A leading insurance broker saves $400k per year through premium processing automation
A Fortune 500 insurance company struggled to process new premium requests quickly and accurately, a critical function to the business. With Soroco’s Automation Suite, the company was able to automate 80% of these requests and reduce their operating costs in the process.
Fortune 500 Insurance Company
Billing | Premium Processing
One of the most crucial functions in the company is premium processing. The team running this function relied on legacy third-party applications to process over 1,000 premiums annually. This became an error-prone and time-consuming task, requiring heavy manual input for monitoring the system across 20 screens. The organization looked to reduce errors and the dependency on manual work, and to overall enhance how they processed a large number of premiums.
The company partnered with Soroco’s Automation Suite to build an automated system that kicks off when a new premium has been requested. Soroco uses data extraction technology to pull all related data required to process these requests, requiring a technician to review the details once on an automation dashboard. The request is then routed to the policy administration system where the request is finalized and processed.
By the numbers
premiums processed in a year
screens of the legacy system traversed to process premiums
The automation system now automates 80% of the premium process, and has also crucially eliminated the need for manual data entry. With quick spot checks from technicians, the process is now 100% accurate and has reduced operating costs by 78%.