MDP is an insurance company in specialty insurance on the East Coast of the US. The firm replaced its manual processes for proposal generation and broker onboarding with a completely customized, automated system using ProcessMaker. As a result, MDP improved the quality of its proposals and drastically reduced the time their product takes to produce.Prior to implementing ProcessMaker, MDP used an agency management system which included standard features, with limited capacity for customization. Given the firm’s focus on specialty insurance, MDP needed a solution with more flexibility, which could adapt to the specialization and complexity of its business model.MDP used a manual process in coordinating data between conducting analytics, presentations, and preparing briefs. This involved copying and pasting or manually re-entering data between the agency management system, Microsoft Excel, PDFs, and other tools. The result was human error including typing errors, omissions, and disorganized data. Further, this manual process resulted in lost time and focus.The agency needed a system that would bridge the way their team works with the requirements of the agency management system provided by their primary carrier. Rather than adapting the way their team worked to fit a standardized management system and coordinating the work they completed around it in other tools manually, MDP automated these tasks around the way their team works using ProcessMaker.
Business Process Automation Solution
ProcessMaker built a custom solution for MDP to serve the firm’s unique requirements. The solution delivered ProcessMaker BPM functionality, alongside MDP’s agency management system, with a completely customized user interface. The system streamlined the underwriting proposal generation, binder, and broker onboarding processesProcessMaker helped MDP automate every phase of its insurance application process, from application submission to invoicing. The flow of information between people and systems in the organization occurred automatically. Finally, information from each phase in the process is compiled into a PDF insurance proposal, which was then converted into an invoice and then final binder.Each insurance application is submitted in a custom ProcessMaker Dynaform which then generates a PDF proposal that is sent to the insurance carrier to be rated. Once the proposal is rated, it is automatically sent to MDP’s underwriter for a quote to be generated. One this step is complete, a formal final proposal is created to be sent to the client in phase. One this step is complete, the proposal is bound and an invoice is generated. Finally, MDP is automatically reminded each year of the contract’s renewal.MPD also automated its Broker and Carrier management with Processmaker. This process comprised of reviewing and managing documents between various stakeholders and systems required for approving a new insurance vendor. With ProcessMaker, this entire process was streamlined from the initial proposal to ultimate vendor onboarding. This part of the solution also interacts with the vendor management software, EPIC, and extracting its tracking code to allow seamless broker management. Through ProcessMaker, MPD can visualize its data and track its goals. The solution’s dashboard includes a number of submissions quoted, premium and monthly hit ratio. It also includes a prioritized list of cases so key accounts are always kept top of mind. ProcessMaker’s audit log provides a recording of all of the information, timestamped and logged. Dashboards and reports are also available for each of MPD’s programs and projects. ProcessMaker also provides MDP with a lead sourcing dashboard so the firm can gain insight into its marketing initiatives. Finally, through the ProcessMaker complete audit trail, MDP can view what field changed, who changed it and when for full accountability and visibility into their operations.
