Product Overview of Quandri
Quandri is an innovative technology solution designed to transform the policy renewal process for personal lines insurance agencies and brokerages. Here’s a detailed look at what Quandri does and its key features:
What Quandri Does
Quandri’s Renewal Intelligence Platform is an AI-driven application that automates manual, repetitive, and time-consuming tasks associated with policy renewals. This automation enables insurance agencies to enhance their operational efficiency, improve client retention, and increase overall productivity. By integrating seamlessly with the Applied Epic Broker Management System (BMS), Quandri helps brokerages focus their human resources on more valuable and client-centric activities.
Key Features and Functionality
Renewal Reviews
Quandri automates the renewal review process by comparing the current policy term with the previous term, identifying key insights such as major changes, upsell and cross-sell opportunities, gaps in coverage, errors and omissions (E&O) risks, and structural updates. This automation saves brokers from the monotony of manual reviews and flags critical information directly within the Applied Epic BMS.
Policy Requoting
The platform includes a Policy Requoting feature that automatically generates multiple competitive quotes when a premium increase is detected, based on criteria set by the brokerage. This ensures that clients receive the best possible rates and helps brokers maintain a competitive edge.
eDoc Management
Quandri’s eDoc Management tool automates the naming and organizing of electronic documents (eDocs) within the BMS. It extracts key policy data from carrier declaration pages and CSIO, renames documents according to customized naming conventions, and organizes them into specified folders. This enhances document accessibility and streamlines workflow efficiency.
Daily Download and EDI Automation
Quandri automates the Electronic Data Interchange (EDI) process, saving time and reducing errors associated with manual assignment of items in suspense. The Daily Download tool ensures accurate and rule-based assignment of policies, freeing up staff for higher-value tasks.
Error and Omission Mitigation
The platform reduces accuracy errors throughout the review process by flagging coverage gaps, missing discounts, and other potential E&O risks. This proactive approach helps mitigate risks and ensures comprehensive policy coverage.
Cross-Sell and Upsell Opportunities
Quandri identifies cross-sell and upsell opportunities, including monoline accounts, to ensure all clients meet the agency’s minimum standards. This feature helps agencies maximize their revenue potential by offering relevant additional policies to clients.
Real-Time Visibility and Control
Quandri provides real-time visibility into the processing of renewals, including policy checking rates, exceptions, and the estimated time and money saved. Agencies can set up and reconfigure renewal parameters to meet their changing needs, ensuring full control over the renewal analysis process.
Data-Driven Insights
The platform collects and analyzes policy data, underwriting information, discounts, and open activities from various sources, including Applied Epic and IVANS. This analysis provides agencies with accurate and timely insights, enabling data-driven decision-making and improved client servicing.
Benefits
- Increased Client Retention: Quandri-enabled agencies have seen client retention rates increase by over 1%.
- Reduced Overhead Costs: Automation of repetitive tasks reduces the need for manual labor, leading to cost savings.
- Enhanced Productivity: By automating manual tasks, brokers can focus on more valuable activities such as client interactions and policy sales.
- Improved Accuracy: Quandri’s AI agents minimize errors and omissions, ensuring a more accurate and reliable renewal process.
In summary, Quandri’s Renewal Intelligence Platform is a comprehensive solution that leverages AI and automation to streamline the policy renewal process, enhance operational efficiency, and improve client satisfaction for personal lines insurance agencies and brokerages.