Improved New Business Underwriting for a Leading General and Life Insurer

Improved New Business Underwriting for a Leading General and Life Insurer

Overview

A life and general insurer, which is a joint venture of a famous retailer in India and world’s leading insurer, wanted to automate different processes for improved the customer experience. The first implementation done by other vendor did not meet the objectives of BPM adoption. The company was looking for another vendor for solution redesigning and reengineering for which they approached Nividous. The insurance provider had insured over 1.1 million people, has 2200 corporate clients and 137 offices around the country with AUM base of INR 190+ billion.

Challenges

Aiming to aggressively acquire new customers, the client looked forward to quickly improve the process performance and reengineer the processes including new business underwriting. Owing to a rapidly growing customer base, the existing processes faced multiple challenges, such as:

  • Lack of accurate process design for underwriting process that slowed down the process and delayed the closure of fresh business acquisition
  • Having a single web-based interface for multiple transaction systems
  • Multiple integration points used with BPM solution

Solution

The Nividous team, while working closely with customer, re-designed a cutting edge solution that:

  • Supported customer-branch activities including in-warding, client creation, scrutiny, data entry/quality checks on data entry, manual underwriting, policy issuance and dispatch processes.
  • Supported ad-hoc receipts and exception management that arise in cases such as renewal premium, bounced cheques, policy top-ups, policy debt, loan principal, loan Interest, duplicate policy fee, etc.
  • Supported business rules for straight through underwriting that met certain criteria minimizing the need for human underwriters that escalated the costs.
  • Provided web services-based integration with different systems such as Core Insurance application, Document Management and Business Rule Engine, etc.
  • Provided timely email notifications and quick escalation support.
  • Provided SMS feature for updating a customers regarding their policy.

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