Erie Insurance Inventory Capture and Logging

Overview

The problem that was presented by Erie Insurance is that they do not currently have an established system for homeowner’s insurance customers to log their insured possessions. This makes it difficult for customers to provide proof of ownership in case of a claim, and the process is extremely manual and time-consuming for the agent.

Objectives

The overall objective of this project is to develop a system that Erie Insurance can provide to its homeowner’s insurance customers to log their possessions that they plan to have covered by a homeowner’s insurance policy. The team plans to reduce cycle time and increase customer satisfaction.

Approach

• Create an extension to the established Erie Insurance app
• Researched similar systems to generate ideas and basic customer needs
• Met with Erie Insurance to develop specific customer needs and quantifiable business goals
• Developed four unique concepts to satisfy Erie Insurance’s needs
• Performed concept screening and scoring to eliminate two concepts
• Presented final concept to Erie Insurance for approval
• Developed a FMEA on the final concept
• Created example app interfaces of final concept
• Developed a cost analysis for the first year of the final concept
• Presented Erie Insurance with the final concept and an implementation plan

Outcomes

Developing this system will not save Erie Insurance money at first. However, they will benefit in the following ways:

• Customer satisfaction is expected to grow by 10% once the system is in place.
• Cycle time between a claim being made by the customer and that same customer receiving a payment will be reduced by 5%.
• The sponsor should expect to see new homeowner’s insurance customers following a successful implementation of this system.
• Agent satisfaction is also expected to increase.