Our client is one of the top 100 Property & Casualty insurers in the U.S. with a $1.1 billion in DWP. They are a mutual insurance company primarily focusing on Personal, Commercial and Specialty insurance coverage.
The client's business strategy revolved around sourcing business through agents and brokers, emphasizing their commitment to being agent-friendly and valuing real, human interactions in the market. Their clear external positioning aimed to provide exemplary services to agents in the region, offering timely support, competitive quotes, and highly incentivized plans to cultivate strong and lasting relationships with their agent network.
The client’s concern was that their Underwriting process was highly dependent on the knowledge and experience gained by individuals, rather than being driven by a structured process. This concern was intensified by the challenge to attract young and new talent due to their geographic disadvantage as well as the presence of legacy systems that hindered their overall progress.
Coforge played a pivotal role in supporting them to reduce underwriting expenses and drive more profitability.
Our long-standing partnership and strong business acumen enabled us to quickly understand the customer needs, allowing us to work with a clear and effective strategy.
The 3 differentiators in our approach were:
We empowered the Underwriters with a comprehensive risk overview at any point in the journey. Key differentiator was our partnership with Terrene Labs, enabling us to access around 3000 data elements from multiple 3rd party sources, significantly expediting the loss control and survey process from days (sometimes even weeks) to few minutes.
This simplified, end-to-end approach enhanced the timeliness, confidence, and quality of agent servicing while reducing the underwriting expenses.
The implementation of our solution led to several tangible outcomes including:
For more details, e-mail: insurance@coforge.com or visit www.coforge.com