Driving productivity through the creation of an integrated single-point system.
Completion Timeframe: 8 months
Introduction
In 2022, PSC Insurance realised completion of a journey to deliver productivity and clarity for both PSC and their brokers around the country. This case study serves to outline how PSC, together with the team at PegboardCo., were able to effectively provide a strong ROI that will enable both transparency of transaction and clear workflow and user interactivity moving forward.
About PSC Insurance
PSC Insurance is an Australian-owned multinational insurance brokerage providing cost-effective insurance advice and solutions to commercial and small-to-medium businesses across Australia. Over the years, their specialisations over various disciplines, from sport insurance to medical/allied health insurance industry, have allowed them to become one of Australia's leading insurance brokers.
The company's success and reputation in Australia has allowed for expansion to 16 offices across Australia, and a network of thousands of insurance professionals in over 120 countries.
Insurance Instalment Payments
PSC Connect work with Reliance Partners to allow Authorised Representatives (Agents/Partners) to process policies with insurers with an instalment billing solution. Instalment billing is the process where insurers breakdown premium payments into monthly payments (instalments). The instalment collected by the insurer includes both the PSC Administration Fee and the PSC Commission.
However, PSC Connect fund the agents income upfront and in full by paying all of the instalment when a policy is issues, rather than in instalments. This means that PSC agents can receive all of their commission upfronts and cancel the policy with the insurer after the second month, resulting in PSC would have to reconcile payments and ensure they collect the commission already paid out back. However, it often means a risk of fraudulent activity through cancelling the process on WinBEAT - their internal systems that collect insurance policies, in such a way that uncollected commission is not recovered by PSC.
This is an extreme vulnerability held by PSC, as well as a time-consuming manual process that must be conducted carefully after each active instalment policy. An estimated 24 hours a month for Reliance Partners, and 240 hours a month at PSC Connect was spent doing this process. With PSC having between 25 and 30 insurers who offer instalment options, with no limit to the products or insurers offering instalment options; this was something that needed to automated and carefully managed.
What PSC Insurance looked for to resolve this issue
Frustrated with their inefficient and manual process of reconciling payments correctly, PSC insurance acknowledged that something desperately needed to change.
PSC highlighted several key objectives in this process to
- Minimise the risk of fraudulent activity
- Reduce work load in managing, reconciling and paying instalment incomes
- Ensure correct payment of instalments during a run off process
- Ensure agents financial interests are managed
- Understand impact of financial performance of PSC
- Effectively manage exception to preferred process
- Connect and write to other products like Sage Accounting Software and their internal WINBEAT systems which hold policy information
- Provide data and information in real time
The PegboardCo. Solution
PSC Insurance engaged PegboardCo. after recognising that PegboardCo's SILicone product could facilitate the fulfilment of their multiple system needs. SILicone seamlessly connects all core business systems, including their internal systems holding policy information, systems involving policy payments and insurance companies to streamline all information into a single point to be reported in a live portal.
Shaped through an initial in-depth consultation and several scoping workshops, the PSC Insurance solution was built using PegboardCo's SILicone to align with PSC's needs and objectives of the project.
Agent Portal
• User friendly.
• Ease of Access via mobility technology.
• Member friendly connected Pegboard7 portal access.
• Linked to brand and designed to invigorate the brand.
• Ability for agents to see issues, payment information (eg: payment history)
• Dashboards for Agents and PSC Connect Staff
Single Point Integration (SILicone)
• One communication and connectivity platform to connect multiple core systems (Pegboard SIL).
• Integration data transformation for Sage Accounting Software and other products
• Data workflow Management
• Business Intelligence reporting Dashboard
• Can read WinBEAT data and prepare payment information
• Can prepare AR payments, ABA and RCTI
Cloud implementation
• Private Cloud Instance to host Pegboard7, CRM, SIL.
• Secure Hosting
Overall project outcome for PSC Insurance
The overall end result delivered to PSC Insurance was an integrated and efficient platform that delivered intuitive and effective outcomes for PSC, their long list of professional brokers, customers and clients. PegboardCo. was able to deliver measurable results and satisfy all of PSC's KPIs and functionality requirements.
- Reduce up front funding of income to 10% of current amount
- Minimise fraudulent activity committed by agents by up to 23%
- Successfully automated marketing and core business systems saving over 250 hours per month in labour
- Delivered new members environment to allow members to manage their profiles, billing and information. Thereby taking away needless internal data input by staff. Saving approx. 14% in labour.
- Increased ability for staff to access information 25% faster
Enhanced internal reporting for organisation.
- Strict Project management KPIS met
- Delivered project on time and on budget
- Delivered ROI in less than 14 months