A North American casualty company wanted to make the analysis of its pre-quote work more efficient to address its objectives, which were:
To address the client’s strategic requirements, we assembled a joint team comprising company representatives and experts from Xceedance with deep insurance experience across casualty, healthcare, property, marine, workers’ compensation, and other lines of business.
We were charged with making the client’s analytical processes as efficient as possible. Because our team had the knowledge to accurately compile losses and was familiar with the appropriate loss codes, we built macros and combined them with WFMS, a web-based tool, for work allocation and flow. In doing so, we reduced several hours of manual labor per day. We then created checklists in SQL to help analyze application data faster, saving 15 to 20 minutes per account.
For the insurer to meaningfully assess the outcomes of the project, we applied these evaluative indicators to the project:
Free up time for the client to focus on critical decision making by automating standard processes and only escalating exceptions
Expedite rush opportunities by giving underwriters four to five hour overlaps with our analysts
Free up time for underwriters to focus on complex underwriting tasks by taking on most UT/UA requirements
Reduce cost of UT/UA operations
The effectiveness of our hands-on work for the client has resulted in an ongoing partnership to further strengthen and improve the business.
VOICE OF THE CUSTOMER
This work product and its time-savings are extraordinary. Now I’m getting really excited to work on these accounts.
AVP – Underwriting, Global Commercial and Specialty Lines Carrier
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