Case Studies Scaling insurance quote capacity with reliable transcription

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	Scaling insurance quote capacity with reliable transcription

Scaling insurance quote capacity with reliable transcription

Technology Category	Analytics & Modeling - Data-as-a-Service Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions	Business Operation
Use Cases	Remote Collaboration
Services	System Integration Training
Challenge	Before partnering with CloudFactory, IC struggled to manage rapid growth because of the inability to process a high volume of complex information quickly from its many agency partners. The company faced limitations in the number of quotes it could offer due to the time-consuming process of gathering necessary information. This bottleneck hindered their ability to expand their product line and sell more insurance in a competitive market. The challenge was to find a solution that could efficiently handle the influx of data and streamline the quote generation process. Read More
About Customer	IC is a specialty insurer based in California, USA, with a company size of 11-50 employees. The company focuses on providing catastrophe insurance quotes for personal and commercial properties. With dozens of daily requests for quotes, IC needs to quickly organize incoming data from emails to enable underwriters to offer competitive quotes rapidly. The company faced challenges in managing rapid growth due to the time it took to process the high volume of complex information from its many agency partners. Partnering with CloudFactory has allowed IC to expand its product line and sell more insurance by efficiently handling data processing. Read More
Solution	IC partnered with CloudFactory, utilizing one of their managed teams in Nepal to organize and annotate email submissions. The 10- to 11-hour time difference between the U.S. and Nepal teams proved advantageous, allowing the Nepal team to work while the U.S. team was offline. This setup ensured that a queue of processed data was ready for the U.S. team each morning. Initially, CloudFactory took longer per submission to ensure accuracy, but as they got into a rhythm, they maintained high accuracy while speeding up the process. The low turnover rate of data analysts, with an average tenure of 16 months, contributed to the smooth operation. CloudFactory's managed workforce also assisted IC in transitioning to and launching a new submission platform, loading 1,000 records quickly and efficiently. The platform migration process took just two weeks and one training session, making the transition seamless. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Data-as-a-Service

Functional Applications - Enterprise Resource Planning Systems (ERP)

Applicable Functions

Business Operation

Use Cases

Remote Collaboration

Services

System Integration

Training

Challenge

Before partnering with CloudFactory, IC struggled to manage rapid growth because of the inability to process a high volume of complex information quickly from its many agency partners. The company faced limitations in the number of quotes it could offer due to the time-consuming process of gathering necessary information. This bottleneck hindered their ability to expand their product line and sell more insurance in a competitive market. The challenge was to find a solution that could efficiently handle the influx of data and streamline the quote generation process.

About Customer

IC is a specialty insurer based in California, USA, with a company size of 11-50 employees. The company focuses on providing catastrophe insurance quotes for personal and commercial properties. With dozens of daily requests for quotes, IC needs to quickly organize incoming data from emails to enable underwriters to offer competitive quotes rapidly. The company faced challenges in managing rapid growth due to the time it took to process the high volume of complex information from its many agency partners. Partnering with CloudFactory has allowed IC to expand its product line and sell more insurance by efficiently handling data processing.

Solution

IC partnered with CloudFactory, utilizing one of their managed teams in Nepal to organize and annotate email submissions. The 10- to 11-hour time difference between the U.S. and Nepal teams proved advantageous, allowing the Nepal team to work while the U.S. team was offline. This setup ensured that a queue of processed data was ready for the U.S. team each morning. Initially, CloudFactory took longer per submission to ensure accuracy, but as they got into a rhythm, they maintained high accuracy while speeding up the process. The low turnover rate of data analysts, with an average tenure of 16 months, contributed to the smooth operation. CloudFactory's managed workforce also assisted IC in transitioning to and launching a new submission platform, loading 1,000 records quickly and efficiently. The platform migration process took just two weeks and one training session, making the transition seamless.

Impact #1	IC's business expanded due to CloudFactory's efficient data processing, allowing them to work with more agents and quote more business.
Impact #2	The long-term partnership with CloudFactory resulted in a dedicated team that understands IC's business, quirks, and abbreviations, enhancing operational efficiency.
Impact #3	The Nepalese-managed workforce received a living wage for their respected and valued work, contributing to employee satisfaction.

Impact #1

IC's business expanded due to CloudFactory's efficient data processing, allowing them to work with more agents and quote more business.

Impact #2

The long-term partnership with CloudFactory resulted in a dedicated team that understands IC's business, quirks, and abbreviations, enhancing operational efficiency.

Impact #3

The Nepalese-managed workforce received a living wage for their respected and valued work, contributing to employee satisfaction.

Benefit #1	5+ year partnership with CloudFactory.
Benefit #2	16 months average data analyst tenure.

Benefit #1

5+ year partnership with CloudFactory.

Benefit #2

16 months average data analyst tenure.

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Overview

Scaling insurance quote capacity with reliable transcription

Operational Impact

Quantitative Benefit