Improving Customer Service Through Our Brokers

A 2022 ICTA nomination

Toronto, ON (May 2, 2022) – SMI has introduced two new technology offerings to help streamline and improve service to our broker force. With the Policy Inquiry service, we have made key policy information available directly through the broker through their own Broker Management System (BMS), allowing the broker offices to answer client questions with the press of a button. By doing so, we free up time for both the broker and our underwriting staff while providing guaranteed accurate information to the customer. This also reduces the time we spend on “transactional” conversations, so staff and brokers have more time for high-value relationship building.

We are also enhancing this real-time service to include Straight Through Processing for the Habitational line of business, allowing information to be passed from the BMS directly to our production system to quote, bind, and issue new business all in one session. By providing immediate confirmation that a policy is bound and issued, with accuracy ensured by having a single point of data entry and official policy documents available the same day, we are upholding our commitment to exceptional customer service for both the broker and the policyholder.

Since we went live with Policy Inquiry in April of 2020, we have over 2,500 unique users and serve an average of 1,600 requests for information per month through this service. SMI is currently going live with Straight Through Processing in the Habitational line with a select group of brokers, with plans to go live with Auto in late 2022 and Commercial Packages early in 2023.

Straight Through Processing is expected to have an immediate impact on the turnaround for Habitational New Business. With our current volumes and staff, we are typically keying new business into our system five to seven days after it has been bound at the broker’s office, with additional delays being added by relying on physically mailing out policy documents. This lag time will be eliminated for qualifying business – policies will be bound and issued immediately, and the policy documents can be printed or emailed directly to the client at the time a policy is purchased.

Business Benefit

We currently serve 1,600 requests for information monthly through the Policy Inquiry service. To provide this information without the service, each request would require a phone call from the servicing broker to a member of our underwriting or accounting staff, who would need to look up this information manually within our Policy Management System. Even if each call lasted only three minutes, this innovation saves dozens of hours every month. Adding to this, brokers can provide up to the minute information to policyholders even when our office is closed.

With Straight Through Processing coming online, we expect 35% of our broker force to immediately begin submitting Habitational new business via this channel. With SMI staff processing approximately 1,000 pieces of business monthly in our manual process, this technology will save upwards of 90 hours a month and improve service times for all brokers and all lines of business due to staff efficiencies.

About SMI

Saskatchewan Mutual Insurance Company is a growing mutual at $100+ million in Direct Written Premium. Founded in 1908 and doing business in Saskatchewan, Manitoba, and Alberta, we are leveraging our history and strong position to become an agile and innovative company while retaining focus on exceptional customer service. SMI is collaborating with multiple Canadian technology partners and brokerages across Western Canada to achieve these goals. For more information, visit www.saskmutual.com.

About Hubio Technology

Hubio connects P&C insurers to partners and customers, through technology that drives growth, reduces costs and improves customer experience. regul8 is Hubio’s Software-as-a-Service (SaaS) regulatory reporting platform designed for P&C insurers so they can confidently submit quality data to regulatory agencies and avoid unnecessary deficiency fees. Hubio has provided solutions to Canadian Property and Casualty insurers for nearly two decades. For more information, visit hubio.com.

About Insurance Systems Inc.

Founded in 1997, ISI and its team of insurance professionals are dedicated to developing and implementing innovative software products for the property and casualty insurance industry. ISI’s flagship product, ‘ISI Enterprise’, is ideal for small to mid-size commercial and specialty lines carriers ranging from $10 to $400 million in premiums written annually. Headquartered in Toronto, Canada, the company has a diverse client base of property and casualty insurers. For more information about ISI, visit www.insurancesystems.com.

SOURCE: Saskatchewan Mutual Insurance Company (SMI)

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