Risk Management Advisors Inc. Streamlines Insurance Policy & Claims Management

Use Cases:

• Policy generation and management
• Claims and correspondence management

The Results:

• Halved time to issue insurance policies  
• Centralized digital policy and claims documents in a searchable cloud
• Increased transparency of ownership and edits


Issuing insurance policies is a mission-critical task for captive insurance firms. When each client could have hundreds of insurance policies, the time it takes to issue each one adds up. In 2017, Risk Management Advisors partnered with Pulpstream to create new efficiencies that vitalized its captive insurance business.

The Partners:

Risk Management Advisors (RMA) is a national firm that specializes in the design, implementation, and management of captive insurance companies and self-insured plans. Based in Long Beach, California, RMA provides a comprehensive approach to managing risk and insurance programs for clients.

Pulpstream is a software platform that converts paperwork into digital process management solutions for enterprises. The low-code platform introduces efficiencies at scale, automating away the tedium and dissolving data silos to achieve operational excellence.

Before: Administering Insurance Policies Was Time Intensive

Before using Pulpstream to generate insurance policies, Sabrina Straley, Client Service Director for Risk Management Advisors, used a variety of tools. She used Excel spreadsheets to store premium and limit data, and Word to create insurance policy documents. Every new policy started a process that went from her desk to the accounting department and back to her. Depending on the client, this process could occur for one or hundreds of policies. The policies were stored in folders on an internal network that grew in size with each client. It took precious time to locate information, identify where it was in the process, and discern who needed to do what next.

After: Digitized Documentation In One Cloud Streamlined Operations

RMA collaborated with Pulpstream to digitize all policy documents and records, making the policy issuance process much easier and faster.

“It cut the time to do things in half, and now more than one person can work on something at the same time,” Straley said.  

When a policy needs to be created, Straley logs into Pulpstream and chooses the appropriate document from a digital catalog of bespoke policy templates. Upon creation, it becomes a record in a digital process automation that guides the document from stakeholder to stakeholder. It creates tasks and notifies the person involved. When they log in, they see tasks to complete on their customized home screen. Whether that’s obtaining a signature, or cross-referencing new policy data with old policy data, Pulpstream helps RMA employees get more done faster. Pulpstream stores all the records about all clients, their insureds, and their claims in one cloud. When a claim is filed or a policy is updated, the updates are time stamped and attached to the right policy.

Pulpstream Increases Transparency and Accountability

“It keeps everyone organized and accountable because you can see who has done what. If someone has initiated a claim or put a policy in the system, instead of asking around the office, I can log in to Pulpstream and look at the record,” Straley said.

RMA chose Pulpstream over other systems, because of its rich experience creating process management solutions for captive insurance consultancies. The low-coding feature of the platform was also a major factor. When a policy, business requirement, or employee changes, Straley can open her Work Stream Designer™ to redefine how the business process flows—without writing a line of code. She can simply drag a new component into the work stream to update the process.

“Not everything is set in stone; it’s easy to customize it to suit your needs. Compared to a lot of other CRM systems, it was really easy to use right off the bat,” Straley said.  

Her favorite feature is the search bar. RMA employees can search for a client keyword to locate specific information. Whether they are searching for a policy or a claim, the digital documents stored in their Pulpstream cloud are available any time, anywhere.

Self-Service Client Portal Connects Claims to Policies  

Pulpstream also built RMA a self-service portal that its clients can use to file a claim outside of business hours. They can login to Pulpstream on the web to initiate a claim, send correspondence to RMA, or add claim expenses to an existing record. RMA administrators can view the incoming claims, reply to their clients, and track the claim history from their Pulpstream dashboard. Additionally, they can issue payments and adjudicate the claims from the same screen, creating unprecedented efficiencies for everyone involved in the process. When the processes have arrived at the ideal outcome for all parties, RMA can use the digital records to produce loss reports and provide actionable insights to its clients.

Its digital insurance policy generation and claims process management solutions created new agility and transparency for both RMA and its clients. If market conditions, personnel, or regulations change, RMA’s technology core is poised to deliver exceptional service at digital speed.

To learn more about Pulpstream’s captive insurance and claims management solutions, contact us for a consultation.