An Organizations Tale of Triumph to Become a Leading P&C Insurance Provider
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Synopsis In this synthetic case study, Pyramid Solutions demonstrates how we help insurance providers over the years by combining our ECM best practices and technology.
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An Organizations Tale of Triumph to Become a Leading P&C Insurance Provider
- 1. to Become a Leading P&C Insurance Provider By Pyramid Solutions An Organization's Tale of Triumph
- 2. Stateside Insurance is a Fortune 500 provider operating in all 50 states. It had a solid track record in the P&C market but wanted to improve its competitive advantage.
- 3. Stateside had a problem though.
- 4. Stateside had a problem though. Houston,We havea problem...
- 5. Stateside had a problem though. Houston,We havea problem... Their Underwriting Department was under-performing.
- 6. Stateside had a problem though. Houston,We havea problem... Their Underwriting Department was under-performing.
- 7. Here's why:
- 8. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently.
- 9. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently.
- 10. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently. They're plagued by manual activities:
- 11. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently. They're plagued by manual activities: Jumping between systems of record and third-party applications
- 12. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently. They're plagued by manual activities: Jumping between systems of record and third-party applications Side-by-side document comparisons
- 13. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently. They're plagued by manual activities: Jumping between systems of record and third-party applications Side-by-side document comparisons Extensive searching through documents to find relevant information
- 14. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently. They're plagued by manual activities: Jumping between systems of record and third-party applications Side-by-side document comparisons Extensive searching through documents to find relevant information Paper signatures and verbal approvals and consent
- 15. Here's why: The department receives large pieces of content in various formats every day without a way to process it all efficiently. They're plagued by manual activities: Jumping between systems of record and third-party applications Side-by-side document comparisons Extensive searching through documents to find relevant information Paper signatures and verbal approvals and consent They heavily rely on the IT Department to make any changes with the system- big or small.
- 20. To overcome these challenges, they reached out to us -
- 21. To overcome these challenges, they reached out to us -
- 22. To overcome these challenges, they reached out to us - SayhitoSomeoftheTeam!
- 23. We knew in order for Stateside to become more competitive, it needed an enterprise-wide content management strategy, solution, and implementation roadmap that took them from intake to completion for underwriting.
- 24. We knew in order for Stateside to become more competitive, it needed an enterprise-wide content management strategy, solution, and implementation roadmap that took them from intake to completion for underwriting. SAYWHAT?!
- 25. We knew in order for Stateside to become more competitive, it needed an enterprise-wide content management strategy, solution, and implementation roadmap that took them from intake to completion for underwriting. SAYWHAT?! Let me break it down for you...
- 26. Astandardizedplantomanagedocuments acrosstheentireorganizationtogetridof silosandindividualcontributorviews. We knew in order for Stateside to become more competitive, it needed an enterprise-wide content management strategy, solution, and implementation roadmap that took them from intake to completion for underwriting.
- 27. Astandardizedplantomanagedocuments acrosstheentireorganizationtogetridof silosandindividualcontributorviews. We knew in order for Stateside to become more competitive, it needed an enterprise-wide content management strategy, solution, and implementation roadmap that took them from intake to completion for underwriting. Anunderwritingsoftwarethat automatesprocesses.
- 28. Astandardizedplantomanagedocuments acrosstheentireorganizationtogetridof silosandindividualcontributorviews. We knew in order for Stateside to become more competitive, it needed an enterprise-wide content management strategy, solution, and implementation roadmap that took them from intake to completion for underwriting. Anunderwritingsoftwarethat automatesprocesses. Acomprehensiveprojectplan.
- 31. 1. Aggregates data from siloed systems of record into a role-based user interface.
- 32. 1. Aggregates data from siloed systems of record into a role-based user interface. 2. Efficiently processes unstructured data and assigns it to underwriters.
- 33. 1. Aggregates data from siloed systems of record into a role-based user interface. 2. Efficiently processes unstructured data and assigns it to underwriters. 3. Allows users to split large documents into smaller ones, merge multiple documents into one, and re- index documents.
- 34. 1. Aggregates data from siloed systems of record into a role-based user interface. 2. Efficiently processes unstructured data and assigns it to underwriters. 3. Allows users to split large documents into smaller ones, merge multiple documents into one, and re- index documents. 4. Enables Stateside to define, manage and control functional access by role.
- 35. 5. Allows users to tag documents to indicate location and purpose and bookmark important document pages.
- 36. 5. Allows users to tag documents to indicate location and purpose and bookmark important document pages. 6. Provides real-time dashboards that monitor all activities in the underwriting process.
- 37. This ultimately led to Stateside's underwriters improving productivity by 30%.
- 38. How?!
- 40. How?! Becausetheseareas experienceddramatic performanceCHANGES: REDUCED CYCLE TIMES INCREASEDCOMPETITIVEADVANTAGE NO MORE JUMPINGBETWEENAPPLICATIONS
- 41. How?! Becausetheseareas experienceddramatic performanceCHANGES: REDUCED CYCLE TIMES INCREASEDCOMPETITIVEADVANTAGE IMPROVED CLIENT & AGENT SELF-SERVICE CAPABILITY DECREASED OPERATING EXPEN$E$ MORE ACCURATECLAIMS ANALYTICS NO MORE JUMPINGBETWEENAPPLICATIONS
- 42. It's safe to say Stateside was pretty happy.
- 43. It's safe to say Stateside was pretty happy.
- 44. To learn more about Pyramid Solutions visit PyramidSolutions.com. Thankyou! @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.