Software development
In today’s rapidly evolving insurance landscape, global insurers recognize the paramount importance of updating and maintaining an agile online policy system. As customer expectations shift towards seamless digital experiences, insurers must adapt to remain competitive.
We were approached by a global insurer who was looking to not only enhance operational efficiency but also provide their customers with the flexibility to manage their policies in real-time.
Develop an application to increase team efficiency by reducing manual-processing task and streamlining overall workflow.
Working globally with our client and subsidiary, we created a secure online application allowing brokers to purchase insurance coverage.
The impact on team efficiency was very noticeable. Brokers now had the capability to receive, quote, and bind policies in a matter of minutes, versus the previous manual and time-consuming processes.
Our client’s interactions with brokers were laborious, relying on manual phone calls and spreadsheets, with no automation in place. This lack of automation made it difficult to track and quantify conversion ratios of inquiries to policies, hindering their ability to assess performance accurately.
Furthermore, their inquiry fulfillment process was protracted, taking several days due to manual procedures, causing delays and inefficiencies. The prevalence of data entry errors added to their operational challenges, as there was no defined, repeatable workflow to mitigate these issues.
Lastly, the inability to monitor risk exposure for different geographic regions left the company exposed to potential vulnerabilities. We were enlisted to transform these pain points into streamlined, data-driven processes, enhancing their operational efficiency and risk management capabilities.
We provided a secure and user-friendly website that enabled brokers to efficiently purchase terrorism insurance, replacing the manual and time-consuming processes that were previously in place.
Additionally, we provided a secure API, facilitating seamless integration with third-party software into the policy binding workflow. This integration not only improved efficiency but also enhanced data accuracy and reduced errors.
To further streamline operations, we automated various manual processes and established clearly defined workflows aimed at eliminating the delays and uncertainties that had plagued the company in the past.
By standardizing and streamlining the workflow for purchasing terrorism insurance, we enabled the company to achieve unprecedented efficiency and speed. Brokers now have the capability to receive, quote, and bind policies in a matter of minutes, a remarkable improvement over the previous manual and time-consuming processes.
Moreover, our data solutions empowered our client and their subsidiaries with the ability to generate both canned and ad-hoc reports effortlessly. This newfound capability to analyze conversion rates and assess risk exposure in real-time has elevated their decision-making process and overall strategic approach.
Our solutions not only resolved their immediate operational challenges but also positioned the global reinsurer as a data-driven industry leader with a competitive edge in the dynamic reinsurance landscape.
Upon the launch of the new application, the benefits were immediate:
Discover how Green Leaf Consulting Group’s strategic IT solutions can bring you growth through technology. Contact Neil McCole at neilm@greenleafgrp.com or (484) 535-4405.