Triple-S Vida is the largest native Puerto Rican insurance company with almost 600 captive agents.
Home Services is the largest line of business for product distribution and collection, amounting to monthly premium of 6.6 million. This averages to $11,000 collected by each agent on a monthly basis. Sales amount to approximately 7,500 policy monthly with an average premium of $20.00 each.
Triple-S Vida approached Praeses Business Technologies with a challenge for their Home Services group - to bring automation to the collection process, keeping errors down while bringing collections up.
The list of needs from Triple-S Vida was probably the largest challenge. They wanted to get rid of paper, or at least reduce it. At the same time, they wanted to reduce human error, apply annual premium discounts automatically, and make a long list of queries. And they also wanted to have access to a product premium rate calculator.
Triple-S also wanted a separate app for home office collections that had automatic collection reports and summaries by agent, staff, and district, automatic audit reports of voided transactions, an automatic policy payment application and general ledger transactions interface, collection totals and percentage screens and reports, and daily batch close out process by agent and district office.
Praeses Business Technologies developed an Android app for the purpose of tracking policies and allowing the agents to do collections in a disconnected environment while in the field. With the advent of the tablet app, the collection process has grown to be more cost effective and efficient, while all possible business rules have been maintained to ensure accuracy throughout the process.
“The functionality and options that we have with PocketLife have improved our collection process. Collectibles have gone up from around 88% to 98-99%. Paper and printing cost incurred to produce paper collecting route lists and others have gone down over 50%. Our next step is to capture new business through the tablet making the process paperless.”
Luis Alberto Morales
Gerente de Programación
Departamento de M.I.S.