Overview
Odyss successfully assisted one of the largest global insurance companies in overcoming critical challenges related to quote inaccuracies, inconsistent processes across geographies, and legacy system inefficiencies. By implementing Radar Live, Odyss enabled the client to modernize its rating system, leading to significant improvements in processing times and customer satisfaction.
Problem Statement
Quote inaccuracy leading to loss of customers
The customer wanted to standardize processes across geographies globally
Legacy systems were causing issues with digitization
Business Goals
Enhance quote accuracy to retain and attract customers
Standardize rating processes across multiple global locations
Transition from legacy systems to a modern, digital platform
Solutions
- Odyss implemented Radar Live to replace the client’s obsolete rating legacy system. This implementation enabled the client to respond faster and more efficiently to changing market conditions by leveraging advanced analytics and machine learning.
- The Radar Base module was utilized for precise insurance premium price calculations, ensuring the accuracy and consistency needed to regain customer trust. Meanwhile, Radar Live facilitated the seamless implementation, automating what had previously been a manual and error-prone process.
- This digital transformation involved both Radar Live and Radar Base, which together provided an agile, integrated solution that connected pricing strategies directly with the customer interface. By standardizing and automating these processes, Odyss enabled the client to achieve a faster turnaround for quote generation and a more modernized, efficient rating platform.
Outcome
Two models for ‘Auto’ products were implemented, reducing processing time by 67%
Quick turnaround for ‘Quote generation’ resulted in a 47% boost in customer satisfaction metrics
Modernization of the rating platform
Impact
- Odyss played a crucial role in the seamless implementation of Radar Live and Radar Base, guiding the client through every step of the process. By leveraging its expertise in digital transformation, Odyss ensured that the integration of these tools was smooth and efficient, minimizing disruptions to the company’s operations.
- Moreover, the improvement in quote accuracy directly addressed one of the primary pain points that had been leading to customer attrition. With more accurate and timely quotes, customers experienced a smoother and more reliable service, which translated into higher satisfaction rates and improved customer retention.
- Standardizing the rating process across different geographies was another significant achievement. By creating a uniform approach to pricing and decision-making, the client was able to maintain consistency in its offerings, irrespective of the location.
Download the Success Story
Learn how Odyss transformed challenges into success with innovative solutions.