PagerDuty Case Studies Insurance brokerage uses Catalytic to drive process efficiency, accuracy

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	Insurance brokerage uses Catalytic to drive process efficiency, accuracy PagerDuty

Insurance brokerage uses Catalytic to drive process efficiency, accuracy

PagerDuty

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Predictive Replenishment
Services	System Integration
Challenge	The insurance and financial services firm was struggling with a manual quote-to-proposal process that was inefficient and negatively impacting revenue. The process involved employees manually reviewing each quote, extracting more than 200 fields of data to create a spreadsheet, and developing a consolidated report presented to the client. Once a plan was selected, the company would have to prepare a customer onboarding booklet with all coverage details. The entire process was tedious, time-consuming, and prone to error. The cost of business with small clients was incredibly high due to the manual nature of the process. Read More
About Customer	The customer is a national insurance and financial services firm that facilitates the selection of insurance packages for businesses of all sizes. The company has a footprint across 40 offices in 15 states and serves over 20,000 customers. The firm employs 750 people and is involved in a significant amount of manual work in delivering its services. Proposals include quotes from several different insurance carriers on up to five different types of insurance, including medical, dental, life, and more. Each client proposal is typically a dozen or more pages and uniquely formatted based on the insurance carrier and the specific insurance type. Read More
Solution	The company’s leadership team approached Catalytic to help deploy automation to improve the process. They had five goals in mind: save significant employee time, deliver proposals to clients more quickly, reduce typos and manual errors, build a repository of quote data and use business intelligence and machine learning to make it smarter over time, and establish a success case to expand intelligent automation across the company and its subsidiaries. Catalytic automated five of six steps to reduce the processing time per quote to approximately one minute with more than 95% accuracy. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Predictive Replenishment

Services

System Integration

Challenge

The insurance and financial services firm was struggling with a manual quote-to-proposal process that was inefficient and negatively impacting revenue. The process involved employees manually reviewing each quote, extracting more than 200 fields of data to create a spreadsheet, and developing a consolidated report presented to the client. Once a plan was selected, the company would have to prepare a customer onboarding booklet with all coverage details. The entire process was tedious, time-consuming, and prone to error. The cost of business with small clients was incredibly high due to the manual nature of the process.

About Customer

The customer is a national insurance and financial services firm that facilitates the selection of insurance packages for businesses of all sizes. The company has a footprint across 40 offices in 15 states and serves over 20,000 customers. The firm employs 750 people and is involved in a significant amount of manual work in delivering its services. Proposals include quotes from several different insurance carriers on up to five different types of insurance, including medical, dental, life, and more. Each client proposal is typically a dozen or more pages and uniquely formatted based on the insurance carrier and the specific insurance type.

Solution

The company’s leadership team approached Catalytic to help deploy automation to improve the process. They had five goals in mind: save significant employee time, deliver proposals to clients more quickly, reduce typos and manual errors, build a repository of quote data and use business intelligence and machine learning to make it smarter over time, and establish a success case to expand intelligent automation across the company and its subsidiaries. Catalytic automated five of six steps to reduce the processing time per quote to approximately one minute with more than 95% accuracy.

Impact #1	The new process will reduce the quote-to-proposal time by almost 5,000 hours in just one year.
Impact #2	The company can increase the number of proposals each year, creating new opportunities to drive revenue.
Impact #3	Employee experience is also dramatically improved. With Catalytic, the team is free to take on more strategic objectives and find new ways to deliver value to clients.

Impact #1

The new process will reduce the quote-to-proposal time by almost 5,000 hours in just one year.

Impact #2

The company can increase the number of proposals each year, creating new opportunities to drive revenue.

Impact #3

Employee experience is also dramatically improved. With Catalytic, the team is free to take on more strategic objectives and find new ways to deliver value to clients.

Benefit #1	In one year, the automated process will save the company almost 5,000 manual hours
Benefit #2	The new process will drive a 400% ROI

Benefit #1

In one year, the automated process will save the company almost 5,000 manual hours

Benefit #2

The new process will drive a 400% ROI

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Overview

Insurance brokerage uses Catalytic to drive process efficiency, accuracy

Operational Impact

Quantitative Benefit