Insurance Leader Boosts Underwriting Productivity by 30% with Skan

Our Client

The client is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance. Their insurance solutions address customers’ most pressing challenges in over 100 countries and across six continents.

Objective

The client aimed to drive global harmonization of processes, workforce productivity, and automation discovery. To achieve this, they wanted to establish a global model office for underwriting operations to establish an operations prototype for three diverse groups.

The business objective was to reduce costs, achieve scalability, deliver operational excellence, and improve customer experience through improved Turnaround Time (TAT).

Cost Savings

$11M

annual savings with utilization improvement and process standardization.

Efficiency

30%

improvement productivity across teams.

Solution

Skan was deployed on 100% of the operator machines, including underwriters, underwriting agents, and outsourced Business Process Operators (BPOs) for back-office support.

Skan captured the underwriting process across this broad base of users, observing the detailed actions and outcomes during the end-to-end process. The strategy revealed unmatched granular metrics at the operator level.

Through this comparison analysis of process models, Skan identified variability across three operator groups and produced detailed metrics into their performance differences. The customer used this information to benchmark outcomes, predict volume, and plan new training initiatives.

Outcome

They were able to establish new Standard Operating Procedures (SOPs) and baselines for the Underwriting process. By comparing behaviors against KPIs, they could eliminate non-value-added tasks (specifically for underwriters).

Also, by aligning tasks with skill sets, they were able to eliminate redundant activities among underwriters, assistants, and BPOs. Implementing the insights from Skan helped the client improve productivity by 30% across all teams.

Global Bank Teams Streamlines Procedure Review Audit Process

Transforming banking operations: Skan's real-time documentation boosted efficiency by 30%, reduced turnaround time by 16%, and empowered automation...

Skan Editorial Staff Feb 2, 2024

Insurance

Leading Insurer Selects the Best LLM for Underwriting with Skan

Leading Insurer uses Skan to assess Large Language Model (LLM) effectiveness in underwriting operations

Skan Editorial Staff Feb 8, 2024

Resources

F500 Enterprise achieves enterprise-wide process excellence with Skan

Skan helped the client understand 7 key processes and uncovered avenues for redesign, retraining, and automation that drove major cost savings.

Skan AI Contributors Mar 22, 2024