Securing Loyalty: Boosting Policy Renewals and Customer Retention for a Global Specialty Insurer with Strategic Innovations
Overview.
The Property & Casualty (P&C) insurance industry is rapidly evolving towards streamlined processes and efficient data management. Current trends emphasize the adoption of unified systems for better integration and analytics. This case study explores Coforge's role in transforming a P&C insurance business by enhancing their Salesforce setup and integrating Guidewire Policy Center. Readers will gain insights into achieving improved insurance policy management and operational efficiency.
The client, a Property & Casualty (P&C) insurance business, was undergoing a transformation, with the aim of streamlining processes and efficient data management. They were implementing the new Guidewire Policy Center (PAS) to consolidate their Property (PI), Liability, and Inland Marine (QDOS) lines of business into a single, unified system.
Their current Salesforce setup had separate instances for QDOS and PI, creating silos for Intermediary (Broker and Partner) data. This made it difficult to get a holistic view of intermediary performance across both business lines.
Solution.
Coforge helped in enhancing the QDOS instance of Salesforce to deliver the Broker and Partner onboarding, hierarchy management and opportunities/leads functionality. We implemented the following steps for solution:
Utilized Strategic integration platform (AIS) to synchronize party data, policies, and premium information with Guidewire (including customers, partners, and brokers).
Leveraged CRM Analytics for PI business requirements related to reporting on transactional data and Leads / Prospects analysis.
Leveraged best practices for data privacy & security.
