Background

The competition factor in the business environment has made many insurance companies to have a strong system in place and many organisations have realised the importance of IT as a strategic tool to achieve competitive advantage. The insurance companies wanted a web-based solution to transact & consummate business with a variety of operational entities and to automate the business process in which these entities participate by automating the process work-flows, making the business processes more streamlined and unhindered by bottlenecks. Every insurance enterprise wanted to integrate various departmental functions and wanted to have a strong Enterprise Resource Planning system in place in order to achieve competitive advantage over others.

The Challenge

The insurance domain comprises processes with complex functionalities. Most of the business processes handle computations at a very complicated level. Massive Data mining is the backbone for this industry in which every information on the policyholders is of high importance. Reminders on the policy issue dates, due dates, maturity dates should reach the policyholder on time. The performance of day end process must be high and the printing should be very fast at the back office.

The system should handle both Back Office Processes & computations and Front-Office operations. The security threat on web-based environment should be handled. Data loss should be minimized since sensitive information is being transferred. Overall the system should be flexible and user friendly to incorporate changes in the business process in the future.

The Solution

The solution provides a clearer definition and Illustration of products for customers; supports aggressive marketing strategies, reduces quote-to-policy cycle, enables agents / sales force with information and training and vastly improves customer service. It provides dynamic insurers with a critical business edge. Furthermore, the solution is compatible with all types of back-end systems, promising better returns on your IT investments.

The solution enables:

• Easier product illustration
• product definition
• product brochures
• Faster quotation issue
• instant quotation
• rule-based pre-underwriting
• acquisition of mandatory information
• configurator
• data capture for mining and warehousing
• Coordinated sales force / agency management
• prospect tracking and closing training material
• scheduler
• case study

Improved customer servicing

• Non-financial alteration, registration and completion
• financial alteration, registration and tracking
• alteration on request
• policy history/policy master enquiry
• claims registration and tracking
• claims worksheet

Streamlined policy servicing

• viewing available documents on request
• forwarding, commenting on available documents

The solution Value Adds with

• News updates
• Generation of corporate performance reviews
• Generation of feedback forms
• Templates downloading
• Income Tax calculator
• Agency locator
• Collateral publishing
• Discussion forums for channel entities
• Online buyer help
• Simple roll out
• No user side software maintenance or upgrades
• No user licensing requirements
• Highly scaleable
• Highly secure
• Site map and search facilities for ease of navigation
• Drag & Drop. Click & Browse. Easy to use
• Centralized web architecture for single point upgradation and update

 Overall the system provided is simple and flexible and the transactions have been simplified and integrated. The system is able to handle all the challenges in this industry with respect to software.

  Results