Short Term Insurer
Redesign and automation of an Insurer’s commercial quoting process with a reduction in processing time from 2.5 days to 30 minutes
This client operates their commercial insurance business through a network of brokers. The brokers request comparative quotes from various insurers and the challenge is to respond with the best quote in the shortest possible time. The client issues about 6,000 quotes a year and had a team of 60 people processing quotes. Each quote took an average of 2.5 days to process with the underwriter having to log onto multiple systems to produce a 120 page document. The objective was to improve the turnaround time to generate quotes and improve the broker experience
On the back of an opportunity assessment and review of the existing processes we assisted the client with a complete redesign of the commercial quoting process. OCR was used to extract the required policy fields into a standard format before pushing this information using “bots” into the quoting system. This reduced the number of steps in the process and freed up the underwriters to deal with exceptions and to work on custom quotes.
The business objectives of greater efficiency and responsiveness were achieved:
Project Numbers
-99%
Turn around time drop
-92%
Cost per quote
55
FTE reduction