How Patra helped
About Bolton & Company
The Challenge
Several years ago, Bolton found itself in a position where the sophistication and degree of service they were providing was evolving faster than many of the internal processes that support the business. Like most offices, Bolton found themselves deep in paper processes and other labor intensive situations that were taking up valuable energy and resources.The Solution
Client Profile:
- MGA
- California
Challenges:
- Delayed Internal Processing
- Understaffing
- Lack of Administrative Support
- Unsustainable Growth
Requirements:
- Increase Production
- Decrease Delays
- Cut Expenses
Patra Solution:
Positive Outcomes:
- $3M Potential Value Creation
- $432K Expense Savings
- 25% Production Increase
- 25% Certificate Issuance Increase
- 29% Direct Bill Transactions Increase
- 99.6% Certificate Accuracy
- 99.9% Bill Transaction Accuracy
Achieving Desired Results
During the most recent fiscal year, Bolton saved approximately $432,000 in expenses by leveraging various Patra services. As these expense reductions are realized year to year, Bolton not only creates future investment capital but they also enhance the overall value of Bolton itself as illustrated to the right.
As the relationship has grown, Bolton entrusts Patra with increasing administrative functions including policy servicing, certificate services, and support services across both the Commercial Lines and Employee Benefits lines of business.
A Successful Partnership
The Patra OnDemand and Patra Select partnership has allowed Bolton to realize meaningful results. Over the last three years, and as the relationship strengthened, Bolton increased their certificate issuance through Patra by 25% while Patra maintained accuracy rates of 99.6%. During that same time period, the volume of direct bill transactions increased by 29% while Patra realized an accuracy rate of 99.9%.
