A US-based specialty insurance distribution company.
Scope of Work
Submissions and Motor Vehicle Record (MVR) Review
The client’s in-house MVR review process had become time-consuming, riddled with many checks and operational dependencies. From the time a driver’s records were received by the team to the validation of said records, operational inefficiencies caused unnecessary delays.
The client was in need of a lean operating model that ensured checks and controls reducing manual touchpoints to bring in efficiency, quality, and compliance.
Cogneesol’s Optimization Solution
Our team of experts conducted exhaustive due diligence to map the as-is process. Lag areas were identified, and in consultation with the client, we designed a macro-based data run that picked insured inquiries to assess the eligibility of drivers. On the basis of the report from this macro run, our team could determine if a driver met the required parameters to be added or not. This led to substantial time savings as now, the client has a ready report on driver’s eligibility and can utilize their underwriters’ time for other core processes.
With Cogneesol’s help, we have been able to embark on efficient, smart, and quality operations. Our team has been able to work on more accounts owing to the ease and accuracy of record validation now. The ready-reports have enabled us to increase our scope and scale of work.
Designed and deployed an automated MVR process that yielded an 86% productivity increase, met quality SLAs, and strengthened compliance for a US-based specialty insurance distribution company.
The automation of the MVR review led to an immediate improvement in the quality of the insured's driver data validation. In addition to this, our team could pass on more than 86 percent of productivity benefits to the client. Armed with this new model, the client organization maximized its cost of operations. This, in turn, boosted their growth and market share.
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.
We had inherited legacy systems from a recent acquisition. Cogneesol helped us migrate our processes from the outdated systems to the ones used across the organization and streamlined them in a matter of months. Thanks to them, our processes are now lean and efficient, making our team many times more productive than previously.
Cogneesol provided us customized insurance BPO services and helped us reduce our field inspection cycle by identifying processes that could be accomplished digitally by the claimant as well as the field officers. Additionally, their self-service app has brought down inspection costs significantly and has dramatically improved our claim servicing timelines. Thank you Cogneesol for making us so efficient!
We have been witnessing a rise in insurance claims owing to the COVID-19 global pandemic. To tackle it, Team Cogneesol has been adapting with us to changed ways of working with their reliable insurance back-office support, helping us in the timely handling of 100% of the claims. Despite the difficult times, we have been able to retain our customers’ trust. Much of the credit belongs to Cogneesol!
We had been struggling with commission management and reporting for some time. That’s when we signed up for Cogneesol’s insurance agency services and have not looked back since! They came on board, swiftly streamlined our processes and enabled timely monthly reporting. The team are experts in the field of insurance and that makes a world of difference!
Despite the surge in volumes owing to the COVID-19 pandemic, Cogneesol has not charged us higher rates. They increased the team size to help tackle the rising volumes. It has been a relationship of trust and partnership with them. We are happy Cogneesol handles our insurance agency services.