Commercial Insurance Client

Overview

Client is a long established leading specialist in insurance and reinsurance business & underwriting at Lloyds market.

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Client Challenges

  • High Turn Around Time and Seasonal peaks
  • Different Manuals/SOPs to refer for each LOB
  • Lengthy Vessel entry resulting in increase in TAT
  • Significant manual effort in entering data
  • Reporting issue due to limitation in the client system resulting extensive manual intervention
  • Difficulty in browsing all the colored PDF documents resulting in high AHT
  • Long training period due to complexity of the LOB’s
  • High number of queries to Underwriters resulting in high TAT

Our Solutions

  • Implementation of Robotic Process Automation to be explored
  • Cross training for different LOB’s can be implemented with in the team
  • Standardization of processes by creating a consolidated manual
  • Implementation of TermsMonitor (Coforge proprietary MIS tool) to capture accurate data and creating multiple reports
  • All document scanning to be done in black and white for easy browsing
  • Electronic Front sheet to be used
  • Option to add for Vessels schedule to be imported
  • RPA implementation along with OCR tool
  • Creation of Test Environment for conducting mock processing before Go-Live
  • Frequent calibration session should be conducted with Underwriters

Benefits Delivered

  • Efficiency increased by 30%
  • TAT improved by 40%
  • Implementation of 1 BOT to reduce manual effort
  • Reduced manual effort through macros, scripts where bots were not required
  • Quality improved to 99%+ from 95%
  • Less manual intervention
  • More scalable
  • Accurate reports and easy monitoring of data
  • Faster and more skilled resources
  • Less queries raised to Underwriters