Policy Management is one of the pivotal functions for any insurer and relying on outdated systems poses a significant hindrance to streamline their operations and accelerate their existing processes. Additionally, to effectively cater to the changing customer expectations, insurers need to be steadfast in adopting to the recent trends in customer demands like personalization, and the need for launching innovative products in the market. That’s where an intelligent solution comes into the picture!
One of India’s leading General Insurers faced some complex policy management challenges while on their way to stay ahead of the curve amid a competitive insurance market. This case study will dive deeper into their challenges and also the way iNube’s advanced technology played a pivotal role in their operational success.
About the Customer
A prominent General Insurer, our client is a joint venture between leading Indian Insurance banks and a major Japanese general insurer. Offering diverse products across various lines of business, they are dedicated to delivering world-class products and services for an elevated customer experience.
Diving into the Challenges
- Manual Processing Delays
- Absence of Agent Performance Tracking
- Lack of Business Insights
- Limited Automation
- Lack of Unified Platform for LOB Management
iNube’s Implementation
All the above challenges were solved with iNube’s Virtual Office. Here’s a closer look at the implementation we carried out:
Agent Dashboard
The agent dashboard offered real-time insights into policy counts, commissions, and profitability across LOBs.
Admin Module
It efficiently managed user roles and product assignments.
Quote/Policy Dashboard
The automated dashboard displayed the policy status across different LOBs and gave insightful summaries.
Renewal Module
The module simplified policy renewals with organized searches, status checks, and issuance options.
Payment Module
Streamlined premium and refund processing with automated account management
Document Module
Enabled seamless document upload and management
Underwriting Module
Streamlined proposal review and triggered medical claims and inspections
Break-in Inspection Module
The solution automated and enabled inspection assignment and status tracking, reducing the manual effort.
Quality Check Module
Enabled hassle-free document and payment verification for quality assurance
Commission Module
Facilitated seamless agent management, and increased productivity
Debunking the Customer Benefits
- Improved Operational Efficiency
- Better Agent Performance Tracking
- Enhanced Client Satisfaction
- Real-Time Insights
- Streamlined Workflows
- Reduction in Human Errors
Beyond Just Numbers
24+ products configured across 2 LoBs (Health and Motor)
78k+ policies handled per month
Over 5L Policies processed in the last 12 months
8M+ premiums booked in the last 12 months
