Coforge automates insurance quote submissions, enabling faster, touchless quotes in minutes

The client

A prominent property and casualty (P&C) insurer offering coverage for homes, automobiles, and businesses. The client is a mutual insurance company and is on a transformative journey to offer superior experience for customers, agents, and employees alike.

Business Challenge

Streamlining quote entry processes poses a significant business challenge for insurance companies. Manual data entry into policy administration systems involves laborious tasks, updating various fields and ensuring compliance with ACORD rules and validations. While technologies like Artificial Intelligence simplify quote submission to a single-click operation, insurers struggle with this transition, impacting their ability to effectively acquire and retain customers.

Coforge Solution

To streamline the process for rapid and touchless quote submission, Coforge implemented an end-to-end automated solution, starting from the identification of submissions in an inbox to extracting the submission data and generating the quote in the policy administration system. This solution enables insurers to seamlessly process submissions from industry-standard ACORD forms directly into the policy administration system, eliminating the manual identification of Acord forms and the tedious entry of large datasets for quotes, which previously took several days. Leveraging the Turnstile tool, insurance applications are processed to create ACORD XMLs, which are seamlessly integrated into the policy administration system for quote generation using the API management layer.

Result

The business impact of this automation is profound. Previously, entering a fleet of vehicles for a quote for medium and large commercial businesses would consume a significant amount of time, a week for a fleet of over 300 vehicles. However, after the implementation of this initiative, the process now takes less than 2 minutes across different lines of businesses.

This automated process has enhanced the speed and accuracy of creating policy system quotes from Acord applications, enabling underwriting teams to scale their capacity effectively. By automating the quote creation process, this framework allows underwriters to focus on assessing the risk profile of an account. Eliminating manual data entry saves business users considerable time and enables them to concentrate on critical business tasks.

• Manual Quote Submission: Previously took 3 or more days.
• Automated Quote Submission: Now completed in just 1 to 2 minutes.

To consult with our expert, please reach out to insurance@coforge.com

About Coforge

Coforge is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries, and partnerships with leading platforms provide us with a distinct perspective. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration, and Automation technologies to transform client businesses into intelligent, high-growth enterprises. Coforge’s proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 26 delivery centers across nine countries.

For more information on Coforge, please visit www.coforge.com