In less than 6 months, Sogaz completely transformed one of their most complex processes while ensuring process structure and transparency. Running on AdInsure, the new corporate insurance process works well for insuring the property of organizations of any size, supporting the quotation process for everything from small objects to cosmodrome insurance.
Even though it was in an admirable market position, Sogaz set itself an ambitious plan which started with the transformation of the corporate property insurance as a part of their winning strategy.
Before implementing AdInsure, the company struggled with manual work since its quotation process was based on paper and spreadsheets. Sogaz looked to optimise and digitalise the corporate property underwriting line of business and envisioned a simplified, more transparent underwriting workflow to bring more structure to the entire process.
The largest challenge, however, was to find a way to merge a vast number of industries, sales channels and regions, levels of organisation complexity and risk coverages and factors within one process.
Founded in 1993, Sogaz has grown in one of the largest universal insurance groups in Russia offering more than 130 insurance programs covering all kinds of property, personal, and liability insurance. SOGAZ INSURANCE is a recognized leader in the field of corporate insurance. Strategic Russian corporations and their employees trust Sogaz with their coverage. SOGAZ INSURANCE provides comprehensive coverage for enterprises in the oil and gas sector, energy, nuclear industry, metallurgy, aerospace industry, water and rail transport, the military-industrial complex, agriculture, construction industry, and non-industrial facilities (commercial centres, shopping and entertainment facilities, service industry facilities, logistics centres).
In May 2018, the company partnered with Adacta Fintech with a mission to transform one of their most important business processes - the corporate property underwriting.
To meet the expectations set by Sogaz, Adacta Fintech primarily focused on analysing the requirements and designing the process. Adacta Fintech worked with the client to define and simplify the Application, Quote, Policy Conclusion, and Underwriting processes, resulting in a streamlined underwriting process.
Result of Adacta Fintech’s business requirements analysis was a clearly defined implementation project scope which consisted of documented processes to be implemented in AdInsure (A, Q, PC, UW) and the project timeline.
The implementation project consisted of (1) Implementing a new quotation approach for the corporate underwriting process (A, Q; PC; UW); (2) Integrating pre-underwriting stop factors, (3) Providing support for Sales Case management, (4) Integrating the process with reinsurance and accounting systems.
The new underwriting process is triggered by a deal or application, containing basic information about the policyholder. Once submitted,
an application serves as the basis for a single or multiple quotations. Once a quote is selected, a policy is created.
The most complex part of the process is creating a quote as it can contain up to a few thousand attributes and can hold up to a few hundred different objects. Based on the attributes, the quote enters an advanced workflow, a list of tasks based on business rules, connecting people with different underwriting levels from different teams and locations to work on the document – underwriting it, adding missing information, rejecting or approving it.
AdInsure completely transformed the company’s approach to corporate property insurance. In addition to the technology delivering cost and time savings, Sogaz was able to simplify one of their most complex insurance processes while ensuring the entire process remains structured and transparent. Sogaz can now leverage powerful workflows with built-in business rules and dynamic document management capabilities that bring together regions, people and information needed to get the work done completely and correctly through the entire process.
A unified system and transparent workflow improve quality, allow teams to optimize task and workload delegation, support multi-office hand-offs and provide detailed reporting.
The new approach works well for insuring the property of organizations of any size, supporting quotations for everything from small objects to cosmodrome insurance.
The teams have agreed to use the Agile approach. The initial part of the project began in May 2018 and was focused on scoping the project, followed by 2-week implementation sprints. The agile approach allowed Sogaz to see the results of Adacta Fintech’s work early, provide immediate feedback, and steer the implementation in the right direction. The approach resulted in an extremely short implementation time - the launch took place in Saint Petersburg in December 2018, just 7 months after the project start.
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