Nov 15, 2021 8:26:00 PM | By The One Inc Content Team
The General Insurance Case Study
Entering the digital age of insurance.
It wasn’t that long ago that the idea of performing a damage appraisal without having a person physically go out to inspect a vehicle seemed an impossibility to claims folks at The General ®. Today, however, the Nashville based company not only has a mobile app that enables customers to more easily buy insurance, obtain digital ID cards and file claims, but their customers can receive on-demand support via chat functionality instead of relying upon phone calls.
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Tags: Success Story
Written by The One Inc Content Team
The One Inc Content Team strives to provide valuable insights about digital trends and payments innovation for the insurance community.
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Kotak General Insurance Case Study
Kotak General Insurance sets new standards for customer engagement & loyalty with Talisma digital platform.
Company Profile
Kotak General Insurance – A 100% subsidiary of India’s fastest growing bank, Kotak Mahindra Bank Ltd. Kotak Mahindra General Insurance was established to service the growing non-life insurance segment in India. The Kotak Mahindra Group is one of the leading financial services conglomerates in India and received its banking license from the Reserve Bank of India (RBI) in February 2003.
The company aims to cater to a wide range of customer segment & geographies, offering an array of non-life insurance products like Motor, Health, etc.
As a practice, the company seeks to provide a differentiated value proposition through customized products & services leveraging state of the art technology & digital infrastructure.
Business Challenges and Priorities
Being the 29th entrant in the General Insurance Industry, Kotak General Insurance, always believed that quality of services offered to their customers could help them create their rightful position in the industry. So even before they formally began operations, a hunt for a befitting CRM was initiated to ensure that KGI had a robust backend supporting their vision.
“At the management level, Talisma was the closest to meeting KGI’s business requirements, implementation targets & budgets”
– Sanjay Shingala AVP-IT
Kotak General Insurance
Priorities Identified Were:
- To integrate all customer care touch-points: Communication channels and service locations on a single and centralized enterprise platform for a 360-degree view of
- This included operationalizing a more effective and measurable customer experience framework across queries, services and complaints received at the Contact Centre, Online Portals, Emails, Snail Mails, Chat, Social Media, Walk-ins at branches, SMS / IVR requests, etc.
- To integrate with the Call Center infrastructure including CTI (Computer Telephony Integration) /Dialer and Policy Admin System. Thus, enabling real time Claim registrations and endorsements and providing a 360-degree customer view for better customer engagement.
“KGI is glad to have Talisma as their partner in customer experience management”
– Rahul Singh, Project Manager
- To manage complaints effectively and link the Integrated Grievance Management System (IGMS) to the online consumer complaints registration system of Insurance Regulatory and Development Authority of India (IRDAI). With simultaneous registration of complaints, customers should know that these will be attended quickly, raising their trust level and confidence in KGI.
- To maintain a Standard process of handling interactions through all touch points with workflow, auto-assignments and end-to-end handling in CRM. Thus, facilitating faster responses and tracking.
- To conduct CSATs and Quality audits to continuously evaluate service quality for improvement. Thus, enabling continuous learning and improving customer experience.
- To implement a CRM which had its learnings from the General Insurance industry and which required least customization and lead time, and a reasonable license cost with less number of users initially. Thus, providing scalability and cost effectiveness in the long run.
- To ensure efficiency of the service representatives and for faster delivery of responses, KGI was sure that it wanted a single system which could serve their need. As this would restrict the access to Policy Admin System and avoid users navigating to multiple systems to provide resolution.
Solution Provided by Talisma
Talisma has a proven robust platform with a lot of out of the box features which enables easy integration whilst providing the ability to significantly reduce manual interventions.
Talisma has Provided KGI the following:
- Multi-Channel Capabilities – Talisma has enabled a multi-channel capability at KGI covering Email , Phone , Chat and SMS for successfully managing high volumes of inquiries received by KGI daily.
- 360-Degree View of Customer – One view of Customer for an Agent to handle different types of requests and queries by displaying data from various KGI systems.
- Service Request Workflows – Talisma has provided workflows to handle simple to complex service requests such as Contact details change, Claim intimation etc. with smooth integration with the KGI core system.
- IGMS Integration – Talisma has implemented IGMS integration for smooth flow of new complaints as well as complaint status updates between Talisma and IRDA.
- Quality Assessment – Critical for measuring quality based on parameters specific to the channels such as Chat/Email/Phone used by Agents. It provides a process to maintain systematic review for Agents/Supervisors.
- Website Queries/Feedback – All queries/feedback received by KGI on its website are created and resolved in Talisma Digital Platform .
- Knowledge Base Management – Provides a repository of data required by Agent/Supervisor with real-time access to do their job much efficiently.
