Efficiency
decrease in cycle times, up to 90% for certain activities
Growth
increase in prospect conversion rates
Opportunity generation
Ability to generate new opportunities at 10x scale
Foundation Risk Partners (FRP), a leading US insurance brokerage and consulting organisation, partnered with Version 1 to transform key strategic business processes through innovative Al efficiency solutions. This collaboration has resulted in ground-breaking developments, enabling unprecedented accuracy, speed and scale in converting customer prospects into sales.
Transforming operations with AI
efficiency solutions
FRP identified a significant opportunity to scale their sales process and enhance the effectiveness of their producers by streamlining manual operations and adopting innovative automation technologies.
Their primary goal was to scale their sales operations efficiently, while alleviating the burden of time-consuming manual tasks, ultimately delivering greater customer value and capacity in effective sales channels.
To achieve this transformation, Foundation Risk Partners (FRP) partnered with Version 1, who leveraged advanced Al, deep learning and traditional machine learning techniques to develop a bespoke solution to meet FRP’s business objectives. These innovations reduced cycle times and dramatically increased prospect conversion rates, allowing the business to scale effectively and efficiently.
Version I’s Al Labs developed an Al efficiency solution to review and assess large volumes of policy documents against a set of business rules specified by FRP, summarising the results for validation by a human expert before generating downstream Producer content that is integrated back into an existing business process.
As a result, the producers achieve the best possible outcomes, leveraging both Al and human expertise and supports new producers in performing at the level of market veterans, thus increasing revenue through best practices and scale.
75 % decrease in cycle times, up to 90% for certain activities
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