An Organizations Tale of Triumph to Become a Leading P&C Insurance Provider
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Transcript of An Organizations Tale of Triumph to Become a Leading P&C Insurance Provider
to Become aLeading P&C
Insurance Provider
By Pyramid Solutions
An Organization's Taleof Triumph
Stateside Insurance is aFortune 500 provider
operating in all 50 states.
It had a solid track recordin the P&C market butwanted to improve its
competitive advantage.
Stateside had a problem though.
Stateside had a problem though.
Houston, Wehave a
problem...
Stateside had a problem though.
Houston, Wehave a
problem...
Their UnderwritingDepartment wasunder-performing.
Stateside had a problem though.
Houston, Wehave a
problem...
Their UnderwritingDepartment wasunder-performing.
Here's why:
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
They're plagued bymanual activities:
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
They're plagued bymanual activities:
Jumping betweensystems of record andthird-party applications
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
They're plagued bymanual activities:
Jumping betweensystems of record andthird-party applications
Side-by-side documentcomparisons
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
They're plagued bymanual activities:
Jumping betweensystems of record andthird-party applications
Side-by-side documentcomparisons
Extensive searchingthrough documents tofind relevant information
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
They're plagued bymanual activities:
Jumping betweensystems of record andthird-party applications
Side-by-side documentcomparisons
Extensive searchingthrough documents tofind relevant information
Paper signatures andverbal approvals andconsent
Here's why:
The departmentreceives large
pieces of content invarious formats
every day without away to process it all
efficiently.
They're plagued bymanual activities:
Jumping betweensystems of record andthird-party applications
Side-by-side documentcomparisons
Extensive searchingthrough documents tofind relevant information
Paper signatures andverbal approvals andconsent
They heavily rely on the IT
Department tomake any changes
with the system-big or small.
Basically, they constantly feellike this
Basically, they constantly feellike this
Basically, they constantly feellike this
Basically, they constantly feellike this
To overcome these challenges, theyreached out to us -
To overcome these challenges, theyreached out to us -
To overcome these challenges, theyreached out to us -
Say hi to Some of the Team!
We knew in order for Stateside to become morecompetitive, it needed an enterprise-wide content
management strategy, solution, andimplementation roadmap that took them from
intake to completion for underwriting.
We knew in order for Stateside to become morecompetitive, it needed an enterprise-wide content
management strategy, solution, andimplementation roadmap that took them from
intake to completion for underwriting.SAY WHAT?!
We knew in order for Stateside to become morecompetitive, it needed an enterprise-wide content
management strategy, solution, andimplementation roadmap that took them from
intake to completion for underwriting.SAY WHAT?!
Let me break it down for you...
A standardized plan to manage documentsacross the entire organization to get rid of
silos and individual contributor views.
We knew in order for Stateside to become morecompetitive, it needed an enterprise-wide
content management strategy, solution, andimplementation roadmap that took them from
intake to completion for underwriting.
A standardized plan to manage documentsacross the entire organization to get rid of
silos and individual contributor views.
We knew in order for Stateside to become morecompetitive, it needed an enterprise-wide content
management strategy, solution, andimplementation roadmap that took them from
intake to completion for underwriting.
An underwriting software thatautomates processes.
A standardized plan to manage documentsacross the entire organization to get rid of
silos and individual contributor views.
We knew in order for Stateside to become morecompetitive, it needed an enterprise-wide content
management strategy, solution, andimplementation roadmap that took them from
intake to completion for underwriting.
An underwriting software thatautomates processes.
A comprehensive project plan.
So what will all thatfancy stuff do for
stateside Insurance?
So what will all thatfancy stuff do for
stateside Insurance?
Great question!
1. Aggregates data from siloed systems of recordinto a role-based user interface.
1. Aggregates data from siloed systems of recordinto a role-based user interface.
2.Efficiently processes unstructured data andassigns it to underwriters.
1. Aggregates data from siloed systems of recordinto a role-based user interface.
2.Efficiently processes unstructured data andassigns it to underwriters.
3.Allows users to split large documents into smallerones, merge multiple documents into one, and re-index documents.
1. Aggregates data from siloed systems of recordinto a role-based user interface.
2.Efficiently processes unstructured data andassigns it to underwriters.
3.Allows users to split large documents into smallerones, merge multiple documents into one, and re-index documents.
4.Enables Stateside to define, manage and controlfunctional access by role.
5.Allows users to tag documents to indicatelocation and purpose and bookmark importantdocument pages.
5.Allows users to tag documents to indicatelocation and purpose and bookmark importantdocument pages.
6.Provides real-time dashboards that monitor allactivities in the underwriting process.
This ultimately led toStateside's underwritersimproving productivity by
30%.
How?!
How?!
Because these areasexperienced dramaticperformance CHANGES:
How?!
Because these areasexperienced dramaticperformance CHANGES:
REDUCEDCYCLE TIMES
INCREASEDCOMPETITIVEADVANTAGE
NO MORE JUMPINGBETWEENAPPLICATIONS
How?!
Because these areasexperienced dramaticperformance CHANGES:
REDUCEDCYCLE TIMES
INCREASEDCOMPETITIVEADVANTAGE
IMPROVED CLIENT & AGENT
SELF-SERVICE CAPABI
LITY
DECREASED
OPERATING
EXPEN$E$
MORE ACCURATECLAIMS ANALYTICS
NO MORE JUMPINGBETWEENAPPLICATIONS
It's safe to say Stateside was pretty happy.
It's safe to say Stateside was pretty happy.
To learn more about Pyramid Solutionsvisit PyramidSolutions.com.
Thank you!@PyramidECM#PyramidSolutions
Pyramid Solutions, Inc.
This was a fictional story created to demonstrate Pyramid Solutions' life underwriting solutions. Stateside Insurance is not a real insurance company or client.