Read the case study of how Brokercore helped this insurance brokerage process applications faster, manage headcount, save money, and send their people on vacation without worrying about a backlog of policies to process.
The challenge: how to reduce the endless manual tasks of policy management
A stack of papers three feet high, waiting to be dealt with. That’s what policy processing looked like before Ontario-based brokerage Mitchell & Abbott Group went completely digital.
Each file had to be processed manually. Inevitably, staff at Mitchell & Abbott fell behind.
“Insurance companies didn’t actually know who they were insuring because we’d already bound the coverage and it was sitting in these paper applications that needed to be entered into our system,” says Tony Filice, chief operating officer of Mitchell & Abbott.
Mitchell & Abbott has a long history in the commercial and personal insurance and employee benefits sectors in Canada. They specialize in the design, implementation and administration of affinity and group insurance programs. They joined the Navacord group in 2018.
Switching to Brokercore, a fully digital solution
Before choosing Brokercore for their BC Association of Clinical Counsellors program, Mitchell & Abbott used two different systems. The first was relatively user-friendly, but it wasn’t available directly to customers.
“It was antiquated, so we had to do the stage of the policyholder related process internally and because we were doing it internally, there were resources tied to it,” Filice says. “And because it was a manual process, it left room for human error.”
Policyholders would sometimes not receive their renewal notices, go months without knowing if they had their insurance in place, and eventually take their business elsewhere.
Mitchell & Abbott tried another system that used Google Forms. And while it was an improvement for customers, who now had direct access to it, the forms were less secure than the first system and customer data still went missing.
No more paper and a more efficient workflow
Brokercore’s full digital policy workflow has had the biggest effect on Mitchell & Abbott’s operations, Filice said.
“As the applications or renewals come in, they get issued and it’s all done digitally through the Brokercore system,” he says.
Mitchell & Abbott is processing policy purchases seven times faster than before — averaging 12 days versus the 90 days it took before implementing Brokercore.
Filice now has one person handling the influx of applications, instead of three, and that person can take a vacation without interrupting the policy workflow and coming back to an intimidating stack of papers.
“Our staff member is exceptional at what she does and now she can do it without all the added stress,” he says.
7x faster policy purchase processing (90 days → 12 days)
25% reduction in policy application processing (60 minutes → 15 minutes)
50% reduction in payment time processing on policies
Faster policy application and purchase processing
Accepting payments is simpler, too. While Mitchell & Abbott still lets customers pay using a variety of methods, such as void cheques and EFT, Brokercore has allowed them to now offer payment via Stripe, which lets policyholders pay immediately.
“We don’t worry about holding on to a person’s credit card or whether that cheque they sent made it to us,” he says. “Customers can literally click the link, choose their coverage, enter their credit card on Stripe and then it’s all done.”
Since implementing Brokercore, Mitchell & Abbott saw a 50% reduction in payment processing time on policies and a 25% reduction in policy application processing time, from 60 minutes to 15 minutes. With less time spent processing policies, it’s now easier for Mitchell & Abbott to grow their profit margins, while scaling revenue. They’re also staying competitive with their peers, who are increasingly turning to digital solutions over manual tasks.
“All the paper, all the mess and all the catching up — is gone.”
— Tony Filice, COO, Mitchell & Abbott
Reduces potential fraud
Easy access to transactions and customer records in the Brokercore system has also helped Mitchell & Abbott reduce fraud.
A would-be customer tried to pass off an insurance quote as legitimate proof of policy. But because they could easily access their record of transactions, Mitchell & Abbott was able to definitively prove the person never actually paid for their insurance policy and was therefore not covered.
Built-in communications and marketing tool
Mitchell & Abbott is also growing their accounts as well, using automated communications embedded in Brokercore’s digital policy workflow.
Brokercore lets Mitchell & Abbott set up a series of email communications to their customers, allowing them to continue to market to them and keep them informed about important dates coming up, like renewals or promotions.
“But it’s all done automatically so we don’t have to think about it. It’s one of Brokercore’s biggest benefits,” Filice said. “We don’t necessarily have to launch a new marketing or communication push in order to grow our business.”
Easy reporting
Brokercore’s director of business development Chris Farris says Mitchell & Abbott has benefitted from the ability to create four different bordereau reports for insurance companies from within the software.
For the average broker, creating a bordereau report without the software takes hours of time. With Brokercore, it takes minutes, reducing the time and stress,” Farris says
“The positive impact Brokercore is having on Mitchell & Abbott’s operations and team shows us that our software does what we set out to accomplish — enabling efficient use of office time for those who sell insurance and providing convenience and simplicity for their customers. They have many other programs and we’re looking forward to implementing our software for them in the near future.”
The team at Mitchell & Abbott trust Brokercore because it’s the first solution that’s provided immediate and sustainable solutions and results.
Why choose Brokercore?
Supports your full digital policy workflow
Reduce manual effort and staff administration costs
Get to know a team who’s responsive, friendly and personal, and always up for candid conversations about what’s possible
Works with your existing systems including Microsoft 365 and your favourite accounting services
A configurable platform that provides tailored solutions faster, for less than the cost of custom software development.
Ready to find out how Brokercore’s full policy workflow can help your brokerage or MGA be more efficient?