Case Study
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Digital Transformation for a Broker
Discover how digital transformation can save over 700 hours and £14,000 each month
Introduction
This Broker was in need of multiple solutions across the entire business. As this was their best year from their rapid growth, they realized they could not continue hiring new staff and instead should look at optimizing existing staff and processes they have to follow.
The Solution
To address this challenge, we collaborated closely with each department to devise an efficient solution. Through the use of Artificial Intelligence, Automations and Data Analytics we were able to save the business 700 hours and £14,000 each month. The majority of these results came from the Underwriting department, which fuels the business's revenue.
Each department is outlined below, with their individual pain points and our solution to each one:
Underwriting
- Item:
Automated Email Follow-up - Challenge:
Manual follow-up emails to brokers were time-consuming and prone to delays. - Solution:
Automated system for follow-ups, renewal reminders, lapsed policy notices, and referral reminders. - Results: 120 hours/month saved; annual cost reduction of £30,000.
- Item:
Email Inbox Sorting - Challenge:
Team Leaders spent significant time manually sorting emails by insurance product. - Solution:
Automation system identifies policy numbers and sorts emails into correct inboxes automatically. - Results:
Saves each Team Leader 1 hour/day.
- Item:
In-House Automation - Challenge:
High annual renewal costs (£8,000) for third-party automation services. - Solution:
Customized dashboard using existing database to replace third-party services. - Results:
Annual savings of over £8,000.
- Item:
AI-Driven Customer Support - Challenge:
High volume of repetitive inquiries to underwriters. - Solution:
Conversational AI assistant introduced for 24/7 support, improving user experience. - Results:
400 hours & £8,000/month saved (£96,000 annually).
- Item:
Tracking KPIs and SLAs - Challenge:
Manual tracking of KPIs and SLAs was time-consuming and diverted focus from core responsibilities. - Solution:
Comprehensive dashboard created to automatically extract and track data, reducing manual data entry. - Results:
Saves 30 minutes/day per underwriter, ~50 hours & £4,000/month.
Item
Challenge
Solution
Results
Automated Email Follow-up
Manual follow-up emails to brokers were time-consuming and prone to delays.
Automated system for follow-ups, renewal reminders, lapsed policy notices, and referral reminders.
120 hours/month saved; annual cost reduction of £30,000.
Email Inbox Sorting
Team Leaders spent significant time manually sorting emails by insurance product.
Automation system identifies policy numbers and sorts emails into correct inboxes automatically.
Saves each Team Leader 1 hour/day.
In-House Automation
High annual renewal costs (£8,000) for third-party automation services.
Customized dashboard using existing database to replace third-party services.
Annual savings of over £8,000.
AI-Driven Customer Support
High volume of repetitive inquiries to underwriters.
Conversational AI assistant introduced for 24/7 support, improving user experience.
400 hours & £8,000/month saved (£96,000 annually).
Tracking KPIs and SLAs
Manual tracking of KPIs and SLAs was time-consuming and diverted focus from core responsibilities.
Comprehensive dashboard created to automatically extract and track data, reducing manual data entry.
Saves 30 minutes/day per underwriter, ~50 hours & £4,000/month.
Administration
- Item:
Streamlining Lead Creation - Challenge:
Manual entry of over 50 fields for new agency registration was inefficient. - Solution:
Automation of lead creation and data population in CRM from website forms. - Results:
Saves 1-3 hours/week (~8 hours/month).
- Item:
Automating Broker Onboarding - Challenge:
Manual process for sending personalized emails to new broker staff was time-consuming. - Solution:
Custom automation for generating and sending personalized emails automatically. - Results:
7.5 hours saved per month.
Item
Challenge
Solution
Results
Streamlining Lead Creation
Manual entry of over 50 fields for new agency registration was inefficient.
Automation of lead creation and data population in CRM from website forms.
Saves 1-3 hours/week (~8 hours/month).
Automating Broker Onboarding
Manual process for sending personalized emails to new broker staff was time-consuming.
