Innovation and Dig Deeper Newsletter

New Ideas.

New Opportunity.

Dig Deeper

What's new in the world of innovation and curiosity?

Here's your December update of the Acadia Innovation newsletter, your consolidated source for new innovation happenings at Acadia Insurance.

Browse below to learn more!

December 2023

Status Update for Customer Focused Experiments in Progress Read more about what's been done for the new customer focused ideas in the experimentation phase.

Click Here to Submit Ideas to Customer Impact

100 Experiments for $100 Million Initiative Update Check out the status of the 100 Experiments for $100 Million Initiative and if we have met our goal.

Meet an Active SPARK! User

Click Here to Submit Ideas to Operational Efficiency

Find out why it is important to Jaime Taylor to be actively engaged in Acadia's innovation efforts.

Knowledge Check Answer an innovation question for the chance to win a prize!

Click Here to Submit Ideas to Workplace & Culture Ideas

Dig Deeper Campaign Dig Deeper and Stay Curious Every Client Has A Problem. Do You Know What It Is? Status Update of Customer Focused Experiments in Progress In the last edition of the Innovation and Dig Deeper Newsletter, we mentioned the three customer focused experiments that were in progress. See below to review the fantastic progress that has been made.

Experiment #1: Leveraging technology to improve turnaround time on Loss Control recommendations The team will test the use of the Hi Marley texting application to follow up on Loss Control recommendations to achieve a faster response time. The team was added to a UAT Sandbox for Hi Marley. Next they held a workshop to test out Hi Marley's capabilities. They determined that they were able to send photos and that the information and transcript of text exchanges could be added into RCT for Loss Control's records. This experiment is going to start with 6 Loss Control Reps using Hi Marley with Acadia customers. Success will be measured by comparing the recommendation closure rates, comparing how many recommendations are completed within 60 days vs. the number that were not responded to prior to the experiment. A rating of the Hi Marley service with LC Reps will also be rated (thumbs up or thumbs down) by customers.

Experiment #2: Incentivizing insureds to have water damage mitigation systems Incentivize insured customers to invest in water damage mitigation systems by: (1) exploring a potential partnership with one or more vendors of water flow monitoring and notification systems; and (2) developing new incentives within our own product offering through potential rate credits, new terms and conditions and/or a new water damage deductible. With respect to potential partnerships with vendors, the team is working on identifying vendors that we could recommend to customers and that would be able to offer discounts and incentives to Acadia customers. To date, the team has identified a small number of leading vendors in this area by researching product offerings as well as identifying existing partnerships between vendors and other carriers, including Berkley One. The team is also looking into the feasibility of policy rate credits, new endorsements, and new deductibles for water damage to further encourage investment in these systems. A new water damage deductible form is already in development by the regional segment property team, and this form along with strategic underwriting guidelines governing use of the form, has been identified as the likely best option for us within our own product offering. Success will be measured by the number of Acadia customers that are incentivized to install a water damage mitigation system.

Experiment #3: Accelerated Quote Entry Agents have communicated directly to us that they have difficulty navigating our online rating system and they have staffing shortages that prevent entry. However, turnaround time on paper submissions can be lengthy. The group working on experiment #3 is working with 4 agents that have either expressed their dissatisfaction with our system or the need for assistance with quoting to test Advantage Accelerated Quotes. A faster workflow process has been developed so that agents are notified within 72 hours* of receipt of their application of either a declination, a quote proposal or quote indication subject to receipt of additional information. The experiment will be run for 30 days starting on December 1st. Success will be measured by either a percentage increase in the number of submissions received or by a percentage increase in the hit ratio. *72 Hours was determined as follows: 24 hours for Imaging to index; 24 hours for initial evaluation/annotation & rating; 24 hours for the underwriter to review and make connection with the agent.

What fun way can your office approach the Curiosity Wall?

Don't forget to brainstorm new ways that you and your coworkers can get inspired and come up with new ideas to help your department, your branch or Acadia as a whole.

New Ideas.

New Opportunity.

Dig Deeper 100 Experiments for $100 Million Update New Ideas. New Opportunity. Dig Deeper December is the last month of the 100 Experiments for $100 Million initiative.

30 Berkley companies have closed 79 experiments as part of the initiative, bringing the total to $100,985,928. Part of the goal has been met by surpassing $100 Million in cost savings or revenue generation. Now it's time to reach the other half to complete 100 experiments.

Submit your idea for this initiative in SPARK! today! The deadline is December 31st.

Click here to learn more about the 100 Experiments for $100 Million Initiative.

Meet an Active SPARK! User

We are continuing to highlight Acadia team members that are (the most) actively engaged in SPARK! The next active SPARK! user is Jaime Taylor, Maine Middle Market Underwriter. We asked Jaime: Why is it important to you to be actively engaged in Acadia’s Innovation efforts?

"In my past life it was encouraging to challenge the status quo.

Yes, we have been doing things this way for a long time but is it still the best way to complete the job?

Is there an opportunity to explore different perspectives?

Is there an easier/more effective/streamlined approach to use?

Having several tenured/talented employees and small company feel here at Acadia, allows us to create change that best fits with the company's future."

Knowledge Check We had two employees correctly answer our last Knowledge Check questions, but Linda Nielsen was our lucky winner! Linda, please be on the lookout for your prize shortly.

Answer our next Knowledge Check question to win a special prize! Click on the green button to the left to submit your answer.

Click Here to Answer the Next Knowledge Check!

Next Knowledge Check: How can you contribute an idea for the 100 Experiments for $100 Million Initiative?