- Detailed reports are provided to analyze, identify and improve processes.
- Specific reports are available that uncover patterns which are otherwise tough to see such as performance reports for each platform, channel and the blended Agents’ data.
- Data points are presented on a dashboard that is easy to use and can help improve customer experience and consistency of service delivery across channels. Thus, highlighting shortcomings, service mismatch, improving staff training and promoting better interactions.
Key Milestones Achieved After Using Talisma
Implementation of Talisma Digital Platform has helped in achieving consistent and positive customer experience.
- Talisma Digital Platform has helped KGI automate customer interaction management across all touch points and all modes of communication.
- Identifying needs more effectively by understanding specific customer requirements as products are mapped to individual customers in KGI’s implementation of Talisma Digital Platform.
- Workflow based and Time bound assignment of interactions to multiple departments has helped KGI improve their turn-around time drastically.
- By tracking Claim registrations in Talisma Digital Platform, that is directly integrated with KGI’s Core Policy Admin System, KGI can offer best services to its customers, when they need them.
Benefits Realized by Kgi After Using Talisma
KGI is glad to have Talisma as their partner in Customer Experience Management . Above achievements have led to consistent service quality.
- Tracking resolutions to customers’ needs has become simpler. This has helped KGI meet and exceed customer expectations.
- Automation and real time sync of service requests with KGI’s core system has helped multiply productivity, maintain quality and improve efficiency.
- 360-degree customer view provides instant access to all the requisite customer information to enable “first time right” services improving KGI’s reliability amongst customers.
Ultimately, this has led to:
- Enhanced customer satisfaction, ensuring KGI’s good reputation in the marketplace continues to grow.
- Increased value from KGI’s existing customers and reduction in cost associated with supporting and servicing customers’ needs.
- Increasing KGI’s overall efficiency and reduction of total cost of service.
- Improved service trend analysis.
- Achieved standardization across all touch points.
- Improved data availability for various Marketing campaigns.
- Transparent agent performance overview through the quality assessment module.
Why KGI Chose Talisma?
KGI had evaluated multiple CRMs and finally selected Talisma over the others for its simplicity, easy navigation and adaptive UI for all types of interactions across all touchpoints. Thus, allowing easy functioning of representatives across processes.
At the Management level, Talisma was the closest to meeting KGI’s business requirements, implementation targets and budgets.
The Road Ahead
Post the implementation of both phases, KGI plans to start working with Talisma on Chatbot , Social CRM , and Analytics to serve their diverse customer base having distinct demographic characteristics with an aim to strengthen loyalty through better engagement experience and customized services aligned to customer expectations.
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General Insurance Services Provider Case Study
Introduction.
The company is an insurance services agency that provides sales and support services to health insurance carriers. It has a broad portfolio of medical, dental, vision, life, and even more specific specialty products to serve their clientele. The company provides services to both small and large groups including, individual medical, workers’ compensation, dental, vision, and life coverage plans.
This FileHold customer asked that in order to protect their proprietary business processes and information their name be withheld from the case study. The customer agreed to a question and answer session about their implementation of www.FileHold.com and the business problems the software solved.
FileHold Question: What were the reasons (i.e. business problems) that drove you to look for document management software?
Customer Answer : We re-booted a common acronym to identify our problem quickly, “WTF”. In our case this meant, ‘Where’s the File?’ The health insurance industry went through major compliance changes relating to the Affordable Care Act (ACA. This resulted in almost all of our new business moving into a two-month installation crunch, December 1 st and January 1 st effective dates. When we had to squeeze 12 months of work into 2 it forced us to realize that working with paper files was no longer an option.
We had file cabinets scattered throughout the building, a few rooms filled with file carts, and offices fully dedicated as locked file storage for our paper files. It was obvious our process was not working anymore because it was very difficult to remember where a file was. Paper files, while easy to edit when they were on your desk, were almost impossible to keep track of when managing over a hundred at a time. It was taking our employees an hour to setup their desk in the morning and an hour to close it up at night which was way too much time wasted.
FileHold Question : Why did you choose FileHold document management software?
Customer Answer: To be brief:
- Library Security (by user, cabinet, and file)
- Ease of use (check in/out, version history, audit trail)
- Competitive price
- Service Level Agreement (we knew real people were there for support)
- Integrated OCR was important
FileHold Question: How are you using FileHold? (What departments and operations, etc.)
Customer Answer: Our initial implementation was for only new business and case installation. Our underwriting department is primarily using FileHold to manage and open new business cases. We take piece-meal documentation and build it into a single final file that is submitted to carriers to enroll small businesses in group health insurance coverage. Using the FileHold workflows we source out documents that need extra attention from other departments in order to have them ready to be added to the final file.
