Xceedance collaborated closely with the insurer to reinforce and boost its existing processes, resulting in a productive ongoing partnership yielding quantifiable results.
A North American insurer intended to enhance the efficiency of its pre-quote processes. In pursuance of this goal, the insurer had three main strategic objectives: simplifying and streamlining underwriting processes, expanding its business, and increasing overall profitability. Another ancillary goal was to improve the overall profitability of the insurer’s analytical processes. To facilitate the achievement of these primary and subsidiary goals, Xceedance assembled a joint team with heterogeneous skills and experience with deep knowledge of loss compilation and loss codes. Our team comprised subject matter experts and company representatives with in-depth knowledge across the healthcare, casualty, property, workers’ compensation, and marine insurance domains. The Xceedance team built relevant macros combining them with a web-based tool called WFMS, which facilitated work allocation and streamlined workflows. This reduced the several hours expended on manual labor daily. Additionally, we created SQL checklists to enable faster analysis of application data, saving about fifteen to twenty minutes per account.
The Xceedance solution helped the insurer automate repetitive tasks, freeing up time for strategic decision-making and giving the underwriters some overlap time with Xceedance analysts to expedite rush opportunities. Further, our solution allowed the underwriters to shift focus to complex underwriting tasks. Additionally, we reduced the cost of UT/UA operations and generated significant time savings for the insurer.
