Case History: Insurance company saves 33% in time and up to 55% in cost for policy underwriting

The Problem

A global reinsurance company wanted to reduce the time required for submitting quotes and writing policies.  Depending upon the complexity of the coverage requested and the required reviews, underwriters would take from a few hours to a few weeks to issue a quote and write a policy.  The company wanted a solution that would shorten the cycle time, bring quick return-on-investment, and require minimal time commitment from lead underwriters.

The Solution

Over an eleven-week period, the company's best underwriters spent 2-3 hours per week working with Acappella^® Software consultants to implement a streamlined quoting and policy writing processes.  This included not only supporting the information gathering efforts, but also guiding the thinking behind the quoting process.  In addition, the customized software application was to produce most of the written policy automatically.

The Results

The company achieved all of its goals.  Using the Acappella-generated application, the company achieved a 33% reduction in the time it takes to develop a quote and document a submission (time-to-decision).

Savings in the cost of underwriting were also significant.  Previously, the underwriters spent an average of 16 hours per quote.  Using the Acappella-generated application, they now spend about six hours.  A greater percentage of the background research and other data gathering activities is now being handled by the assistant underwriters, following the best practices laid out in the application.  The new workload redistribution saved 42% in the cost of quoting and 55% in the cost of writing a policy (cost-to-decision).