AUTOMATED the COI process, achieving 80% pass-through rate, 68% TAT reduction, and 77% efficiency gains
ENHANCED customer experience and CSAT scores through streamlined operations
PREPARING for future efficiency gains with advanced machine learning and tech enhancements
Client
US-based insurance agency offering commercial insurance products for the transportation and logistics industry
Scope of Work
COI to be made available shortly before shipment; TAT to be under 20 minutes with multiple input sources and formats
Geography Serviced
North America
Industry Serviced
Logistics
Client’s Challenges
Manual processes hindered efficiency, increased costs, and led to errors, impacting customer satisfaction.
The client’s, an insurance agency, operations faced delays with longer turnaround times (TAT) owing to manual processes, which not only escalated costs but also heightened the risk of errors. These inefficiencies led to suboptimal customer experiences, resulting in low customer satisfaction (CSAT) scores.
Impact Generated
COI automation achieved an 80% pass-through rate, 68% TAT improvement, 77% efficiency gains, enhanced customer experience, and set the stage for future machine learning enhancements
In the immediate aftermath of administering the COI automation, we achieved an almost 80% pass-through rate, that has only improved with more invoices. This led to significant client impact:
- TAT improved by more than 68% bringing down costs
- Delivered 77% efficiency benefits in process
- Enhanced customer experience, and improved road time for customers
Our automated COI solution has paved the way for advanced machine learning integration in the near future. We are already exploring further avenues for improvements in efficiency and accuracy through further tech enhancements.
Cogneesol’s Solution
We employed a phased approach by first streamlining the manual COI process, and then leveraging technology to standardize inputs and enable self-serve COI generation
Cogneesol approached the COI process transformation in two stages:
- Stage I - Laid the groundwork with manual precision: Our first concern was to fix the manual process, make it quicker and error-free by replicating the as-is existing process. This laid the foundation for a deep understanding of the workflow, and created a solid baseline for transformative improvements
- Stage II - Administered technological innovation: With deep insights into the process, and potential for technology thus identified, the team standardized data inputs into a common database, and created a self-serve, automated application to enable policyholders to generate COI on their own
