Case Study

 

Customer Challenge

 

Business Need

As a leading pioneer of alternative risk management programs, this large insurance group works with many managing general agencies. For non-workers’ compensation casualty and property lines, the agencies billed policies through their systems on an account current basis. Since the premium collection had to be reconciled to the premiums due in the large insurance group’s system, a monthly reconciliation was performed. Some carriers would push this back on their agencies, forcing them to pay premiums from a company statement. The entire process was labor-intensive and costly.

“Each month the agents render an account current report (or Excel file) to us. These are formatted, printed, and manually keyed into the Advantage System approximately 45 days before payment is rendered. This process requires a great deal of manual effort and presents many opportunities for data entry errors," explained the Senior Vice President of the Insurance Group.

IT Issue

The large insurance group IS Manager was most familiar with the challenge his company faced. “We receive account current data from our agents on a monthly basis,” he said. “The data came to us in various formats (usually non-standardized Excel spreadsheets) via email. That data had to be manually entered into our Advantage system, a MS.NET-based system accessed through the web with an MS SQL database on the back end.” Data entry involved manual data look-ups to ensure incoming data was correct and applied to the correct policies. This created a “held-batch” that was later released to this large insurance group’s master policy tracking system once the actual check was received. “The processing time for the creation of the "held-batch" for our four largest agents was approximately 27 hours per month,” he said.

 

Cleo Solution

Because it could integrate data and automate repetitive processes, this large insurance group chose Cleo’s Workflow Advantage solution for business process management. Cleo proposed a solution that consisted of an automated upload of the agency premium and payment data and worked with their existing system to validate the incoming data against its policy database. As part of the project team, Cleo trained a select group of IS personnel and provided solution delivery and on-the-job training. “Using the solution, we were able to enhance customer satisfaction, improve cash flow, and reduce costs of repetitive manual human processes.” said the Senior Vice President of the Insurance Group. Cleo’s Workflow Advantage - a proven technology -helped this large insurance group meet their business objectives while delivering a competitive advantage. The group’s customer satisfaction continues to receive high marks, the company’s cash flow is much better, and related manual processes are a thing of the past.

 

Success Snapshot

Size:: 68,000 Employees & More Than18,000 Agents
Profile: More Than 80 Years of Expertise With 85 Million Policies & Accounts
Software and Services: Workflow Advantage
Vertical Industries: Insurance
Country/Region: United States & Canada.
Business Need: Automate Repetitive Processes
IT Issue: Integrate Data

 

 

Insurance Group Case Study - PDF