Life insurance sector in India has long been facing some of the inherent challenges, especially in Policy Management which are detrimental for the growth of Life insurance. Traditional methods that heavily rely heavily on the manual work at all stages leading to inefficiencies and delays, obstructing operations and negatively impacting customer experiences.
This case study will be delving deep into the innovative digital solutions- Distributor portal and Digital Onboarding that transformed Policy management process for India’s largest Life Insurance Carrier and addressed the critical challenges which laid the foundation for a more user-friendly and efficient approach.
Objectives
- Implementation of a Modular system for enabling smooth business scalability
- Organized and enhanced stakeholder management and efficiency in handling the policy management processes efficiently
- Achieving enhanced customer satisfaction and reducing the high processing times.
Results
- Successful resolution of the diverse policy management problems within 90 days
- Significant reduction in policy issuance time
- Improved the operational efficiency significantly by reducing the transaction time in virtual onboarding from 12 minutes to 3 minutes
Decoding the Challenges
High processing time- handling of policies manually increased the delays throughout the policy management stages and its processing
Operational inefficiencies- broken processes at all stages slowed the time for policy creation
Customer dissatisfaction- due to increased time for policy creation there was escalating customer dissatisfaction via agents
Trouble in Scalability- their existing infrastructure was not efficient in handling the growing volumes of policies and customer data
The Solution
iNube integrated its robust- Distributor portal and Digital onboarding for streamlining agent and customer virtual onboarding and end-to-end policy distribution and management processes.
There was customized Policy issuance designed across the Agent to Customer and Direct to Customer channels for enhancing the overall customer experience and operational efficiency.
The customized core platform offered multiple functional models that streamlined product configuration, underwriting, agent performance, customer journey and more all with a Modern-day technology solution implementation.
We offered some of the key modules:
The Impact
- 5K+ employees actively using the services
- Average 500+ quotations being sent everyday
- 16K+ Policies issued
- 70K+ Agents onboarded
About the Customer
Our customer is India’s Largest Life Insurance Carrier with a global presence and has been transforming the Insurance space for the past 65 years. They have a distribution force of over 13 lakh insurance agents and have been in the business for over six decades. They have helped more than 250M people with their innovative and diverse product offering and have been paving the way for excellence in the landscape of Life Insurance. Thus, with over six decades of presence, they are a part of millions of lives and have forged a trustworthy relationship with customers across the globe.
