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.
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%
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.
Policy issuance was a problem area at our end until a couple of years go. We reached out to Cogneesol for policy checking services. They came in with expert understanding of the statutory requirements and worked out a process flow that not only eliminated errors but also required less time. These in turn reduced costs for us.
Cogneesol established stringent quality parameters and timelines right at the beginning of our association. Owing to these SLAs, our insurance policy check process underwent a transformation within a short period. Soon we had streamlined validation and review process that were both in-depth and time saving. We are grateful to Cogneesol for these efficiencies!
Cogneesol has made an exhaustive checklist of processes required for policy-checking. This list is like our holy grail. It has made our policy checking process error free. We can now issue policies within short timelines after all the necessary checks and underwriters’ inputs. Cogneesol works on short timelines and reasonable rates. Perfect for small agencies like ours.
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.
