With increased speed to market driven by the rise of insuretechs, it is critical now more than ever for insurance companies to focus on achieving optimal process efficiency.
Investing in transforming legacy processes to achieve optimal process efficiency means many things to different insurers. From using robotic process automation (RPA) to reduce processing time, expediting new business quote processes, or even leveraging data-driven insights to dramatically increase gross written premium (GWP), now is the time to invest in transforming processes to achieve greater results.
Here are three examples of insurers who achieved optimal process efficiency:
- Guardian Group leveraged RPA to see a 20% reduction in claims-related processing time.
Guardian Group needed to consolidate, standardize, and automate manual data entry and processing activities. Doing so would reduce labor costs and errors, eliminate rework, improve cash flow, shorten turnaround times, and enhance their overall customer experience. An engagement directive by Guardian Group was to minimize impact to their existing, core legacy systems. Sutherland implemented processes to digitize forms, introduce smart workflow and document management, RPA for data entry and decisioning, customer relationship management and analytics. After successful implementation, RPA and digital transformation solutions netted a 20% reduction in claims-related processing time. Click here to learn more.
- A global insurer netted an 87% decrease in turnaround time for generating new business quotes.
In today’s competitive insurance market, time is money. That includes time to generate new business quotes, time to process claims, time to enter policy changes into your legacy system. This global insurer grew quickly through acquisition and engaged Sutherland to consolidate their 45 systems into 12, and streamline processes for writing new policies. By mitigating complexities that come from growth through business acquisition, Sutherland drove new efficiencies that drove an 87% decrease in turnaround time for generating new business quotes. Click here for the full story.
- An international insurer leveraged data-driven insights to see a 54% increase in GWP.
Increasing productivity and achieving top-line revenue growth are common goals for all insurers. Sutherland was engaged to conduct catastrophe risk modeling for an international insurer, enabling them to better conduct an in-depth analysis of each policy. Our teams transformed training programs, hired experts in property and casualty insurance and reinsurance, and leveraged industry leading technologies which enabled them to see a 54% increase in GWP over a brief 3-year period. Click here for more details.
Process transformation can lead to many positive outcomes. For the cases above, our insurance clients are embracing the pace of change and are reaping the many benefits that come from transformed operations.