Efficiency and Scaling Business Operations
Efficiency and Scaling Business Operations
About the Client
a prominent MGA in the Canadian market operating since the 1960s providing a wide range of insurance products and services to independent insurance brokers across the country. They pride themselves on delivering expert underwriting and support for various insurance needs
Introduction
Our client encountered various operational obstacles that limited their growth and efficiency. Collaborating with FLINK Business Solutions enabled them to optimize their processes, boost productivity, and improve overall business performance.
The Challenges
Suboptimal Quoting Process
- Problem: The manual quoting process was time-consuming and prone to errors.
- Solution: FLINK streamlined the quoting process by extracting relevant submission details and initiating quotes for underwriter review. This significantly reduced the time spent on manual tasks, allowing underwriters to focus on high-value activities.
Overwhelmed Underwriting
- Problem: The client needed help to effectively manage and process a significant volume of new business submissions.
- Solution: FLINK implemented a robust reporting system that provided real-time insights into the submission pipeline. This enabled the client to identify bottlenecks and allocate resources more efficiently. By increasing the number of underwriters, now they can handle a larger volume of submissions up to 70% more than what they used to, and accelerate the quoting process.
Delayed Broker Agreements
- Problem: The client was looking for assistance to manage and track broker agreements, leading to potential compliance risks.
- Solution: FLINK got the necessary information from brokers, sent agreements, and recorded outcomes in a centralized database. This proactive approach helped the client maintain compliance and avoid potential liabilities.
Manual Application Process
- Problem: The client’s application process could have been more efficient, requiring manual data entry and paper-based forms.
- Solution: FLINK converted all applications into fillable PDFs, making the process more convenient for brokers. By eliminating manual data entry, brokers could submit applications directly from the website, saving time and reducing errors.
Time-Consuming Audits
- Problem: Manual audits of policies and requirements were time-consuming and resource-intensive.
- Solution: FLINK implemented a dual-measure auditing process, focusing on a sample of policies each month, that gets reviewed for every underwriter, This approach ensured consistent data quality and compliance while freeing up valuable time for other critical tasks.
Results and Benefits
By partnering with FLINK Business Solutions, The Client achieved the following:
- Increased efficiency: Streamlined processes and automated tasks led to significant time and cost savings.
- Enhanced productivity: Underwriters were able to focus on high-value activities, resulting in increased productivity and faster turnaround times.
- Improved customer satisfaction: Faster processing times and a more efficient application process led to improved customer satisfaction.
- Reduced operational risks: Effective broker management and streamlined auditing processes minimized compliance risks.
- Data-driven decision-making: Real-time insights enabled data-driven decision-making and strategic planning.