Parker Smith & Feek's (PS&F) performance standards specify that the time between the receipt of a client's policy from a carrier to the delivery to the insured should be no more than 45 days.
When a policy is received by PS&F, it is thoroughly checked to make sure the terms and conditions accurately reflect what was agreed at placement.
These audits often unearth critical errors—but the process was inefficient and, as a result, policies were not being delivered within the 45-day framework.
Clients understood the importance of the vetting—but said that if delivery times could be improved, it would be a dramatic point of difference with the firm's competitive set.
So the firm embarked on an initiative to create a more efficient process, and it created new workflows, policy-checking templates and modified staff responsibilities, among other changes.
The outcome has been "extraordinary" says Gregory Collins, president and CEO of the firm. "Our new process has resulted in fully checked policies being in the client's hands in less than 15 days in many cases—and we have tweaked our error-catch rate to nearly 100 percent."
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