The Customer
The client is a New York-based risk insurance agency specializing in commercial and personal insurance catering to over 10,000 businesses in the tri-state areas.
Requirement
With growing business volumes, the client was facing several bottlenecks in processing policy checking at the time of renewals. The client approached us to help it streamline its process, and make it error-free and time efficient.
Challenges
Our task entailed scrutinizing each policy for ensuring right correspondence of the coverage with the needs of the client’s customers. There was no room for error, as a slip-up would involve our client in costly litigation battles. Given the huge volumes of renewals, maintaining consistency was a big challenge. Further, explaining the finer details of the changes to the client’s customers, most of whom had little understanding of insurance terms, was another big challenge for our team.
Solution
We coordinated with carriers on behalf of the client to collect policy document well before the renewal process. Based on the reports provided by the carriers, we generated a stratified report, for devising the right way to handle the renewal process more efficiently.
We created and distributed a standard checklist for our team of policy checkers. The checklist comprised mandatory to-dos like checking renewal to prior policy for accuracy, identifying premium difference and rating changes, updating valuation / replacing costs, coverage changes on renewal, changes in deductibles/limitations etc. This approach helped us to compare and match the benefit illustration made to the prospect with due care. All variances and discrepancies were recorded in a document and sent to the carrier for further evaluation.
The entire process of policy checking was scheduled in a way to ensure it was completed within a reasonable period of time. This ensured that the client could send the conditions of renewal to the insured at least 30 days before the expiry of the policy.
Benefits
Our services helped the client reap the following benefits:
- Track and manage renewals more effectively
- Set up a well-defined process for policy-checking
- Reduce policy time checking by 30%
- Cut down operations costs by 50%
