The Client
Solution Underwriting (now CFC) is a multiline insurance underwriting agency. They faced a common industry challenge - excessive manual processes that impeded growth and hindered the ability to provide consistent, high-quality customer service. To streamline operations and bridge gaps in their Policy Administration System (PAS) and online quoting tools, they turned to Digital Experience Labs and the Decisions no-code automation platform.
The Challenge
CFC recognised that their team members were working harder than necessary to maintain the high standard of service for which they had become known. Their policy administration was plagued with manual processes and fragmented data, and the technologies supporting new business required a lot of manual work and double entry. The result was unnecessarily long and cumbersome processes, making it difficult to provide timely quotes, and maintenance processes that relied on tribal knowledge and hard work.
- Double handling - disjointed systems meant employees spent more time handling documents and data than servicing their clients.
- Too much time spent doing small things.
- Systems that don't talk to each other.
- Manual processes that could be automated.
- Sending renewal invitations individually was time consuming.
- Stamp duty processing and the renewal process were heavily manual.
What We Did
We digitised and automated significant parts of the policy lifecycle using the Decisions platform:
- Introduced a new rating tool that digitised and dramatically enhanced the multi-product rating experience for clients and employees.
- Leveraged Decisions' no-code rules and workflow engine to introduce intelligence and automation to the new business and renewals journeys.
- Built sustainable integration with the Policy Administration System (WinBeat) to create and manage policies.
- Established proactive notifications for brokers, clients and employees on key policy events.
- Automated policy renewals with task management, quote generation, notifications, and personalised correspondence.
- Automated the generation of dynamic, personalised policy documents - schedules, letters, certificates of currency and more.
Digital Experience Labs provided CFC with a dedicated team of experts who worked closely with them to implement Decisions and ensure its success, including ongoing support and training so CFC could confidently build and maintain the platform themselves.
The Outcome
The project delivered a greater than 50% reduction in time to complete a broker quote and bind a policy. The process automation solution also increased the accuracy and consistency of underwriting decisions, allowing the company to make better-informed risk assessments and provide more competitive insurance products to their customers.
The solution provided real-time visibility into the status of broker quotes, enabling CFC to track and monitor the progress of each quote and make informed decisions about the allocation of resources. This increased the overall efficiency of the underwriting process, reducing costs and allowing CFC to remain competitive.
Client Voice
"With support, guidance and input from Digital Experience Labs, CFC has been able to use Decisions to create significant change in the way our staff work. When we roll out new functionality, we often hear staff express that it changes their world. We also get staff joining from other agencies/insurers who are 'blown away' by what we have built. It's the fact that it's tailored to our binders and work processes that has made it such a huge success."- Sarah Scoble, Finance and Operations Manager, CFC
Key Facts
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What This Demonstrates
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