The Client:
A US-based insurance agency for commercial and personal lines.
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.
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.
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.
The team that has been handling our policy management services are experts at U.S insurance regulations and statutory requirements. Their DD and transition timelines are short. This helped us in quick onboarding and swift application of transformative solutions in required areas. The team brought us increased productivity within a very short period.
Our customer satisfaction score has gone up many notches from the time Cogneesol took over our claims management process. They have streamlined the activities making them simpler and quicker. A standard operating procedure was put in place so that service levels, accuracy and timelines could be met. These together have quickened the disbursal process, generating a great deal of goodwill.
Cogneesol transformed our claims process by making it intuitive and extremely customer centric. Our claims submission process is simpler now, with customers easily filling in forms. Further, the claims payment process has been shortened and simplified, thereby enabling quicker disbursal of the claims. Thank You, team Cogneesol, for these valuable structural changes!
It is always important to work with domain experts for critical functions. Our claims management function is one such critical department. We have Cogneesol handling the entire department for us for many years now. The technical expertise they bring to the operations has been ensuring the smooth functioning of every process and their complete compliance.
