How our team surpassed the pre-renewal turn around time (TAT) by 30 days?

The story of a Colorado-based insurance brokerage firm

Our client is committed to philanthropy, supporting child welfare, homelessness, and second-chance initiatives. They aim to build lasting client relationships and offer tailored solutions beyond just policies.

Known for guaranteeing satisfaction through personalized service, they strive to optimize insurance coverage by reducing risk and enhancing profitability.

90 days V/s 150 days

1. Client's in-house limitations

Last year, our existing client, who previously outsourced their eDocs task to us, approached us for additional staff for their pre-renewal activities in policy processing. The assignment required completion at least 120 days ahead. However, the client's internal team could only manage up to 90 days.

2. Understanding the pain points

We began by asking questions including, but not limited to, what is given below:

• Tell us the top 5 challenges you currently face with your pre-renewal process.
• What is your present approach to data collection and verification?
• How do you ensure consistency in terms and conditions?
• May we know your key performing indicators?
• Which is the most time-consuming task in your pre-renewal process?
• What are your short-term and long-term business goals?
• Please tell us about your existing systems, tools, or platforms.

3. Analysis of the root cause

Basis the answers provided, our team analyzed the root cause behind issues and concluded that:

• The client was not following standard operating procedures, which led to a lack of access to accurate property details.
• Their existing system lacked the required accessibility, flexibility, quality control, and detailed reporting.
• Tasks were not divided into manageable stages, leading to bottlenecks in task completion, etc.

4. Responding to identified issues

In response to the identified issues, we:

• Began sourcing data independently instead of solely relying on the client's resources.
• Divided tasks into several stages to improve manageability and accelerate progress.
• Recognized opportunities for automation and suggested tools that can streamline the process.
• Improved communication, established regular check-ins, status updates, and more.

How we helped drive change?

1. Made a real difference

Through strategic intervention, we completed the task 150 days before the policy renewal date. Exceeding the expectation by 30 days.

"We could not have done it without you this year. Your team has been a tremendous asset, and we are excited to continue our partnership."

2. Enhanced efficiency, productivity, and profitability

Established a systematic approach, reduced bottlenecks, and enhanced overall efficiency.

3. Reinforced our commitment to meeting deadlines

Our proactive stance and timely accomplishment of crucial tasks not only elevated client satisfaction but also reaffirmed our dedication to meeting deadlines.

"They worked when we worked and completed their tasks quickly and efficiently."

Wondering about the other initiatives we pursued to support our client?