How do you turn a 100-year-old process into a same-day solution
Insurance brokers house a high volume of data that they balance against risk and coverage options for individual clients. It’s a complex and arduous process that can potentially waste copious amounts of agents’ and brokers’ time. Many global insurance brokerage firms rely on legacy technologies and manual processes that slow down response times to customers, impede quote generation and stymie customer service.
Prior to engaging an EY team, agents and brokers at a multibillion-dollar global insurance company were manually entering data to compare multiple carriers for quotes to assemble client-ready proposals — a tedious process that took weeks.
The client wanted an innovative insurance trading platform with fewer process steps that would provide swifter customer service, generate insurance options faster and give brokers back the time they needed to serve clients. The ultimate goal was to develop a speedy solution for this financial services organization that would help the company serve its customer base more effectively, making certain that consumers receive their thoroughly vetted insurance coverage as soon as possible.
An EY team and collaboration partner Unqork jointly developed an innovative technology solution for this leading global insurance brokerage firm that accelerated brokers’ and executives’ ability to curate insurance submissions for clients and simultaneously strengthen the relationship between key providers and suppliers. When spreadsheets and emails were slowing down business, this streamlined, low-code IT transformation put the company back on track for the future.
A smarter insurance trading platform that generates rapid options
A leading global insurance brokerage firm grappled with a cumbersome and time-consuming legacy broking processes. When the organization engaged EY professionals to create a more agile approach to its technology processes, our EY team collaborated with Unqork to design a custom solution.
The low-code platform created by the EY team and Unqork employs a visual approach to software development and speeds up the process of getting an application into production, which means it can generate results quickly.
The EY Design Studio solution incorporated journey maps, personas, customer experience, usability, delivery times and content services. The new platform compares numerous carriers simultaneously within minutes, saving brokers’ and executives' time and serving clients seamlessly.
Having an agile process helps this global insurance broker provide carriers with real-time submissions, reducing customers’ wait time. With enhanced customer service, this global insurance broker can also benefit from increased customer conversion rates. View details on the EY solution’s steps to faster quote procurement below.
Thanks to a more agile insurance trading platform, this global insurance broker can give customers the best insurance options during uncertain times and changing circumstances.
Fewer process steps, more customers reached and served
When customers need insurance, faster delivery of coverage options makes a significant difference that benefits everyone. EY teams helped this global insurance broker transform its technology so they can spend more time with customers, keeping an enhanced customer experience at the center of their solution.
The EY team’s approach, in collaboration with Unqork’s low-code solution, shortened a business-critical process. Numerous carriers can be compared within a matter of minutes using the new platform. That time can now be channeled into converting new customers and better serving existing ones.
The ability to deliver quotes rapidly speeds up the sales cycle, allowing customers to make informed decisions, and confirm their coverage on their own terms and timeline. In turn, the new system drives profitability for the major insurance firm by boosting consumer satisfaction and increasing sales. Fewer process steps means more customers are reached and served.
Results achieved for the leading global insurance brokerage firm due to the EY team and Unqork solution include:
- Numerous carriers can be compared within minutes using the new platform
- Enhanced customer service drives increased customer conversion rates
