Inforce Policy Gatherings for Insurance Marketing Organization (IMO)

Challenges

• We have received the entire book of business with 800+ aged policies/month, spanning various insurance carriers and products, from our customer.
• Many policies were aged and issued prior to the year 2000. Due to age and the change in technology, some carriers don’t store these policy details in their database.
• Names of several insurance carriers have changed and/or merged. When calling those carriers, calls are redirected to several departments to access policy details.
• On average, each carrier will only provide the details of 4 to 5 policies per interaction.
• Some carriers will only allow policy details to be stored with separate departments, requiring interactions with more than 2 different departments to gather the entire set of information.
• i.e. For conversion options, we need to contact the conversion/change dept., and for details on the convertible insurance products, we need to contact the sales/marketing dept.
• Representatives from the insurance carrier often ask for a Verbal Authorization from Agent or Applicant.
• In such instances, we are required to reach out and use our on-shore resources.
• Some carriers will ask for specific verification information (such as Agent SSN, Applicant SSN, DOB and address) to release the information.

Our Solution

Call Preparation:

• Ahead of the call. We log into the CRM & collect all relevant information (Agent SSN, Applicant SSN, Applicant DOB, and Address) so the data is easily accessible during our call with the carrier.

Carrier Master Data:

• Constant update of carrier contacts, extensions, and notes for future reference.
• Establish direct relationships with representatives at select carriers.

Business continuity:

• Establish process in 2 separate locations: Chennai (primary location, South India) and Indore (BCP location, North India) to ensure the process is not affected by inclement weather/political crisis.

Key Benefits

• Improved efficiency, collecting information with good time service.
• Acquired significant familiarity with various carriers and their protocols for retrieving policy details.

Achievements:

• Website data collection increased 4% from 30% to 34%.
• The average time per policy has improved to 3.54 minutes.

Average time per policy

• Manual process: 3.83 mins
• Website process: 2.99 mins
• Approximately 3,000 policies gathered in 1 month.