Up to 90% reduction to FRP cycle time with AI efficiency solutions
Client Profile
Customer Name: Foundation Risk Partners (FRP)
Established: 2017
Customer Since: 2024
Employees: 1001-5000
Sector: Insurance
Transforming operations with AI efficiency solutions
Foundation Risk Partners (FRP), a leading US insurance brokerage and consulting organization, partnered with Version 1 to transform key strategic business processes through innovative AI efficiency solutions. This collaboration has resulted in ground-breaking developments, enabling unprecedented accuracy, speed and scale in converting customer prospects into sales.
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 AI, 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 1’s AI Labs developed an AI 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.
“It is an AI solution that will help us target the issues but also there’s a human component who’s going to confirm it and then pass it on to the producer as end products so that we’re getting to the best achievement possible.”
Ross Beach, Director of Risk Management, FRP
As a result, the producers achieve the best possible outcomes, leveraging both AI and human expertise and supports new producers in performing at the level of market veterans, thus increasing revenue through best practices and scale.
Efficiency
0 %
decrease in cycle times, up to 90% for certain activities
Growth
0 %
increase in prospect conversion rates
Opportunity generation
0 x
Ability to generate new opportunities at 10x scale
“Version 1 came back to us with a more complete picture instead of just providing a solution to a problem, they came back with a strategy that was more focused on how do you create a solution that you could scale or use across multiple business cases. And ultimately, we chose them because they understood our business problems.”
Richard Dinan, CIO, FRP
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Discover how FRP overcame efficiency and productivity challenges and forged a partnership to future-proof their insurance business. Learn how AI efficiency solutions can enhance your business.