Case Study

Oracle RMS Implements QuickFacts

Objectives

With approximately 158 employees at the time of implementation, QuickFacts was implemented to facilitate experienced and newly hired staff members in handling complex quoting scenarios and client needs with ease.

Implementation

Upon the launch of QuickFacts, Oracle RMS witnessed a seamless transition, with employees quickly adopting the software. Approximately 80% of the employees are experienced insurance professionals, while the remaining 20% are individuals new to the industry. Nearly 95% of the employees actively use the software daily and the majority of staff members have the software open on one of their dual screens.

Results:

Operational Efficiency and Time Saving

On average, active employees save between 30-123 minutes per month, equating to cost savings of approximately $1,000 to $2,000 monthly per user. QuickFacts eliminates the need for employees to stay on hold while calling insurance companies or search through underwriting manuals for answers. As a result, staff members could attend to more clients, resulting in a remarkable boost in overall productivity and revenue generation.

Impact on Sales Performance

QuickFacts is an effective learning tool for both new and experienced staff members. The platform makes it easy to browse different types of coverage and terms so that staff can learn much more quickly about the range of products available.

Background

Oracle RMS, a dynamic insurance brokerage based in Vaughan, implemented QuickFacts software in late 2022 to streamline their operations and improve efficiency. After receiving the QuickFacts demo, it took them very little time to sign up.

At A Glance

Challenges

Long response times
Handling unusual cases
Time-consuming updates
Training inefficiencies for new hires

Products Applied

Comparison Software

Benefits

Active users are saving up to 30-123 minutes a month
Boosts a single broker's sales by $50,000 annually
Reducing training time of new hires from 10 days to 3-4 days

"

When they completed the demo for us, it was myself and my Director of Insurance who viewed it. And I think it was less than two minutes in, Christy and Jeff were doing the demo. I put it on mute and said, ‘We're going to sign up’ because it was just too intuitive. Shortly after we went off mute, and we said, ‘You don't need to keep going, we want to sign up.’ It's nothing that we have really seen in the industry. The system is like an "Insurance Google" and it helps everybody.

Joshua RebbohSenior Manager, Personal Lines

Facilitating Unusual Cases and Knowledge Sharing

QuickFacts proves invaluable for handling unusual cases and unique risks. Employees are able to quickly find information on specific scenarios, such as insuring right-hand drive vehicles. This reduces the reliance on senior staff and facilitates knowledge sharing among team members. Now, employees turn to QuickFacts as their go-to resource.

Reduce Call Times to Carrier Underwriters

By leveraging QuickFacts, brokers significantly reduce the time and effort previously spent on direct inquiries with underwriters. Often, it took close to an hour to connect with underwriting. Now, brokers can quickly obtain information and provide better service to clients.

Handling Updates and Reduction of E&O Claims

Before QuickFacts, Oracle RMS had a dedicated employee responsible for monitoring updates from insurance companies and manually updating shared drives with the latest documents and information. With QuickFacts, this manual process was eliminated. The software automatically updates the information every day. This reduces the likelihood of errors and omissions caused by outdated information, ensuring that staff always have access to the most up-to-date data.

Efficiency of New Hire Onboarding

The new hire training process has significantly improved with QuickFacts, reducing the time it takes for new employees to become proficient in their roles from 10 to just 3-4 days. This remarkable improvement not only benefits the new hires but also translates to less effort and support needed from Management.

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