Insurance Tracking, CPI & Recovery to Protect your Assets: A Case Study on Auto Insurance Tracking
In this blog post we are going to share with you one of our company’s case studies which shows how our services helped client to meet the business goals.
This is the case study about how our technical team helped client reduced their loses by 30% and increased their profitability by 43%.
We will walk you through with a small introduction of our company and the respective client with the mission/challenge/solution/workflow/implementation/result.
About ITTStar: Our company can serve your business as a fully outsourced IT service provider, assisting your in-house team with special projects and strategic initiatives. ITTStar is a Standard Consulting Partner, offers all types of cloud services to its clients and forms a distinguished client base over the years. Our technical expertise and dedicated team deliver high quality product to clients, integrate all types of cloud services to your existing applications and products. Our team has expertise to develop your application from scratch and figure out best from all the possible ways to develop an excellent application. Our team mainly focus on scaling, performance, quality of a product to give maximum user satisfaction.
About the Client: It is a software company enabling auto dealers and lenders to effectively track their customers auto insurance status. This company collaborated with our company ITTStar to provide a comprehensive and effective platform to help dealers and lenders manage, mitigate and reduce insurance risk. We do this by providing cutting-edge technology through a customizable online dashboard which enables users to quickly and easily access data, pull real-time reports with a single click and effectively communicate with drivers to resolve insurance red flags.
Our Client’s Mission: The client focus on improving the ways auto lenders and borrowers connect with information, by organizing the information we obtain from lenders, borrowers, and insurers and make it accessible and useful to our clients and their customers. We aspire to become the leader in building innovative products that mitigate insurance, compliance and financing risk.
Challenge: The end-clients(Banks, Insurance Company) wanted to enable auto insurance tracking for users by processing insurance documents received through different sources like EMAIL, FAX, etc. from users/ customers(People with/without Insurance policy).
Solution: To enable our clients to manage and mitigate their insurance, compliance and collections risk exposure, while maximizing their financial and operational efficiencies.
Workflow: Customers/Users send auto insurance documents through different mediums like Email, Fax, Upload through the portal, etc. The client will collect all the documents from different sources and pre-process them like normalizing filename and removing suspicious files. We also decrypt them if required. Then we will send them for OCR to make them readable. After OCR, we will filter the documents for manual and auto processing. In both manual and auto processing, splitting and data entry will be done. In data entry insurance details will be attached to the user account. After the process, now users can track their insurance through our client portal.
Implementation:
1) Collect the documents from different sources and decrypt them if required.
2) Send the documents to OCR to make them readable.
3) Divide the documents for auto processing and manual processing.
4) Process the documents and update the data in the user account so that users can track the details about their insurance.
5) It enables users to track their insurance details easily through the login.
What impact did the results have on the client’s business?
1) This project helped Client to manage the Insurance risk with minimum overhead. The integration of insurance tracking helped Client to be effective and more compliant.
2) This project has provided Client with a custom solution that enabled them to operate with fewer staff, while allowing them to track their assets and reduce potential losses to their firm.
3) This project helped Client by allowing them to track auto insurance statuses and communicated effectively with the borrower when deficiencies were found.
4) This project helped Client to increase the number of loans in the portfolio with proper insurance coverage. This reduced their loses by 30% and increased their profitability by 43%.
