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.
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.
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.
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.
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.
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.
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.
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.
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.
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.