The E&S space is known for housing the complex, hard-to-place risks, with multiple distribution models, each carrying a top dollar operating cost. The business is not black and white nor is there a singular, simple workflow. Digitization holds the promise of efficiency, effectiveness, ease and of course speed; but without human oversight, the quality is sacrificed. It’s no wonder that the benefits of digitization have eluded the surplus lines segment.
The basic need for human involvement has proven essential time and again, and rather than combatting the dilemma, OIP has embraced it. The outcome? Nothing short of a giant leap forward in creating an advanced digital experience for the surplus lines segment. OIP Robotics Director of Business and Technology, Nemanja Jokic has complemented his technology perspective with a business viewpoint. Rather than forcing technology to “fix the problem”, he instead respects the complexity of the process. Staying true to an OIP core pillar, Jokic remains focused on customer/employee-centric innovation, recognizing that the game has not changed, only the tools have.
Since 2012, OIP has been the E&S Industry’s leading Knowledge Process Outsourcing company. Their vast experience in underwriting support, streamlining workflows, and building technology roadmaps, paved the way for a natural expansion into the Insurtech sector, which was accomplished earlier this year when OIP Robotics was formed. The entity’s first order of business? You guessed it: to automate the complex surplus lines processes without sacrificing integrity.
Using experience and foresight, OIP Robotics undertook the first two essentials needed for this mission: smart technology and a forward-thinking client. Using text extraction and process automation tools powered by artificial intelligence, OIP Robotics created ARIES, a customized specialty bot that augments and learns from the employee’s workflow. Sharing in the skepticism of extracting credible data from unstructured documents, a second validation level was created through partnering ARIES with chatbots. In the cases of blank fields or indecipherable handwriting, the chatbot obtains employee validation before continuing the process.
In order to successfully scale this technology, a strong beta partner was key. Long-term client and well-respected wholesaler, XS Brokers, made for an obvious choice per their shared objective of leveraging technology with insurance expertise for automating mundane, routine tasks. After spending the better part of 2020 collaborating on digitizing back-office processes to better serve the industry their efforts resulted in increased efficiency and cost savings while improving process quality and customer satisfaction. Integrating ARIES to their in-house submissions process, XS Brokers reaped benefits of a 62% reduction in resources and 50% savings increase on personnel hiring.
Robotic Process Automation (RPA) is optimizing efficiencies that span the policy’s lifecycle far beyond submissions. Expanding into loss runs, endorsements, claims processing and more, it appears the imposing questions within the InsurTech realm on whether RPA can be applied to a specific wholesaler’s business model has finally been answered.
Positioned to capitalize on the digital groundwork set by RPA, OIP Robotics and XS Brokers built a Bordereaux reporting system for Lloyd’s accounts, acting as a data aggregator, bordereaux report generator, and most significantly a contract rules engine. “After implementing the Bordereaux reporting system, the application immensely improved our bordereaux issuance time and enhanced the report’s accuracy, all while streamlining and validating coverage allocation between contracts” – Christopher Sylvester, CIO – XS Brokers.
Additionally, OIP Robotics and XS Brokers built a CRM tool that seamlessly integrates the MGA’s sales cycles, customer success, and workflows. Integrating the Bordereaux reporting system and the CRM tool into the agency management system provides added functionalities without the expected delay that often comes with complex distribution or reporting.
Digital transformation implores companies to place technology at the core of their business, and the RPA framework makes this possible quickly. The wholesalers applying RPA to their in-house processes benefit with quicker TAT, substantial cost savings, and highly improved accuracy. Most importantly, automating highly repetitive processes positions staff to focus on growing a profitable book of business, which is fundamentally changing the Excess & Surplus Lines Industry.
The service OIP Robotics offers is much more than just technology. Our partners appreciate the professional growth opportunities for their staff, resulting in higher morale and lower employee turnover. This only adds to the long-term savings from the technology’s effectiveness and efficiency. Whether it’s the low upfront costs, the expedient ROI timeframes, or the customized technology built uniquely with each client’s needs in mind, we’re confident that your expectations will be met and exceeded! To capitalize on our expertise and improve your back-office processes, contact Nemanja Jokic, Director of Business and Technology.