SWBC, a San Antonio, Texas-based diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals, has selected Mphasis to deliver offshore business process outsourcing (BPO) services for managing complex data validation processes within the lender-placed insurance business.
Mphasis will help SWBC with proprietary data capture technology, where the firm utilizes optical character recognition (OCR) to extract data from insurance documents. “A part of obtaining our quality target involves having an operator review certain fields of data and confirming whether the data nas been captured correctly, and if not, to correct it,” Mark Ulmer, SWBC’s executive vice president of Lender Placed Insurance Operations tells Insurance Innovation Reporter.
SWBC chose emphasis as a partner because of its reputation and performance as a major BPO services provider, according to Ulmer. “When looking for a company that could help with different business processes in the lender-placed insurance tracking arena, they were the proven choice,” Ulmer remarks. “Their data capture processes and quality level is exceptional.
Ulmer was guided in the selection by first-hand experience with Mphasis, as well as feedback from another company in the industry. “With Mphasis, it’s a true partnership,” he comments. “They collaborate with us on continuous process improvements and are very client-focused.”
Shortened Cycle Time, Improved Accuracy
“In the first few months, we have shortened our cycle time from what was two-to-three days to one day, and we are seeing consistent improvement in our overall accuracy month over month,” Ulmer reports. “We’re considering expanding our relationship with Mphasis to include additional data validation processes.”
“We are very excited to have SWBC as our business partner and to be part of their team,” comments Craig Gustafson, Mphasis’ vice president and head of business development for the U.S. and Canada. “Both parties are highly motivated to continue to improve upon processing times and overall customer satisfaction.”