Outsource Function -
Policy Management Services

The Client:

A US-based leading multi-line insurance agency working across property and casualty product lines.

Scope of Work

Complete support with:

  • Policy cancellations
  • Reinstatements
  • Policy renewals
  • Endorsements
The Client:

Process Bottlenecks

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!

Impact Delivered

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

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.

Get in Touch With Us

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