Case Study
AUTOMATION
Data Centralisation & Document Reminders.
The ChallengeThe Technical Underwriters at the Broker faced a significant challenge in managing and tracking important document changes.
Each underwriter maintained an individual list of assigned documents with associated action points and due dates. Communication regarding changes in ownership or action points were carried out through emails, leading to a lack of visibility among underwriters.
This fragmented approach resulted in some document-related tasks being overlooked until brought to the underwriter's attention.
This process was not only labor-intensive but also prone to errors, and the team found themselves spending excessive time on repetitive tasks that could have been better utilized elsewhere.
The Solution
To address the challenge, we collaborated closely with the Risk and Compliance department to devise an efficient solution. We consolidated individual lists into a shared spreadsheet, providing visibility not only to the underwriters but also to the Risk and Compliance team.
The shared spreadsheet included crucial information such as the current person responsible, document name, associated insurer, due date, action points, and the relevant scheme.
Subsequently, we implemented an automation system to send timely reminders via email to the document owners. These emails also copied Risk and Compliance, along with a selected group of underwriters who could assume ownership in case the primary owner was absent.
The Results
1.
Enhanced visibility
Implementation of automation and centralized data management has significantly improved the visibility of critical document changes. Underwriters and Risk & Compliance now benefit from a shared spreadsheet, reducing the need for manual email inquiries.
2.
Consistent Information Flow
The shared spreadsheet ensures the Risk & Compliance team are consistently informed about document changes. Manual email inquiries from underwriters and compliance officers are eliminated, streamlining the communication process.
3.
Proactive Action Points
The automation system sends reminders to underwriters at strategic intervals: 2 weeks, 1 week, and 1 day before the due date. This proactive approach provides underwriters with sufficient time to schedule and complete necessary tasks, preventing a last minute rush.
The Conclusion
The combined efforts of centralizing information and implementing automation have effectively addressed the challenges faced by Technical Underwriters in managing document changes. The streamlined process ensures that important documents are never overlooked, thanks to automated reminders and a contingency plan in case of the original owner's absence.
This not only saves time for Technical Underwriters but also provides peace of mind to both underwriters and the Risk and Compliance team, knowing that everyone is consistently updated on all document-related tasks.
The success of this solution demonstrates the potential of automation in enhancing efficiency and collaboration within insurance processes.
