This case study illustrates how Goudse Verzekeringen improved their business agility by automating decision making for some of their main business processes. Deploying Avola Decision resulted in decreased processing times, significant cost savings and improved flexibility in adapting to market changes.
Which challenges did the client face?
To increase efficiency and save costs Goudse Verzekeringen started a digital transformation process five years ago.The main purpose was to automate key business processes in the organization.
One of the key processes that was selected was the process of dealing with premium requests from the intermediaries Goudse Verzekeringen is working for. The insurance company faced the challenge that to decide whether to accept or reject a premium request, underwriters from the Goudse Verzekeringen had to check many complex business rules and regulations. This resulted in inconsistencies and long processing times.
Together with Acumen, a consultancy specialized in improving business processes, Goudse Verzekeringen selected Avola Decision to solve these challenges. The main reason to select Avola Decision was that it allowed Goudse Verzekeringen to speed up processing times of premium requests and be more in control.
How did we solve this?
Together with Acumen, Goudse Verzekeringen put all the complex rules and policies into a decision model. The next step was to fine tune the Avola business rules engine.
Depending on the risk appetite of the Goudse Verzekeringen the business rules in Avola Decision were adapted until an optimum was found between premium requests that qualified for Straight Through Processing (STP) and premium requests that should be handled manually.
The complete implementation of the business rules took less than 3 months, including the fine tuning process and the time to integrate the solution in the intermediary portal.
Which results did Goudse Verzekeringen observe?
Leveraging Avola Decision has resulted in a number of advantages for Goudse Verzekeringen.
When an intermediary applies for insurance for a client nowadays the business rule engine automatically determines the underwriting risk. Intermediaries no longer have to know all the complex rules about whether to accept or reject an applicant by heart. This has led to consistent and reliable decision making.
Underwriters can spend more time on cases where their high level of expertise is required and the flexibility of Goudse Verzekeringen has increased because business rules can easily be adapted, improving their business agility.
Last but not least, Goudse Verzekeringen needs less underwriters to process more premium requests, so deploying the solution has resulted in significant cost savings and improved efficiency.
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