VALHALLA, N.Y.--(BUSINESS WIRE)--USI Insurance Services has been recognized as one of 16 companies globally whose unique, creative approaches to problem solving are featured in the January, 2014 edition of Best’s Review Magazine. Working with several carrier partners, USI’s “Document eDelivery Hub,” streamlines the information-exchange process between insurance brokers and insurance carriers by trimming the delivery time of policies by two to five days.
USI’s Document eDelivery Hub accepts documents from a carrier via a secure FTP; it then identifies the document type and client name by looking at the XML-based parametric data. Next, it performs a lookup within USI’s client servicing systems to determine the routing. Lastly, the document is inserted into USI’s Worksmart workflow engine where it is directed to the client servicer without it ever being printed, scanned or manually routed.
Best Review’s Innovation Showcase is not an award. Rather, it is an annual forum for recognizing forward thinking among insurance organizations. A panel of insurance industry experts assessed the relative merits of all 41 submissions in the 2013 event. Companies from North America, Germany, China and India participated. In reviewing USI’s submission, Gates Ouimette, founder and principal of ITconnector, and one of the judges, said that USI’s solution “requires vision and commitment, which is what truly makes this case study innovative.”
Stewart Gibson, USI’s chief information officer, said: “We are honored to be recognized by Best’s Review for our Document eDelivery Hub. The Hub has improved staff productivity, lowered overhead costs, and documents are getting to the servicers two to five days faster than previously. For documents, such as policy audits that have to be addressed within 10 days of issuance, the time savings has been huge. It allows our servicers to work with clients to address issues before they become critical, resulting in higher client satisfaction and retention.”
Eight experts were selected from the life, technology, risk management, processes and distribution sectors to review the entries. In addition to USI, other companies recognized for demonstrating innovative qualities in insurance initiatives included American International Group, IBM, Progressive and Zurich North America.
Gibson added: “We estimate the financial impact to grow as we add carriers to USI’s Document eDelivery Hub. In 2012, we processed more than 40,000 documents without need for manual scanning and routing. This volume represented about 25% of the document volume we received from our five initial carriers, saving us $30,000 in 2012 and $100,000 in 2013. As we add more carriers, the savings will exceed $250K annually. The productivity impact for our servicers has also been significant. Those that previously went to carrier sites to download documents, now just see them show up in their work queues. It has truly been a win-win project for us, the carriers and our clients.”
To read about this innovation and all the others highlighted in the Showcase, access Best’s Review January digital edition by clicking here: http://viewer.zmags.com/publication/3effda2c#/3effda2c/13
About Best’s Review
Best’s Review is published by the A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Founded in 1899, A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.
About USI Insurance Services
Founded in 1994, USI is the 10th largest insurance broker in the United States and the 14th largest in the world. USI is headquartered in Valhalla, NY and operates out of approximately 100 offices across the United States. Additional information about USI may be found at www.usi.biz.