Outsource Function -
Policy Management

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

Insured claims probability, at the client end, was impacted if the validation of policy contents were not in consonance with bound quotes and related terms and conditions. This required an intensive policy checking team with underwriting assistance capabilities to read through the policy. With limited underwriters at the client end, they needed a scalable client servicing model in operations to service new and renewal client policy checking and issuance.

Additionally, they wanted to identify the drivers for customer retention.

Cogneesol’s Optimization Solution

A decentralized system of policy coverage line existed at the client end. Our proposal was to consolidate and centralize the system in order to effect efficiencies.

In addition to this, we designed a standardized checklist with all the areas of coverage applicable. Our intent was to enable each agent to offer quick and complete resolution using a unique customer id that would enable the verification of policy contents against available backups.

Cogneesol’s domain-certified specialist team provided insights and guidance to differentiate between critical and non-critical areas in the policies that further helped us to design a rule book based on the terms and conditions of different coverages term and conditions. This rule book served to be an important tool to measure coverage-related validation in the policy checklists.

Thus, this revised operating model of policy-checking through the exhaustive checklist brought about parity across required reporting standards on the accuracy of policy vis-à-vis requisite backups.

Cogneesol has been instrumental in setting our house in order. Our policy checking process is now robust and agile and conforms to required timelines and quality standards. We are grateful to the team that works for us!

Impact Delivered

Deployed intelligent operating model to drive 58% productivity increase and 90%+ CSAT for a US-based MGA and Surplus Lines Broker.

As a result of our introduction of an intelligent and skimmed operating model, we were able to meet the policy checking timeliness SLAs and catapulted CSAT to ~98%. The time saved with the introduction of the new operating model also enabled us to increase processing volumes -- we went up from 12-15 policies per shift to 20-24 policies per FTE per day, thereby effecting a productivity increase of 56%.

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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