Client Profile:
A trucking insurance firm based in New Jersey ventured into the evolving market of insuring Ubers, Black Cars, Limousines, Taxis, and Car Services. Consequently, they knew they needed to update the policy administration system for their established commercial trucking division.
This insurer had no tech infrastructure for the new initiative and an outdated policy system for their current trucking offering. So, they sought a transformative approach to policy administration that would optimize operations, alleviate workloads, elevate quality, and reduce costs.
Key Challenges:
- Immediate market entry: The need to issue policies instantly upon state filing approvals.
- Client and Agent Empowerment: Facilitate direct quoting and policy issuance for consumers and agents with an enjoyable user experience.
- Agility in Change Management: Ability to swiftly add new states and easily configure frequent product modifications.
- Resource Constraints: Address issues related to staff retention and turnover for back office administrative tasks.
- Process Enhancement: Eradicating data entry redundancies and backlog, optimizing the use of third-party content to enhance data quality.
- Claims Reduction: Incorporating event monitoring video cameras in customer vehicles to ensure unbiased accident reporting.
The Solution: Solartis Policy Administration, a Seamless Blend of People and Tech
Phase 1: Immediate Action through Solartis Administer BPO Services
Solartis provided instant policy administration services through Solartis Administer. This not only ensured immediate revenue generation for the client but also gathered the requirements and laid the groundwork for a more extensive technological solution.
A dedicated team from Solartis guaranteed proposal, policy, and endorsement issuance within 24 hours. In addition, Solartis provided them with total transparency into all provided services using the Solartis proprietary workflow and reporting tool, OptimX.
Phase 2: Technology Integration with Solartis Insure microservice policy platform
Building on the insights gained from the initial phase, Solartis configured its policy administration platform, Solartis Insure. The result significantly enhanced process efficiency by automating manual, redundant tasks. This overhaul increased accuracy and integrated third-party tools to reduce dependence on outdated methods.
To further empower agents and consumers:
- Agents were equipped with a simplified user interface, enabling them to generate quotes and proposals swiftly.
- Consumers got a custom, enjoyable web portal to independently quote and acquire insurance.
To address resource challenges, the customer continued to leverage Solartis BPO services for tasks better suited for human intervention than technology.
Outcomes:
By embracing Solartis Policy Administration Services, the NJ-based insurance carrier seamlessly integrated people and technology. This propelled them forward in a competitive market, allowing them to maintain an edge and continue growing their footprint.
The blend of Solartis’s people-oriented approach with its cutting-edge technology solutions enabled the client to:
- Generate immediate revenue.
- Achieve enhanced process efficiency.
- Realize swift product and service turnarounds.
- Deliver exceptional customer service.
- Expand rapidly into new states and territories.
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