable team. Thank you!
Today, we rely on Cogneesol for handling most aspects of our law firm’s back-office operations. It had started with the basic yet crucial document review tasks. Their excellent service delivery simply led to widening the scope of work and now, we also depend on them for contract abstraction, drafting, and management. Not only do they deliver quality service, they are also reasonably priced helping us stay cost efficient.