Digital transformation accelerates insurer’s growth and successful IPO

• Manual processes and data entry
• Siloed operations that blocked data sharing
• Poor visibility into data
• No automated workflows
• Lack of data to fuel upselling and cross-selling opportunities

A commercial insurance provider wanted to increase its operational efficiencies but was held back by Excel spreadsheet-driven processes and a lack of automation. As different departments worked on separate spreadsheets, these manual and siloed efforts put the company at a competitive disadvantage, costing them significant time and resulting in poor data hygiene. Important customer information was frequently lost, and the lack of visibility due to disorganized and scattered data meant that brokers were unable to quickly provide quotes for new applications.

Similarly, executives and account managers could not perform the statistical modeling necessary to uncover optimal opportunities for upselling and cross-selling, potentially leaving money on the table.

Beyond this, the organization was looking to implement automated workflows that would propel the business forward. These included improving the order request process to allow customers to submit requests via various sources (e.g., online portal, chat, email). These submissions needed to be automatically processed and tracked through to resolution.

• Delivered a complete policy administration system, across five lines of business
• Surpassed insurer’s objectives with solutions that boosted efficiency and streamlined processes
• Leveraged Pega decisioning capabilities to automate forms
• Integrated Pega, ERP system and IAA platform

Ciberspring implemented a solution using the versatile Pega Platform to create a complete commercial insurance administration system across the clients’ five lines of business. The system featured the ability to quote premiums for potential clients, underwrite business, issue policies, service clients, and bill customers, all on an automated basis. We also automated the claims processing system.

We changed the data warehouse to accept more granular data than the insurer had before, which resulted in better forecasting and automated loss ratio processing. The digital transformation was completed with integrations to their instance of ERP program Workday as well as their Insurance Application Architecture. With these platforms integrated into Pega, data could flow freely and securely to authorized users, delivering a level of data access the client had never before had. With the integrations, we were able to automate all state required reporting as well.

• Successful IPO
• Automated processes and decision-making
• Single source of truth
• Improved customer service
• Maximized customer lifetime value

Ciberspring’s Pega Platform solution was able to provide the company with significant value by eliminating manual efforts and leveraging automated processes to increase efficiency.

Using AI, electronic records are now easily created from paper forms without requiring time-consuming data entry. And real-time decisioning delivers accurate quoting, improving internal forecasting and automating loss ratio processing through deeper analysis of granular data.

Increased visibility into company data and reporting allows representatives to assess demand frequencies and turnaround times for order resolution and delivery. AI-powered automation also enhances sales and customer service by providing the best upsell and cross-sell opportunities to maximize customer lifetime value.

Transitioning to the Pega Platform enabled the company to grow exponentially­—servicing more customers than ever before without increasing head count—and ultimately launch a successful initial public offering (IPO). “They expanded into bigger markets and could take on more brokers without growing staff,” says Shea.

Ciberspring’s digital transformation solution fueled the organization’s rapid expansion with increased sales enablement and improved customer experience to maximize stakeholder profits.