Our client, one of the largest property and casualty (P&C) insurance firms, faced challenges with the efficiency of its CAT model, resulting in process delays. The average time to process an account of moderate complexity was 4 hours for a 300-location submission, hampering quote generation and increasing the time-to-market. The client wanted to speed up the process through automation and required support in this transition. The goal was to streamline the catastrophe modeling process and deliver efficient solutions to shorten the completion time, improve output, and generate quotes faster.
RRD GO Creative™ evaluated the process and recommended optimizing the CAT model through Robotics Process Automation (RPA). We set up a team of experienced SMEs and RPA experts who worked with the client to incorporate automation at various process stages. Leveraging our domain knowledge and exceptional attention to detail, we implemented process re-engineering, localized automation, and process automation. Automating the computation of policy-level limits and sub-limits, we combined occupancy coding, construction coding, and primary modifiers into a single step.
Service delivery included:
RRD GO Creative™ successfully supported the client in achieving the following:
Faster TAT: The Total time of completion was reduced to 55 minutes from 4 hours under the following processes.