Background:
The customer is a General Insurance client with multiple locations settling about 4 lakh claims annually and having over 20,000 agents
Line of Business:
Policy Servicing
Function :
Maturity Process
Focus:
Maturity Pay-out to policy holder
Challenges:
Accessing and extracting policy holder information from multiple data sources like Life Asia, CLS, MIS, Payment Assistance manually was tedious and time consuming.
Risk of populating values under wrong data fields during compilation resulted in re-work and likelihood of missing the process timelines.
Maker-Checker to make pay-outs error-free, was resulting in duplication and delays in sharing the final pay-out information.
Solution:
Ran a Process Discovery with the stakeholders to understand all aspects of the process and document it.
Created Optimized Stored procedure to handle multiple data sources and execute complex business logic to organize and read data within the database.
Automated creation of Journal entries & Payee code in “Life Asia” system to make the terminal part seamless and efficient.
Quick retrieval and validation of KYC data by calling API services to validate for every policy holder.
Accurate & timely sharing of information with the finance team for payout
Outcome:
70% reduction in handling and processing time from approx. 150 minutes to 45 minutes.
Customer Experience improved as error free scaling was not limited by people
Rework eliminated and payout data shared with the finance team within the timelines
Automated downloading of reports from multiple data source like “Life Asia, CLS, MIS, Payment Assistance” by calling a single query using stored procedure.