After a hurricane hit South Florida, a mid-sized insurance company accumulated a backlog of policies that needed to be reviewed for compliance prior to renewal. They needed a process partner that could leverage their small team of experts.
Two years into a strategic partnership, Invisible manages 14 processes for the client. Notably:
The insurance company reached operational capacity by a surge of policies that needed to be reviewed for compliance prior to renewal.
If these policies were not reviewed by the 90-day mark, they would automatically renew for the next year, and the insurer would be liable to cover $10k/year of business that did not meet their criteria. The backlog at its peak reached 4,000 policies and they needed to hire 10 FTEs to keep up their demand and burn their backlog.
Ultimately, the client 6xed output without implementing new technologies, running a change management process, or retiring legacy systems. Previously, policies were being reviewed at the 70-day mark. With Invisible, not only was the backlog burned, but all policies were reviewed at the 40-day mark, which allowed the insurer to escalate to its clients for further information to assess eligibility and help make sure they didn’t ensure bad business.
On solving the capacity problem, Invisible scaled to help at least every team in the company automate at least 1 workflow - from processing E & O documents, automating Claims intake, to QA’ing IT tickets. Most recently, a competitor went out of business due to yet another hurricane. Because Invisible helped the company increase its capacity by 25% in one month, they were able to meet the new market demand.
The insurance industry uses automations heavily, but affordable automation solutions are not well suited to workflows that run on unstructured data and which require decision-making. That meant our insurance client had an inefficient underwriting workflow which wasn’t right for RPA - but perfectly suited for Invisible.
Our core capabilities, always the same, can be combined into unique process stacks that create endlessly unique solutions for our customers. While our processes are standardized, no client’s use of Invisible is the same.Why Worksharing?
In the chart above, you can see the birth of a customer support function at the top. You can also see lead generation for their dental practice pause and then start again.