Custom automation for generating and sending personalized emails automatically.
7.5 hours saved per month.
Account Managers
- Item:
Efficient KPI Tracking - Challenge:
Manual calculation of Gross Written Premium (GWP) for each broker was time-consuming, diverting resources from relationship-building and impeding business growth. - Solution:
Internal dashboard with centralized information and customizable KPIs streamlined the tracking and reporting process. - Results:
Saves an entire day per month for each of the 5 Account Managers, totaling 37.5 hours monthly.
Item
Challenge
Solution
Results
Efficient KPI Tracking
Manual calculation of Gross Written Premium (GWP) for each broker was time-consuming, diverting resources from relationship-building and impeding business growth.
Internal dashboard with centralized information and customizable KPIs streamlined the tracking and reporting process.
Saves an entire day per month for each of the 5 Account Managers, totaling 37.5 hours monthly.
Technical Underwriting
Risk & Compliance
- Item:
Data Centralisation & Document Reminders - Challenge:
Managing and tracking document changes were error-prone with poor visibility due to personal spreadsheets by Underwriters. - Solution:
Centralized information system with automated reminders for document changes. - Results:
Improved visibility and accuracy; eliminated manual email inquiries; provides timely reminders to underwriters.
Item
Challenge
Solution
Results
Data Centralisation & Document Reminders
Managing and tracking document changes were error-prone with poor visibility due to personal spreadsheets by Underwriters.
Centralized information system with automated reminders for document changes.
Improved visibility and accuracy; eliminated manual email inquiries; provides timely reminders to underwriters.
IT (Information Technology)
- Item:
Enhanced Reporting and Security - Challenge:
Manual reporting on call metrics and ticket data; labor-intensive management of two-factor authentication (2FA). - Solution:
Automation of reporting and 2FA status checks to improve efficiency and security. - Results:
Saves IT Manager and support staff a total of 32 hours each month.
Item
Challenge
Solution
Results
Enhanced Reporting and Security
Manual reporting on call metrics and ticket data; labor-intensive management of two-factor authentication (2FA).
Automation of reporting and 2FA status checks to improve efficiency and security.
Saves IT Manager and support staff a total of 32 hours each month.
Accounts/Finance
- Item:
Streamlined Transaction Processing - Challenge:
Manual process for managing transaction files and reporting on payment statuses was inefficient and time-consuming. - Solution:
Creation of an automated dashboard for transaction management and payment status reporting. - Results:
Saves the Accounts Department 40 hours per month.
Item
Challenge
Solution
Results
Streamlined Transaction Processing
Manual process for managing transaction files and reporting on payment statuses was inefficient and time-consuming.
Creation of an automated dashboard for transaction management and payment status reporting.
Saves the Accounts Department 40 hours per month.
Senior Management
- Item:
Dynamic Target Tracking - Challenge:
Manual tracking of Gross Written Premium (GWP) and income targets was labor-intensive and inefficient. - Solution:
Implementation of a dashboard for real-time tracking of GWP/Income with dynamic targets and automated emails. - Results:
Saves the Senior Management team 8 hours per month and improves visibility of business progress.
Item
Challenge
Solution
Results
Dynamic Target Tracking
Manual tracking of Gross Written Premium (GWP) and income targets was labor-intensive and inefficient.
Implementation of a dashboard for real-time tracking of GWP/Income with dynamic targets and automated emails.
Saves the Senior Management team 8 hours per month and improves visibility of business progress.
Conclusion
The series of solutions implemented across multiple departments within the Broker have collectively transformed operational efficiencies, reduced costs, and improved both customer and employee experiences.
By leveraging automation, AI, and innovative data management practices, we have demonstrated the significant benefits of embracing digital transformation.
This unified approach has not only addressed immediate operational challenges but has also positioned the Broker for sustained growth and competitiveness in their rapidly evolving market.
A total of 700+ hours were gained each month (8,400 a year), along with over £14,000 ($17,500) of monthly savings. This equates to £175,000 ($218,000) each year.
