Texas Insurance Wholesaler Boosts Efficiency and Slashes Costs by 35% with Backoffice Pro

The Brief

• Client profile: The client is a well-established insurance wholesaler based in Texas. They provide various insurance services through a robust network of independent agents and their in-house underwriting team.
• Industry Domain: The client operates in the insurance domain, which is notorious for its volatile market conditions and competitive landscape.
• Challenge Faced: The client struggled with increased operational costs due to a backlog and longer processing times. Their staff was overburdened, and these challenges were, in turn, affecting their customer satisfaction rate.
• Project Objective: The client aimed to heighten customer satisfaction and conversion rates. To achieve this, they sought to streamline their Backoffice processes, better understand their operations, and balance cost performance with product and service quality.

The Solution

Backoffice Pro deployed an onsite manager to oversee the knowledge transfer process and implement a more streamlined workflow, eliminating redundancy and improving data handling.

Here's a deeper dive into our approach:

• A tailored, streamlined workflow was developed and implemented to eradicate overlapping processes and enhance data handling.
• We incorporated automation tools like Vertafore AMS 360 and Infusionsoft to augment application tracking and to ensure compliance with industry rules and regulations.
• Our team undertook the task of cross-training employees, which resulted in reduced operational costs, faster turnaround times, and a significantly improved customer experience.

The Outcomes

The tailor-made solution from Backoffice Pro led to substantial improvements in the client's operations.

Here's the impact in detail:

• The client experienced a significant reduction in operational costs, by as much as 35%, coupled with a 90% increase in submission accuracy.
• Application and quote issuing time were cut down by 32%, which boosted the overall customer experience and spurred business growth.
• The improved visibility of processes led to better cost optimization, enabling the client to focus on their core business activities and drive growth.

In conclusion, the systematic and targeted approach of Backoffice Pro in streamlining the client's Backoffice functions played a pivotal role in cutting costs, boosting efficiency, and enhancing customer satisfaction.

Take the Lead with Backoffice Pro

Unlock the power of efficiency and cost-effectiveness with Backoffice Pro. As your trusted partner, we strive to enhance your insurance operations with our proven expertise in managing renewals, mortgage changes, and efficient workflows.