{"id":28977,"date":"2024-06-04T21:13:00","date_gmt":"2024-06-04T21:13:00","guid":{"rendered":"https:\/\/www.3pillarglobal.com\/?post_type=case-studies&#038;p=28977"},"modified":"2024-11-29T19:25:01","modified_gmt":"2024-11-29T19:25:01","slug":"reducing-insurance-quote-submission-time-by-95","status":"publish","type":"case-studies","link":"https:\/\/www.3pillarglobal.com\/insights\/case-studies\/reducing-insurance-quote-submission-time-by-95\/","title":{"rendered":"Reducing Insurance Quote Submission Time by 95%"},"content":{"rendered":"\n<p>A leading global speciality (re)insurer specializing in underwriting complex risks engaged Chenoa, a 3Pillar Global Company, to develop a new way to combine data, intelligent automation, and human expertise into a <a href=\"https:\/\/www.3pillarglobal.com\/industries\/insurance\/\">new application<\/a> to make smart underwriting decisions.<\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Problem<\/h2>\n<\/div>\n\n\n<p>The client faced inefficiencies in processing quotes due to disordered data sets and manual, non-standardized entry processes due to the specialized nature of their business across 30+ lines of business. In response, the client engaged Chenoa to build a solution that would optimize their workflow, drive faster turnaround times, and reduce errors across all lines of business, leading to faster, more confident underwriting.<\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Solution<\/h2>\n<\/div>\n\n\n<p>Chenoa used Unqork, a no-code platform, to build a centralized interface to standardize and automate data entry for underwriters. Chenoa also deployed a Natural Language Processing (NLP) bot from UiPath to parse emails for required quote information, removing the need for manual retrieval. The NLP bot continually learns from various email formats, increasing the accuracy of extracted information and resulting in a highly synchronized workflow with few errors.<\/p>\n\n\n<div class=\"wp-block-heading\">\n<h2 class=\"wp-block-heading\">Outcomes<\/h2>\n<\/div>\n\n\n<p>The solution&nbsp;<strong>reduced quote submission time by 95%<\/strong>&nbsp;\u2014 from two hours to a mere 10 minutes \u2014 enhancing operational efficiency and productivity.&nbsp; Additionally, the streamlined interface and automated data processes enabled the speedy onboarding of over 30 different products. This scalability not only met current business needs through a more agile and adaptable underwriting process, but positioned the client for future growth through diversified market offerings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A leading global speciality (re)insurer specializing in underwriting complex risks engaged Chenoa, a 3Pillar Global Company, to develop a new way to combine data, intelligent automation, and human expertise into a new application to make smart underwriting decisions. Problem The client faced inefficiencies in processing quotes due to disordered data sets and manual, non-standardized entry [&hellip;]<\/p>\n","protected":false},"featured_media":28981,"template":"","industry-types":[],"service-types":[],"topics":[],"class_list":["post-28977","case-studies","type-case-studies","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reducing Insurance Quote Submission Time by 95% - 3Pillar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.3pillarglobal.com\/insights\/case-studies\/reducing-insurance-quote-submission-time-by-95\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reducing Insurance Quote Submission Time by 95% - 3Pillar\" \/>\n<meta property=\"og:description\" content=\"A leading global speciality (re)insurer specializing in underwriting complex risks engaged Chenoa, a 3Pillar Global Company, to develop a new way to combine data, intelligent automation, and human expertise into a new application to make smart underwriting decisions. 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