As the nation’s premier provider of insurance products and services to the professional services industry, their business is conducted as a partnership with their client. Their partner-clients are the brokers who identify the opportunities, the insured who purchase their products, and the carriers who trust them with their capital.
Greenhill Insurance Services offers their clients a broad spectrum of solutions with emphasis on four areas: proprietary specialty programs, risk management, claims services and financial services. While they already have hundreds of partner-clients across the United States and Canada, they continue to seek opportunities to grow.
Processing over a thousand submissions from numerous partner-clients is a significant challenge for any insurance underwriting business, so Greenhill’s need to find a system that could support new territory expansion and product lines was crucial.
Tired of spending an unjustifiable amount of time dealing with unclear workflows, lacking relevant information, and rekeying massive amounts of data in multiple systems, the Greenhill Insurance Services Team decided it was time to start working on a single cloud based platform. Impressed with its flexibility, user-friendly experiences, and services oriented architecture, Greenhill Insurance Services selected the Salesforce Lightning Platform.
The R/CS Team understood that in the insurance underwriting industry the cost of operations and the management of overall business processes are constantly increasing due to labor intensive human interventions and disparate IT systems. Armed with this valuable information, the R/CS Team dove right into problem-solving mode and quickly began to develop a custom Salesforce application that addressed these issues.
The custom application built on the Salesforce Lightning Platform quickly became a critical factor in the success of Greenhill’s Underwriting Team, so quickly that the submission-to-quote and quote-to-issuance ratios improved by up to five percentage points. By reducing the re-entering of data in multiple systems, improved task management, document management and submission routing to the underwriters, the turnaround time was reduced by several days.
Key Benefits Include:
• A more efficient submission creation process
• Number of quotes increased by up to 10% through automation
• Binding ratio improved by up to 5 percent through better selection of submission to quote.
• Turnaround time reduced through various automation steps
• Total effort reduced by 50% through automation, de-skilling of tasks and of decision support tools.