SymbioSys New Business

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Typical Challenges

Long turnaround time for policy issuance

High NIGO ( Not in good Order) rate

Long time to market for launching new products

Low STP rate

Inconsistency in risk assessments

Inability to adapt to evolving distributor, regulatory demands

Key Business Benefits

High data accuracy and quality – capture of data with all validations controlled by configurators

Reflexive questionnaire and requirements generation based on business rules

Reduced Time to Market for launch/ packaging of New Products

Intelligent workflow driven processing for flexible adaptation, reduced time and cost

Seamlessly integrated auto underwriting for quick decision

Key Business Drivers

Reduce TAT for policy issuance

Automate Branch and Central Operations to make New Business Operations agile and nimble

Reduce Time to Launch New Product

Seamless and adaptable experience across emerging distribution channels and models

Key Differentiators

Business Agility

High Productivity

Straight Through Processing

Consistency & Accuracy

Discerning Analytics

Case Study - 1

INTRODUCTION

One of the leading Insurance companies in South East Asia with a line of business spanning Life Insurance, Medical and General Insurance, Employee Benefits, Pension and Financial Planning services with an Omni-channel Sales Distribution Platform.

It has been assigned strong financial strength ratings by International agencies like Moody’s and Fitch.

CHALLENGES

  • Migration
  • Lower Efficiency,using Manual selling
  • Sales with Limited Connectivity
  • Enable mobilization of Sales Force

BUSINESS NEEDS

  • Ability to sell with Limited connectivity
  • Going Digital
  • Quick Launch of New Products
  • Automated Processes
  • Integrated Operational Processes
  • Efficient Processing
  • Connected to Customers

C2LBIZ SOLUTION

  • Offline module of Sales Tools with automated syncing Process to New Business, eliminating any Double Entry
  • Communication services implemented, which uses eMails and SMS
  • Sales Tool (Offline) made available with all the Rules and with a minimal lead time to Launch a Product
  • Automated Rules execution, Workflow movement and Customer Communication
  • Integrated Workflow

IMPACT / BENEFITS

  • Company rated high in Digital Business
  • Higher mobilization of the Sales Force
  • Cost Benefits:
    • Customer acquisition Cost.
    • Digital Communication, with effective reduction in Costs.
    • Application Maintenance Cost is less, as C2L is the One Stop Shop for the Sales Tool, Workflow, PAS Integration modules
    • Automation across the modules reduces the Human intervention and cost related to the same
  • Time Benefits:
    • Near Real Time Issuance
    • Lower Turnaround Time for Customer Acquisition
    • Lesser Iterative Communication with the Customer as all Checks and Information is made available at the point of Sale.

SERVICES DELIVERED

  • Product and Application Production Support
  • New Business Process Transformation Consulting
  • Comprehensive Business Solution to handle New Business Needs
03

Months for BANCA

4

Months for Agency

2800+

Agents on board

07

Peak Team Size