56% reduction in policy processing costs for Business Insurance Solution Provider

Problem:

The client is a Business Insurance Solution Provider. They have an in-house team that does policy processing as a part of the policy issuance process carried out by underwriter. While this is a routine procedure for the underwriter, it can get daunting when the number of requests pile up. Our client has a large number of clientele. Their problems were:

Expensive to hire and train an in-house team
Attrition and retraining costs
Time and effort wasted on mundane processes so that they can shift the people to more client facing activities

The client decided to outsource this task to Integra.

Client’s expectation from Integra

Our client wanted us to handle the policy issuance to different markets.

They wanted us to handle tasks such as capturing the customer information, policy details, verify the property risk score, enter property details, attach required documents, calculate the premium appropriately, send back the findings to underwriters in case of any missing or incomplete information and issue the policy to the customer. Some other tasks in the policy checking process include analyzing and evaluating changes requested by the customer, checking if the change request will affect the policy premium.

These are time-consuming processes and expensive to hire and train candidates for such work. The best way to handle this is to outsource the service.

Our solution to the problem 💡

We set up a dedicated team who could take care of the end-to-end policy issuance process. Our team was trained in all aspects of the insurance business swiftly from the client’s point of view.

The team got trained on multiple sub-process, software, client related updates, learnt to communicate directly to Broker and issue the policy on time as per the client’s expectations. All the new policy, renewal, property and liability issuance are completed by Integra team.

Within 2 months of start, our team took over all aspects of the policy issuance process, and to date we continue to effectively issue the policies at a very affordable rate, giving them more than full value for money.

We have experience in working on their popular product lines such as:-

Special Event Liability Insurance
Vacant Building Insurance
Student Rental Insurance
Restaurant Insurance
Property and General Liability Insurance
Restoration and Renovation Insurance
Home Renovation Insurance
Landlord Insurance

Tasks handled 📋

We review Customer quote requests and enter the details in software.
We create new customers in software with details such as name, mailing address, risk location, underwriter name and brokerage.
We enter the Risk Location Address and check the market type.
We check the Risk Score based on the location in a separate portal.
Based on the market we create Quotes and send them to customers for review and approval.
We enter the limit based on the customer request for property and liability.
Add Endorsement – Based on the market, limit and quote we need to upload wordings / endorsement in the software.
Finally we email quotes to the broker person.
We do new binding to issue policy and complete renewal requests for existing customers.
We issue policy
And many more tasks

Result 👍

Reduction in in-house policy checking service costs by 56%
Maximum efficiency with optimum staff level

Our team discussed the pain points of our client in-depth and offered them an affordable service that would give them great savings. Our client can now focus all their attention on more pressing deliverables in the insurance business. Our client is impressed with the quality of our team’s work and the savings achieved for them in the policy processing and issuance process.