How Cogitate helped an insurance company overcome their challenges

 

Cogitate was the result of insurance veterans joining hands with tech experts, making them perfect for insurance companies that are looking to automate or digitize their services. We are leaders in accelerated digital insurance for wholesale brokers, MGAs, and carriers. In this blog, we will cover one of our clients, Southern General Insurance Company (SGIC), their challenges, and how our team overcame those challenges and improved their results. Let’s take a deeper dive into all of the details of this incredible journey.

About Southern General Insurance Company (SGIC)

Through MGA  Wholesale Insurance Broker and Insurance House, Southern General Insurance Company (SGIC), a provider of property and casualty insurance, offers independent agents personal lines insurance products. Coverage is sold in Alabama, Delaware, Georgia, Florida, Maryland, North Carolina, Pennsylvania, South Carolina , Tennessee , Virginia , and Washington D.C.

Challenges faced by SGIC

SGIC faced slippage in the identification of attorney demand letters, and adjusters overlooked a number of cases that resulted in claims of bad faith. Their team also claimed that managing responses and keeping track of conversations with the claimants' solicitors proved to be challenging tasks.

The manual approach that they had been using was time-consuming, expensive, and prone to errors, and the danger of bad-faith exposures to SGIC was always substantial. In certain cases, these problems resulted in litigation with hefty defense and settlement costs. To automate the demand letter detection and monitoring process, SGIC chose Cogitate DemandAssist.

How we helped SGIC

One of the major factors that helped SGIC gain our trust was our understanding of insurance. After going through all the challenges they were facing using their previous methods, we instilled four features that could help them overcome all the challenges. Here is the list of those features:

1. OCR and text mining of documents from ImageRight (SGIC’s document management system)
2. AI and machine learning for high-precision pattern identification of attorney demand letters
3. Automated, integrated notification service to alert the adjuster team of demand letters and response deadlines for zero slippage.
4. Track negotiation details with attorneys, such as offer amounts and the dates presented.

All these features helped them successfully navigate through their challenges and get the desired results.

Results

These were the results that SGIC obtained after our input:

1. 99.20% demand identification accuracy from their previous 64.36%.
2. $2.4 million in demands identified (monthly average).
3. A massive 48% reduction in demand handling cycle time
4. New demand identification is down from 5 days to less than 24 hours.
5. 15,000+ pages of accelerated identification processed daily.

Conclusion

Our partnership with SGIC was an exciting project that turned out to be a massive success. "We have opted for Cogitate DigitalEdge for its future-ready digital insurance platform capabilities coupled with the wide range of state-of-the-art features," said Diane Boyer, Vice President of Operations at Southern General Insurance Company. You can visit our website to contact us or learn more about our services.

 

Cogitate: Revolutionizing the Insurance Landscape since the Last Decade

 

Insurance sector faces numerous challenges that can affect its growth and effectiveness. One such difficulty is the complicated and time-consuming underwriting and claims assessment procedure, which is frequently prone to delays and errors. But these challenges can be overcome with the use of technology.

We at Cogitate believe that the future belongs to those who can embrace technology to drive operational excellence in the constantly evolving insurance industry. With the help of our cutting-edge digital technologies, we strive to simplify insurance services. Our digital insurance software is expertly designed to empower insurance providers by integrating all facets of their business processes. Our technology completely transforms how the insurance industry operates, from policy management and claims processing to client engagement.

At the heart of our range of services lies the Insurance Agent Portal, a dynamic gateway that transforms how insurance professionals communicate with customers and policies. The agility and effectiveness of insurance agents are improved by this user-friendly portal's real-time access to crucial customer information, policy data, and underwriting tools. Additionally, by orchestrating the whole insurance lifecycle and using data-driven insights to improve customer experiences, our digital insurance platform optimizes business operations.

First Tier Underwriters Selects Cogitate

We are happy and proud to announce that First Tier Underwriters, a Georgia-based specialty insurance wholesaler, has chosen us to replace its proprietary policy system, help digitize and streamline its new business, underwriting, and policy administration processes, and enable future growth and scale. While the proprietary policy system has its own sets of advantages, there are some challenges with the system. Some of them include time consuming processes, lack of expertise and expensive software development. We aim to overcome those changes with the tools at our disposal.

Ty McGinty, President of First Tier Underwriter, talked about their future plans and their decision to work with us. He explained FTU's goal to replace their proprietary system with the out-of-the-box offering of DigitalEdge Policy and secure this long-term partnership. He also added "The value proposition allows us to establish our base functionality today, with the option to address greater operational needs as we expand".

Tushar Bhole, Executive Vice President of Sales and Partnerships at Cogitate, also shared his excitement about working with FTU. He stated, "This is a great example of the launch of out-of-the-box capabilities to hit the ground running with expanded functionality over time in a manner that meets FTU’s ROI requirements."

About Cogitate’s Digital Edge Policy

Insurance companies, MGAs, wholesalers, and program managers may update their operations using Cogitate's DigitalEdge Policy to improve their efficiency, accelerate time to market, and quickly respond to changing consumer demands. By linking with core and legacy systems, it speeds up the digitalization of insurance and offers the advantages of third-party data interfaces.

DigitalEdge Policy improves the channel partner and customer experience by providing a variety of insurance technologies, like digital sales and service infrastructure, integrated mobile apps, chatbots, artificial intelligence, machine learning, and advanced analytics.

For instance, an insurance business can use DigitalEdge Policy to cut the time it takes to develop new products by almost 50%. This would also allow them to quickly provide a variety of unique coverage options to the market, giving them a competitive advantage and boosting client satisfaction.

Additional products by Cogitate

DigitalEdge Billing: DigitalEdge Billing allows end-to-end billing lifecycle management for both personal and business lines with a scalable design for your current and future needs. It enables increased agility and responsiveness in a continually changing industry and develops customer expectations through real-time information processing and a user-friendly interface.

DigitalEdge Claims: Cogitate DigitalEdge Claims, with its comprehensive, innovative, and highly flexible solutions, adds value to businesses by reducing claim response time and providing superior experiences for your customers. Furthermore, it streamlines claims processing through the use of a variety of modern technology, resulting in lower expenses and leaks as well as increased productivity and efficiency.

If you are an Insurance company that is looking to take the next step and embrace technology, you can contact us. We have worked with numerous insurance companies including Southern General Insurance Company, Preferred Mutual Insurance Company, Rothert Insurance and more. Visit our website to learn more about our services.