Based on the success of our new business team we have rolled FileHold out to our finance, customer service, and large group new business departments as well.
FileHold Question: What business benefits are you receiving from the software?
Customer Answer : Collaboration between team members has become seamless. The pressure that was previously on our staff to keep track of files on a post-it has gone away which has allowed the focus to remain on completing higher quality work more efficiently. After getting over the initial adoption hump of going paperless the entire company now sees the value in using technology to improve business systems. We have also been able to easily scale our staff up and down during seasonal surges by simply training new staff on specialized tasks within the technology rather than relying on them to learn tribal knowledge previously necessary to perform the required work.
This FileHold installation is installed on the customer’s premises on a virtual machine using VMware, Windows Server version WS2012R2 and SQL version ServerSQL 2014. Currently there are 160 named users of the system and the software includes SmartSoft Capture document scanning .
For optional features this customer has single-sign-on via Active Directory integration, the document workflow and approval module, FastFind to search for documents within FileHold from other applications and server side OCR to make all documents fully text searchable.
To learn more about how FileHold can help solve your document related business problems contact [email protected]
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Society’s insurance case studies are real-life stories, explaining complex business situations from start to finish. These stories detail how business owners and insurance companies work together to overcome unique and unexpected challenges.
In this case study, an accident caused by a customer resulted in serious employee injuries and significant property damage.
At about 6:30 p.m. on Wednesday, July 23, 2014, a patron was leaving a pub in southeastern Wisconsin. Intending to pull straight out of his parking stall, he accidentally put his vehicle into reverse and accelerated, backing into the building and caving in the wall. Meanwhile, inside the pub, an employee was serving drinks from behind the bar, which is near a cooking area with a broaster. Suddenly, scalding hot grease erupted from the broaster, splashing everything nearby. The vehicle had hit the wall that contained the cooking equipment, causing serious injuries to the pub employee and significant damage to the building.
CLICK HERE for complete details on what happened next.
More Insurance Case Studies:
- Recovering from Downtime with Business Interruption Insurance
- Workers Compensation: Taking Care of People and Claims
- Protecting Your Bottom Line with Prompt Claims Reporting
- Minimizing Losses with Risk Management
- Recovering Money and Lowering Insurance Premiums
- Ensuring an Accurate Final Premium
To find out how Society can help your business, visit societyinsurance.com to find an agent and request a free quote .
- > Risk Modelling in General Insurance
- > Case studies
Book contents
- Frontmatter
- 1 Introduction
- 2 Models for claim numbers and claim sizes
- 3 Short term risk models
- 4 Model based pricing – setting premiums
- 5 Risk sharing – reinsurance and deductibles
- 6 Ruin theory for the classical risk model
- 7 Case studies
- Appendix A Utility theory
- Appendix B Answers to exercises
7 - Case studies
Published online by Cambridge University Press: 05 August 2012
Case study 1: comparing premium setting principles
We examine the use of different premium setting principles under different models for an aggregate insurance loss S . We want to compare the different approaches – in particular we want to obtain measures of the uncertainty associated with the premiums set so that we can ascertain how “precise” and reliable the premiums set by the different principles are.
We will use theory and simulated data as far as we can, and also turn to the bootstrap resampling technique for additional enlightenment.
We will compare premiums set using some or all of the following principles (as described in §4.1):
(1) EVP (expected value principle)
(2) SDP (standard deviation principle)
(3) VP (variance principle)
(4) QP (quantile principle)
(5) EPP (exponential premium principle)
under various distributional assumptions for the risk/aggregate loss S . We study first the case in which we have an assumed model for the distribution of S , and then the case in which we base our premiums solely on the information in an observed sample of values of S (with no assumed model).
Case 1 – in the presence of an assumed model
Let us assume that S has a compound Poisson distribution S ∼ CP(λ, F X ), where λ is the claim rate and X is the individual loss variable. Further, let us assume, for illustrative purposes, that X ∼ Exp(1/μ) (with mean μ).
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- Case studies
- Roger J. Gray , Heriot-Watt University, Edinburgh , Susan M. Pitts , University of Cambridge
- Book: Risk Modelling in General Insurance
- Online publication: 05 August 2012
- Chapter DOI: https://doi.org/10.1017/CBO9781139033756.008
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Kotak General Insurance Case Study · Company Profile · Business Challenges and Priorities · Priorities Identified Were: · Solution Provided by
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Society's insurance case studies are real-life stories, ... In this case study, an accident caused by a customer resulted in serious employee injuries and
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Risk Modelling in General Insurance - June 2012. ... Case study 1: comparing premium setting principles ... Case 1 – in the presence of an assumed model.
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