Power Insurances is an insurance brokerage house based in Limerick, Ireland. They offer a wide spectrum of insurance products such as home, property, liability, or motor.
Difficulty Ensuring Every Customer Receives Full Annual Policy Updates
Each product Power Insurances carries has specific terms that may evolve over time. Therefore, to comply with industry regulations, they need to send updated policy booklets to every one of their customers annually, so that customers know the exact details of their coverage.
This business case rested with compliance and customer satisfaction. While not every customer reads policy booklets, they certainly have the right to have the most recent booklet at their disposal.
But with a rapidly growing portfolio of satisfied customers, the company could no longer afford to mail booklets individually and track them in a spreadsheet.
Power Insurances needed a more robust solution for both themselves and their customers. They needed a solution that would automate the mundane aspects of compliance, to free up employees to spend their time on revenue generating tasks, while still ensuring customers received the accurate policy updates they’re entitled to.
Building an Efficient Policy Update System That Freed Up Critical Employees and Lowered Costs
We realized that the use case for this new system was very specific, and built it in such a way that once a customer was in the database, the system would ensure they always received a booklet for every policy update they need, and at the right time.
The right medium for delivering the booklets was also important. Some customers preferred to receive their booklets over email, while others wanted to be notified by text message and download the booklets on their own.
So Colladeo built custom integrations with e-mail and SMS operators to guarantee booklet delivery for both parties.
The client also received an easy-to-use dashboard to upload, view, and manage policy booklets for each insurance company and product line that the brokerage supports.
As the system was built atop a relational database, the client is able to extract useful reports from the system that function as confirmation for each individual mailing and notification. Therefore, the management of Power Insurances can rest assured that whenever an insurance company representative or any client contacts them, they are always able to confirm that the company complies with its contractual obligations.
Power Insurances Resource Saving Results
Our solution reduced the number of hours that critical employees spent dealing with policy booklet mailings to a fraction of its previous value. In fact, the solution proved to be so useful that other insurance brokers asked to be enrolled in the system.
Thus, Power Insurances was able to recoup their initial investment not only in reduced costs, but also by opening an additional revenue stream.