Pathfinder Helps Automate Insurance Placement Process
Challenge:
Our client, one of the largest insurance brokerage firms, needed a better way to service their large accounts, many of which would have dozens of policies covering a wide range of risks. The end-to-end process involved collecting underwriting information (often from locations all over the world), sharing it with vendors, obtaining multiple quotes and presenting the options to their clients. Our client wanted to create a paperless process that would automate the entire stream between them, their clients and their suppliers (the insurance companies).
Project Goals:
- Centralize information from regional offices
- Organize and automate the underwriting process
- Share vendor information – measure performance
- Capture compliance information – documents, emails, etc.
- Share best practices – i.e. binder and policy templates
- Provide customer snapshots – with drill down
- Automate manual tasks
Obstacles:
- Migration of data into new system
- Definition of new processes
- Change management – new processes & elimination of alternatives
- Balancing privacy/security with benefits of sharing
Solution:
Part 1 – Portal with Open Text Livelink for Workflow & KM/DM
- Automatic taxonomy & categorization
- Ability to search and view documents & communications
Part 2 – Create a fully automated, paperless placement system
- CRM
- Electronic capture of policy and underwriting information
- Selection of vendors, electronic submission
- Electronic collection of quotes and preparation of
- Comparison reports for client
- Automatic generation of binders and policies
- Analytics
Impact:
- Improved vendor management – Able to rate and compare vendors’ performance across offices, resulting in better rates
- Improved customer service
- Online ability to review, print, sent client portfolios
- Ability to analyze policy costs across client, across vendors
- Improved end to end placement cycle times
- Reduced placement process time 30%
- Reduced placement labor by 50%