Xceedance helped the client achieve rapid expansion by increasing the policy issuance workflows’ efficiency, accuracy, and scalability.
A global insurer was looking to expand its presence in the US and introduce several new products. Heavy reliance on manual processes and a lack of synchronicity across different functions and stakeholders made achieving these goals challenging. The insurer intended to enhance operational efficiency to maintain a competitive advantage. Addressing these challenges and developing a suitable solution would involve publishing critical business metrics, managing external systems, maintaining form, including aspects such as branding and formatting, and transitioning from manual process to robotic process automation.
The Xceedance team that facilitated this transition created detailed process maps and operating procedures, established service standards for various departments and regions, and tracked policies from bind to issuance. This engendered accountability across the different processes and functions. The team also published performance indicators to evaluate departmental, broker, underwriter, and product performance. Additionally, the team integrated a number of client’s applications and systems, including service standard monitoring logs and form extraction from global sources. Bulk production of COIs and standard policy forms were automated. RPA implementations resulted in a significant reduction in processing and turnaround times with a corresponding increase in accuracy and efficiency. Overall, the Xceedance solution improved service quality, accuracy, and scalability while reducing costs and time.