The client is a leading insurance broker based in the United Kingdom (UK). Its objective was to develop a smart underwriting (smartUW) solution that would improve productivity and at the same time enhance cost savings.
The client wanted to embrace a futuristic solution that could evaluate risk effectively. Some of its business challenges included weak organizational structure, poor productivity, complicated workflows, slow operational processes, and increased costs.
To achieve the set objectives, the solution was structured as follows:
• We implemented a smartUW solution that provided digitally-enabled platforms for self-service, which ensured transparency in operations management
• Our dedicated delivery excellence team ensured continuous improvement throughout the program lifecycle
With our smartUW solution, our client was able to:
• Improve full time equivalent (FTE) savings by 28 percent
• Enhance net promoter score (NPS) by 20 points as a result of expanding customer interaction channels
• Increase ‘speed-to-quote’ and ‘quote-to-conversion’ funnel efficiency by 40-45 percent
• Reduce underwriting time and efforts to focus on enhancing customer experience and revenues
• Increase cost savings by over £100 million