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Based in the US, our client is the insurance subsidiary of one of the world’s leading financial services companies. They provide insurance services such as investment management, pensions risk management, corporate pension, and life insurance.
Insurance
The financial services industry has witnessed a drastic increase in technology-led innovations over the last decade. By harnessing the power of digital, financial services businesses can offer customers better value in areas such as convenience, choice, and faster processing. Our client, a leading insurance services and investment management company, wanted to enhance customer service using a web portal as a key touch point. The full-service solution helped to launch our client into the competitive digital solutions space.
Unavailability of an information portal meant that all inquiries would be handled manually via calls by agents/phone-support staff. Scheduling calls was a tedious job and each interview would take over an hour to complete. After providing information, customers needed to manually sign and submit physical documents, which delayed the application process further.
Without an instant approval/rejection mechanism in place, each application went through a manual underwriter approval process, which delayed policy issual. The outdated application used by phone-support staff offered limited features. Underwriters and case managers did not have a portal to access application status or track correspondence with customers/third parties.
Our solution comprised multiple applications functioning towards a single goal of policy creation and maintenance. We developed three online portals.
The workbench rule engine eliminated the mandatory lab test which was part of the existing system. This significantly increased the number of successful applicants especially during COVID-19 pandemic when many labs remained closed.
Six months into relaunch of the web portal, there were 200 new user registrations on a weekly basis and over 3000 premium payment transactions on a daily basis.
Unavailability of an information portal meant that all inquiries would be handled manually via calls by agents/phone-support staff. Scheduling calls was a tedious job and each interview would take over an hour to complete. After providing information, customers needed to manually sign and submit physical documents, which delayed the application process further.
Without an instant approval/rejection mechanism in place, each application went through a manual underwriter approval process, which delayed policy issual. The outdated application used by phone-support staff offered limited features. Underwriters and case managers did not have a portal to access application status or track correspondence with customers/third parties.
Our solution comprised multiple applications functioning towards a single goal of policy creation and maintenance. We developed three online portals.
The workbench rule engine eliminated the mandatory lab test which was part of the existing system. This significantly increased the number of successful applicants especially during COVID-19 pandemic when many labs remained closed.
Six months into relaunch of the web portal, there were 200 new user registrations on a weekly basis and over 3000 premium payment transactions on a daily basis.