HomeCase StudiesInforce Policy Gatherings for Insurance Marketing Organization (IMO)
Inforce Policy Gatherings for Insurance Marketing Organization (IMO)
Overview
In cooperation with an established BGA, eNoah is fully engaged in collecting a wide range of statuses and details on Inforce policies across various agencies and time periods.
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.
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