Broker Ins Case Study
Customer profile:
Based in Sofia, Broker Ins is among the top 10 Bulgarian insurance brokers in terms of annual revenues. The company has been enjoying continuous growth ever since its establishment in 1998 as evident from the increasing number of its customers and regional offices. The portfolio of Broker Ins includes various types of insurance such as vehicle, life, health, real estate and liability. It has developed trustworthy relationships with all leading insurance companies on the Bulgarian market. It also acts as a reliable partner for claim processing and estimation in many areas.
The Challenge:
Back in 2009, Broker Ins identified the urgent need to adopt a software solution in order to optimize major business processes such as policy submission and administration, document management, claim processing and accounting. Moreover, the corporate strategy required to grow the sales network and focus on facilitation of the relationships with customers and partners.
All data for migration to the new solution were provided in excel sheets or CSV files. The main challenges of the transition were related to data integrity and clarity of business processes.
The Solution:
After a comprehensive business analysis, the team proposed a unified model for structuring insurance products and business processes. Data integrity was ensured on both database and software application levels. As a result, the solution provided rich customer context and history of relationships with business partners. The process of defining insurance products, rules and rates was automated and decoupled from marketing and sales. Thus, both the front office and the agency network were able to submit insurance policies and collect the premiums much faster and with clearly allocated responsibilities. Claim management process was structured by involving all the necessary parties with approvals of compensation on several levels.
The Result:
Broker Ins was highly satisfied with the productivity improvements of their employees. The time and expenses in managing customers and partners were reduced and the customer service was improved. Accounting and reporting were automated and the reports were delivered timely and with excellent quality. “Ins Info provided us with a clear competitive advantage which boosted our corporate growth in the last two years. We recommend Ins Info Trading as a solid and reliable partner with an exceptional expertise and vision in the area of insurance software” says Rumen Staykov, General Manager of Broker Ins.