Specialty Insurance Carrier Masters Broker Data with Profisee MDM
Using MDM to nimbly adapt to changing market conditions and rapidly expand brokers
This Profisee customer is a specialty insurance carrier with a customer-focused and technology-enabled business model designed to revolutionize the commercial property and casualty insurance marketplace. With the foundation of a data company, a dedication to technical flexibility, an emphasis on digital customer experience and a best-in class digital ecosystem, this company modernizes the insurance process to make it faster and simpler
This insurance carrier exists to make the insurance process faster and simpler, but due to data quality issues with the company’s broker records, onboarding new brokers took a long time. Errors and inconsistencies in broker data stored in the company’s CRM had to be identified and corrected manually — a time-consuming process that saw onboarding times of two to three weeks for some brokers. For the company to achieve its mission, it needed a better way to manage its broker records.
The company decided to implement master data management (MDM) to automate the manual processes it used to identify and correct inaccurate and incomplete records. An MDM solution would identify and cleanse poor-quality records and check for existing records before allowing an end user to create a new one. This would greatly reduce onboarding times and empower data stewards to use their time more efficiently.
THE SOLUTION
This insurance carrier implemented Profisee MDM to automate and manage its full broker lifecycle. Using Profisee as the single point of entry for all brokerage and broker contacts data, the company configured essential data requirements for downstream systems in Profisee to enforce data quality rules. It also set up workflows in Profisee to streamline and automate the broker onboarding process in addition to using lookup-before-create to prevent duplicate contacts from being created by brokers through its broker portal.
THE WINS
With Profisee, this specialty insurance carrier automated the entire onboarding process for new insurance brokers and established a way to enforce its data governance policies to ensure data quality. This helped the company:
- Reduce onboarding time for new brokers from two hours to 15 minutes
- Increase the number of brokers it could onboard in a day from an average of three to a current average of 16.92 per day
- Save approximately 3,000 hours spent on manual data correction
- Increase the onboarding team’s capacity by an estimated equivalent of 1.5 full time employees
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