Deployed Intelligent Operating Model to Drive 58% Productivity Increase and 90%+ CSAT for a US-based MGA and Surplus Lines Broker

The Client:

Our client is 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

Streamlined policy checking, policy issuance, and renewal processing.

The Client:

Process Bottlenecks

The client, a U.S.-based full-service Managing General Agency (MGA), new business functions was being impacted due to the validation of policy contents, which were not in consonance with bound quotes and related terms, plus conditions due to the data structure limitations at the client end, and a decentralized model. The process required a thorough policy checking team to ensure client was underwriting the right risk with the required accuracy both during new business and renewal stage.

Limited underwriters at the client end, the decentralized operating model and no underwriting support, resulted in process inconsistencies and delays leading to significant business losses.

Cogneesol’s Optimization Solution

We set off with the aim to re-invent the operating model, and make it scalable and profitable as per the underwriting strategy.

Through centralization & standardization, Cogneesol created a smart & intelligent operating model bringing in increased productivity and profitability.

  • #1 The first step was to build a centralized Underwriting support model to augment the client's underwriters. The operating model ensured that the client's underwriters focused on the core business, while Cogneesol's underwriting support team took care of all ancillary activities. The operating model led to standardization of data, and freed up the underwriters' capacity.
  • #2 We then created a rule-book based on the terms and conditions of different coverage terms and conditions. This rule book served to be an important tool to measure coverage-related validation in the policy checklists. Using the standardized data, we generated insights for the client around profitability, underwriter efficiency, channel profitability, product profitability, forecasting, quote to submission ratios, retention etc.

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

  • Improved TAT from 62% to 96%
  • Productivity portfolio improved by 20% Client's
  • Underwriter capacity released by ~50%
  • Improved customer retention by 9% from 58% to 63%

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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