The Challenge
The insurtech provider faced the industry-wide challenge of managing large volumes of quotes-related correspondence, including forms, letters, and legal documents. Their team, consisting of 5 Quotes Specialists and 30 Sales Development Representatives (SDRs), was tasked with receiving quote proposals from carriers and uploading them to their proprietary quotes management system. This system allows their customers to quickly identify the best quotes to provide to their clients. They found that:
All inbound emails came in different formats, and the documents with quote information were also in different formats, complicating the processing workflow.
SDRs were still receiving quotes from carriers and would try to be involved in the quotes intake process, adding inefficiencies when they should instead be focused on sales.
The manual and repetitive nature of these tasks took time when Quotes Specialists could be reallocated to higher-value activities.
The Quotes Specialists could not easily scale their efforts as more policyholders joined.
Moreover, continuing to allocate resources to reduce costs here would not make sense as reallocating engineers would distract from their core product offering. Building an internal solution would ultimately cost more than the savings they were seeking, making it inefficient and impractical for the organization.
The Approach
In response to these challenges, the insurtech provider adopted Planflux to support their quotes specialists in their quotes intake workflow This support included integrations and automations such as:
Automatic scanning of ALL Outlook inboxes and isolate quotes-related material, including PDFs and attachments from carriers, ensuring no crucial information is missed.
Extract all relevant details from each quote, such as premiums, coverages, and other critical information, directly from the identified materials.
Provide a streamlined UI that enables quotes specialists to quickly verify data sources and AI reasoning, facilitating efficient decision-making with minimal human intervention.
Automatically send approved quotes to the quotes management system via an API, significantly speeding up the processing workflow and reducing manual data entry errors.
The Results
The deployment of Planflux led to significant improvements in efficiency and accuracy for the insurtech provider.
Processing time was reduced by 90%, significantly accelerating the quotes intake workflow.
Tens of thousands of FTE hours were reallocated to more critical and engaging tasks, enhancing staff productivity and job satisfaction.
A hyper-optimized validation process was maintained, ensuring 100% accuracy and compliance in the final results.
Over 95% accuracy in data extraction was consistently delivered, reducing errors and increasing reliability in the quotes processing workflow.
By leveraging Planflux’s advanced document processing and workflow automation capabilities, the insurtech provider not only streamlined their operations but also significantly enhanced their effectiveness in managing quotes.
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