80% decrease in TAT of underwriting services, 100% accuracy of output
One of the largest wholesale insurance distributors in the US was challenged by the long timelines for underwriting, which stretched into weeks. The huge backlogs due to attrition and absenteeism further extended the timelines, which led to longer revenue cycles and, ultimately, loss of potential customers. The aging underwriting population and the high costs of hiring them meant that it could not scale fast enough.
The GO Creative™ Solution
RRD evaluated the situation to arrive at the most optimal and cost-effective solution. We first developed a proprietary tool that has an image viewer to view APS, input application to streamline data capture, and a workflow engine for allocation and tracking. Due to the widely available paramedical talent pool at offshore locations, we were able to quickly train and build capacity to scale. We set up a 300-member team distributed across two offshore locations in Asia at a 40:60 ratio, ensuring robust resilience. We also developed a Center of Excellence to enable continuous improvement and enhance capability for adherence with industry standards and guidelines.
Furthermore, RRD offered customer services/solutions and created detailed process maps and SOPs that drove process improvements in appraisals, impairment lists, and table ratings. We enhanced capability as well by serving as a one-stop-shop for underwriting services such as underwriting rating reviews, quick quotes, and accelerated underwriting.
RRD helped the client become the largest third-party underwriting support service provider in North America as well as achieve:
- 100% accuracy of output
- 60% reduction in the cost of underwriting
- 5 days to 1 day decrease in TAT, depending on the carrier
- Creation of a scalable, flexible, and multi-skilled workforce
- Improved revenue cycles