Conduit between the end client and Operational Team for an Insurer.
What was the challenge?
Communication between the client and operational team is essential to the insurer being effective in their strategy to use Insurtech platforms to inform underwriting decisions. However, there was a communication breakdown between the operational team and the end client due to processing errors and the high volume of policies. This led to the Underwriting and Outsourced Operations teams working closely together to resolve errors but meant that a lot of the Underwriter’s time was occupied by assisting with these problems. It became apparent that Subject Matter Experts were essential to becoming the conduit between the insurer and outsourcing team to:
- resolve client queries.
- review the quality and error data.
- provide enhanced and refresher training.
- ensure (Standard Operating Procedures) SOP guidance is up-to-date, clear and consistent.
How did we help?
We were tasked with creating a team of experts who liaised between the insurer and outsourcing partner to close the knowledge gap between the two parties. Starting with a contractor team and ending with a fully integrated permanent team of experts in Underwriting, Exposure Management, Claims, Finance & Bordereaux Management.
The main goal of the Business Partner role was to improve operational performance, acting as a liaison between the Underwriters and outsourcing teams to review the errors and identify the common themes.
We identified three objectives to assist the insurer and outsourcer:
- Identify the current processes performed by the outsourcing team
- Lead bespoke training sessions to address common errors and ensure critical fields were entered accurately
- Establish responsibilities and document control of SOPs
Through leading training sessions, we created engaging training sessions to ensure the technicians understood the importance of correct data and the downstream impact of errors.
Two of our key observations were that SOPs were underutilised and outdated, which immediately impacted the insurer’s business. To reduce errors and, therefore, the impact, it was essential to ensure that SOPs were consistent and updated and that the processors were using this guidance.
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