Xceedance enabled a single state U.S.-based insurance carrier to expand business operations to additional states, accelerating time-to-market and onboarding several new agencies.
A P&C insurance carrier based in the U.S. carrying on operations in a single state, across personal and commercial lines, wanted to expand its business operations to other states in the country. The insurer had already determined the policy system for its personal lines; however, it faced several challenges with respect to implementation and delivery timelines. One of the main priorities for the insurer was ensuring that the new system adhered to customer experience and transactional accuracy standards.
To address the insurer’s concerns and fulfill its objectives, Xceedance formed an interdisciplinary team that comprised different operations units, with each unit focused on either technology, insurance, or consulting. After evaluating the product filings for the intended markets in the new states, the team tested and assessed the capabilities of the new system across the rate, quote, issue, bind, and renewal processes. The team also validated data inputs provided by third parties. Xceedance enabled the client to launch its business operations in several other states, streamline channel management, validate the information architecture and devise a comprehensive roadmap reducing the time-to-market significantly. Due to the success of the overall implementation, the client sought our consulting services to examine its commercial lines of business and devise a framework for technological and operational optimization.