Outsource Function -
Policy Review

The Client:

A US-based insurance agency for commercial and personal lines.

The Client:

Scope of Work

Policy audit including validation of the post bind policy with the information provided by agents, preparation of UW audit sheets for the pre-binding process from loss runs and MVRs, loss run updates, client data management in the organization’s systems.

Process Bottlenecks

Our client was looking for scalable and flexible policy audit solutions that could offer uninterrupted audit completion support to their customers in line with applicable insurance regulatory requirements. The client team’s output was around 10-15 accounts audit a day. This led to delays and backlogs that, in turn, resulted in missed deadlines, regulatory fines, and customer dissatisfaction.

Cogneesol’s Optimization Solution

Backed by our strong domain expertise and deep experience with similar clients, our approach was to carry on thorough due diligence. The investigation report highlighted inefficiencies in the audit processes. Taking the client’s consent, we reduced non-value-add steps from the processes and drew up a comprehensive audit checklist on the basis of coverage across different product lines. Hazards were listed at the top accompanied by related location details, payroll, or sales figures per the category of GL class hazards. This checklist assisted as a specialized document for audit completion without missing the core requirements, important fields, coverage areas, etc.

Cogneesol has taken our capacity to newer heights. We are now highly regarded in the industry. We thank the team for bringing us this milestone and making us efficient and agile.

Impact Delivered

Effected 166% capacity rise, 100% accuracy, and 80% CSAT for the operations of a global P&C carrier.

With the aforementioned efficiencies, our CSAT score touched almost 80%. Additionally, the streamlined and structured approach brought in 100% accuracy, with the number of audits reaching 35 to 40 per day.

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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