Business Solutions
Macaw is a component-based software, and a solution around a few of its components can improve automation in a particular workflow that poses to be a problem for an Insurer or Broker.
Improve efficiency with Single Customer View
One of our Customers, an MGA catered to a policy portfolio with high-volume and low ticket-size. At the time of renewal, they were used to get a lot of calls that required attention of the customer support team. As a result, a lot of effort was needed to maintain a good renewal ratio.
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The customer support team resolved the issue to a certain extent using the single customer view facility of Macaw. This facility facilitated the customer support team to adopt a workflow where they could get all the data relevant for the customer at one place including the opportunities, quotations, policies, claims, service requests and contact details in one place along with a view around the consolidated portfolio. Post-implementation, with an additional chat support tool, a significant percentage of calls could be resolved quickly resulting in savings.
Improve Renewals Ratio with automated campaign
One of our Customers had a policy portfolio that was distributed across customer segments and different lines of insurance. Their problem was with the price competition in some of the major portfolios like personal auto. Due to heavy competition from aggregators as well as other carriers / brokers, they had to depend heavily on the outgoing calls at the time of renewal and spent a lot of time and effort in the process.
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With Macaw’s automated renewal process, they could identify the renewals well in advance between 90 and 180 days, they could categorize the renewals into low-touch and manual, they could adopt different channels across the segments (fully digital workflow for the low-touch segment and auto-allocation to customer service agents for manual segment), they could organize drip campaigns by email and sms, and could reduce effort involved by automatic issuance of policies upon receipt of renewal premium through the payment gateway. The renewal ratio could be improved within less time and effort from the customer service team.
Improve accuracy with in-built underwriting and rating engines
One of our Customers, an MGA, had a complex set of products for which the underwriting and rating was manual to a large extent due to the inherent complexity. This impacted their operations from two perspectives. Firstly, key persons were needed to produce / approve the quotations; if they were not available, others could not deliver the quotations easily. Secondly, it was very difficult to maintain uniform criteria across the portfolio, which resulted in the year-end audit of the exposure that was taken on.
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With Macaw’s automated underwriting, rating and surplus lines tax and fees components, the MGA could deliver automated underwriting and rating for all its products, resulting in a significant reduction of time to produce a quote.
Macaw’s calculation utilities are fully externalized and is supported by an industry standard highly available rules engine. A business analyst from the MGA’s team can modify the underwriting rules themselves.
Improve efficiency using integrated invoicing and statement of accounts
It takes a lot of effort to execute different accounting activities separately from the Agency Management System, using excels and using separate accounting systems like Quickbooks.
The invoice generation and follow-up, the reconciliation upon collection of premium and the commission disbursement were all very effort-intensive and error-prone, resulting in a lot of hours being spent in the back-office.
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With Macaw, where the invoicing and commissions processes are fully automated and integrated with the policy management functions, the MGA could adopt a set of simple workflows and could achieve the same objectives with lower time and effort.
Visualize, assess and report on accumulated information from ops
One of our Customers, an MGA, had a process of extracting data / reports from the system, and manually analysing the same for the purpose of reporting the business results of the period to the carrier, for the purpose of tracking the business results and for the purpose of creating business projections. This was a significantly complex process due to the need of consolidation across multiple excel sheets and multiple data formats.
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With Macaw’s Explorer facility, which provides the ability to consolidate operational data into an operational data store, the ability to automate reporting and the ability to create visualizations on demand, the MGA could significantly reduce the time needed for this month-end process. The default set of 50+ trend charts and reports across various operational areas like customers, sales, revenue and commissions, the MGA could take advantage of knowing the exact trends at any point of time.
Facilitate Multi-channel Sales anytime anywhere
In today's environment, a sell can start in one channel, and can complete using another channel. For example, a retail customer for an auto policy can come across an advertisement in social media, click there and fill up an e-form that is submitted by email, and then receive a personalized link for quotation that takes the customer to a screen where a rough quote is presented for a standard risk profile of a compact car. Once the customer finalizes the options in his / her mobile phone, the eSign and payment takes place resulting in a Policy.
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It should be possible to get the single opportunity tracked and processed step-by-step through all these different touch-points without any manual intervention, unless a referral is involved due to some special feature of the risk.
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Macaw facilitates this with its service-oriented architecture and anytime-anywhere-anydevice capabilities.
Migrated 100% data using migration workbench
Migration of legacy data is critical for a successful transformation for an Agency, as the old data around customers, policies and financials are absolutely necessary to facilitate further selling and compliance. Given the complexity and sensitivity of such data , it is important to know the challenges, strategies, and best practices for such an exercise.
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By implementing best practices such as data validation, automation, and structured change management, insurance agencies can navigate the complexities of migration effectively. Challenges may arise, but with a logical approach and the right technology, a smooth transition to modern systems is achievable, ultimately enhancing operational excellence and customer satisfaction.
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