2010 VIP STANDARDS AND TECHNOLOGY BEST PRACTICE AWARD CINCINNATI INSURANCE COMPANY NOMINATED BY NXTECH
Success
BLUEPRINT FOR Cincinnati Insurance Co. proves it’s up to the challenge of providing its agents with real-time quoting and issuing using
straight-through processing and unprecedented connectivity.
When Cincinnati Insurance Co. (CIC)
created a strategy for improving agent workflow efficiency that would
fuel personal lines revenue, the technology challenges associated with
that strategy seemed almost insurmountable – almost.
Thanks to a technology project that involved the incorporation of a
real-time rating and workflow solution into its policy administration
system, CIC’s independent agents are issuing policies faster and more
efficiently than ever. The solution, which employs ACORD data standards
at its core, is generating tangible results, freeing agents to shift their
time and energy toward revenue-generating activities and away from
productivity-draining processes.
As the 2010 Vanguards in Insurance Practices Best Practices first-place winner, CIC has proven that no challenge is insurmountable, and
results of the insurer’s successful project are highlighted below.
CIC began its project by engaging NxTech Inc., its ConneXt
software and its implementation services, which were used
in conjunction with CIC systems and third-party information
providers to provide real-time round trip quote/proposal/
issuance using agency management system data and
comparative raters supplemented with additional third-party system data.
Nx Tech ConneXt software, integrated with CIC’s Diamond
system, IVANS Transformation Station, TransactNow, and six
Web service interfaces, met the development challenge. NxTech
ConneXt evaluated the incoming agency management system and
comparative rater data against CIC rules, augmenting and adjusting the
data into CIC compatible data. Further, ConneXt inserted required data
where that data was lacking in the originating systems.
The result is a streamlined, automated process through real-time
rating that delivers a 91.7% time savings over manual entry to agents,
reducing the six-minute manual average (which included entering
quote and application data into n the policy administration system) to
30 seconds for data to automatically flow into the system -- with zero
additional data entry for all successful quotes. For agents who process
50 quotes daily, those minutes can add up to an average of 4. 5 hours a
day, accumulating to more than 100 hours of savings a month.
THE CINCINNATI
INSURANCE CO.,
Second Place:
Third Place:
Honorable Mention:
