Case Studies
A leading Life Insurance company automates Underwriting process using Business Process Management solution
The Client
The company entered the private life insurance industry in India in the year 2001, and in a short span of time established itself as a distinctive life insurance brand. With a dedicated and committed advisor sales force of over 11,000 people, and over 2,600 employees, it is also into distributing products in close cooperation with the parentbanking arm. The Company has a customer base of over 300,000.
Business Needs
The existing process was highly document centric and the movement of physical files across various departments was a major bottleneck. The underwriters scrutinized the application forms and medical reports to evaluate the risk premium for the applicant. In order to do so the underwriters had to work on the core insurance application and the auto underwriting application. Working on the physical files, in cases where a document was missing, the agent was informed through email and the file set was kept apart for later review.
Business Challenges
- The users were working on multiple in-house and office applications
- Physical file movement was slow and critical documents were prone to get lost. Searching for the files took up major part of underwriter’s time.
- Tracking the status of an application was very difficult and exception cases were being handled in a very adhoc manner
- With increased competition, the turnaround time expected to process the new business applications had reduced to 7 days and it was further likely to reduce to 72 hours
Datamatics Solution
Datamatics implemented an end-to-end New Business Application Underwriting
solution based on FileNet P8 suite of software products. All the business applications
received are captured and committed into a centralized repository, which in
turn triggers a workflow for processing of the application forms. The solution provided
better control over the overall process and allowed integration of diverse
information sources.
This application was developed using FileNet P8’s BPM framework that provides the backbone for client data and image scans. The reports, queries and logs are maintained on a separate database server. During the implementation necessary steps were taken to ensure security of data. A simulator process ensures process analysis and reporting needs. The reports included Measure throughput results, Costing Analysis, Service level requirements.
Business Benefits
- Round the clock operations that improved over all turn around time
- Controlled access to documents with customer specific critical information
- Better utilization of the skilled manpower, especially the underwriters
- Better control over the entire process due to tracking facility a click away
Technology Used
Solution based on Filenet P8.
To know more about enterprise content management solutions from Datamatics, please write to business@datamatics.com.
