How Digital Helped Selective Insurance Improve Policy Review Efficiency | Cognizant

Selective Insurance is a super regional
carrier in the u.U. offering commercial insurance in 25 states, personal
insurance in 13 states excess and surplus lines and flood insurance in all
50 states. We strive for balance, profitable growth and efficient
operations across all business segments. The E&S segment of the insurance
industry has not experienced significant process change or digital transformation.
So when I took over as President of MUSIC which is our Excess and Surplus
lines division, I saw tremendous opportunities for digital business
transformation. Moreover, most agency partners have their own process and
technology platforms. Capturing policies in multiple systems is an additional
process. This increases the lead time between when the policies entered into
the carrier system and when the coverage begins. In the spirit of continuous
improvement, we identified opportunities to modernize our business processes,
leverage technology and apply industry best practices from our standard lines
business in order to transform our E&S operations. Since we have worked with
Cognizant’s Digital Business Consulting team on multiple transformation
initiatives in the past, we decided to leverage our strong business partnership
in order to support this important E&S transformation. As a strategic partner, we
understood that a key component of the business transformation
would be the implementation of a new operating model that institutionalized
new and efficient business processes, followed by a digital transformation
that would address current state challenges as well as set the
organization for future success. Working with Jeff and the E&S leadership team, we
designed a short-term and a long-term roadmap that identified all the
transformation initiatives required to get to the future state. The
transformation roadmap helped me translate my vision into actionable
projects and present a clear plan to our executive team and board of directors on
investments needed to transform our E&S business. Cognizant Digital Businesses
Consulting team along with my E&S leadership team delivered on numerous
transformation opportunities in 2018. For instance, we rationalized our
underwriting and support organization structures and optimized general agent
assignments across regions and territories to provide the best support
for our agency partners. We streamlined operations as well as demand management
and technology change governance processes that will position us to get
the most benefits out of this digital transformation that is currently in
progress. We implemented future state processes that are helping the
underwriting and processing team be more effective and efficient. The straight
through processes we implemented are providing around sixty to seventy
percent efficiency gains already. We were able to successfully execute multiple
transformation initiatives in a tight timeframe because of the leadership and
support provided by MUSIC’s executive team. They made it a priority to commit
time and resources to these initiatives. With the completion of this program we
will be able to automate work that can address historical process in
efficiencies and delays on modern digital platforms.

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