Datawatch Saves RMIC on Workers
Private mortgage insurer Republic Mortgage Insurance Co. here reports significant improvements in the efficiency of contract workers from using the Datawatch Monarch data-mining tools.
RMIC, which underwrites about 500,000 mortgage insurance policies a year through 24 branch sites and roughly 300 client sites, reports a 25% expense saving totaling "several million dollars" and a 44% increase in efficiency from using the new system.
According to Larry Bouchie, spokesperson for Lowell, Mass.-based Datawatch (www.datawatch.com), the initial implementation cost for the latest versions of Monarch and Monarch Data Pump automated report server is a mere $8,000.
The system enables automated use of a single Excel timesheet template to manage contract workers and generate reports on contractor productivity, expenses and overtime. RMIC used the reports to identify poor performers and increase productivity significantly within weeks of implementation, said RMIC productivity manager Charles Byron.
Requiring only that workers have access to Excel and e-mail, over a two-year period, RMIC flipped from doing 70% of its business in Republic offices to doing 70% at client sites, Mr. Byron told MSN. Because there was a 90-120-day action cycle involved, with remote-site contractors filling out a variety of time cards and reporting systems provided by 16 different employment agencies, he said it was difficult "to notice someone having low productivity."
(c) 2005 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com