Enhancing Auto Insurance Policy Administration Efficiency for a UK Provider
Overview
Discover how i-Offshore helped a UK-based auto insurance provider optimize policy administration, reducing processing times and error rates.
Client Background:
Industry: Auto Insurance
Business: A prominent provider managing over 1 million policies, facing inefficiencies in policy administration.
Challenges:
- 7-day processing time for policy changes.
- High manual document handling with a 10% error rate.
- Inefficient workflows leading to operational delays.
Solution
- Automated Document Management System: Implemented an automated system that digitized and categorized incoming documents, reducing manual data entry by 60%.
- Policy Automation Workflow: Developed automated workflows for policy changes, renewals, and endorsements, decreasing processing time from 7 days to 2 days.
- Enhanced Customer Support: Introduced a dedicated customer support team trained in new systems, improving response time to policy-related inquiries by 50%.
Outcome
Processing Time Reduction
Error Rate Reduction
Result
Processing Time Reduction
Average policy processing time decreased by 71%, from 7 days to 2 days.
Error Rate Reduction
- Error rate in policy administration dropped from 10% to 2%.
Result
- Customer Satisfaction: Customer satisfaction scores improved by 35% due to faster and more accurate policy handling.