Wrap Up Admin Firm Helps Brokers Will Billions

Efficiency investments bolster $100B construction bid wins for independent agents.

"We needed a partner with a trustworthy environment and structure."

Senior Vice President

About The Wrap Up Administration Firm

A wrap up insurance administration firm designs, implements and administers wrap up programs for insurance brokers and their construction project sponsors. “We’re not the broker of record, we’re the engine that makes it run,” said the firm's senior vice president. “Taking care of our agent-partners is our mission. We help them navigate the maze of wrap ups and compete against larger brokerages, who usually have in-house wrap up teams.” The organization is one of the nation’s largest administration agencies, and handles wrap up programs for over 500 nationwide projects worth over $100 billion in construction values.

The Challenge

Enrolling contractors and subcontractors into a wrap up program is a critical task. New risk exposures emerge as different contractors move on and off a job site. As projects move towards completion, the agency issues weekly contractor eligibility reports nearly 325 unique construction sites across the United States. While important, report distribution impacted the team’s ability to engage with other important project stakeholders. The firm's senior vice president maintains that constant communication is a cornerstone of successful wrap up programs. The agency’s account managers must build relationships with any project participant who impacts the program’s results, including onsite construction contacts, claims, carrier or safety personnel. “We hired somebody to help and quite frankly, one person couldn't keep up,” he said.

The Solution

The agency decided to rethink its wrap up administration processes and selected Patra as its outsourcing partner. Patra’s OnDemand insurance processing services for specialty commercial lines provides scalability to support fluctuating, seasonal construction project volumes. Wrap up account managers appreciated Patra’s flexible service options, the agency could choose to outsource one process or a multitude of administration tasks. Patra's 24-hour service availability strengthened the agency's commitment to white glove client support, too. The agency decided Patra’s global processing executives would manage contractor eligibility report distribution to 325 active construction sites throughout the United States. “We wanted to outsource to a partner with an environment and structure we could trust. Patra helped us determine administrative tasks to keep in-house, versus manual tasks we thought we needed to control. It just made more and more sense that Patra’s model works,” said the senior vice president.

Client Profile:

  • Retail Agency
  • Missouri

Challenges:

  • Growing demand for wrap up insurance program administrative expertise
  • Manual contractor eligibility reporting for 325 construction sites per week
  • Limited time to build relationships with construction project stakeholders

Requirements:

  • 24-hour service and support operations
  • Scalability to support seasonal construction project volumes
  • Flexibility to choose which administration tasks to outsource

Patra Solution:

Positive Outcomes:

  • Streamlined weekly report delivery to 325 construction sites
  • Reclaimed 32 hours per week
  • Renewed capacity to develop new talent
  • Increased facetime with construction project stakeholders

Results

Patra’s global processing executives strengthened the agency’s productivity. “We ran the numbers in our system – Patra spends 32 hours a week managing report distribution. It’s been a huge save to not hire another person or have our team take time out of their regular day. “Our team gets to focus on more critical areas –like vetting contractors in the first place,” noted the senior vice president.

Today, the agency invests its reclaimed capacity toward higher-value initiatives, like talent development. “Patra opened more time for us to onboard and train new employees in the details of what we do,” he said. “It’s a really good benefit we didn’t anticipate.”

Up next, the agency plans to augment its capacity through a Patra Virtual Assistant to provide support for a variety of administrative tasks. “We’re constantly looking at new things we can do with Patra that will help us operate smarter and faster. Our Patra Virtual Assistant is going to take it to another level,” confirmed the senior vice president.

Conclusion

Construction project stakeholders are vying for better insurance coverage, control, and cost savings – and insurance brokers are eager to deliver. Wrap up programs are in high demand; but not every administration agency is equipped to take on new projects. The future belongs to wrap up administrators focused on operational efficiency. Patra helps wrap up administrators unluck operational efficiency, flexibility, and scale, so administrators can deliver better service and cement lasting relationships with brokers and builders. “Patra has become an integral administration partner; we recommend Patra all the time to our broker partners,” said the senior vice president.

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