Overview

A leading Insurer in India decided to have a Digital Transformation for its New Business & Underwriting processes. As part of its' Digital strategy the insurer looked at not only leveraging technology but also introduced innovation in processes to maximize the adoption of SymbioSys technological solutions.

Challenges

  • Paper intensive submissions at Branches
  • Siloed and Fragmented Systems
  • Manual New Business & Underwriting process prolonging its TAT from submission until Policy despatch
  • Inability to provide differentiated benefits to partners/channels, and wherever exceptions done manually outside system
  • Manual PIVC processing

Business Needs

  • Unified system for all distribution partners/channels
  • Mobile quotation, online and online (Via Services)
  • Mobile financial needs analysis
  • Instant underwriting decision
  • Instant submission and premium payment capture via payment gateway

C2L BIZ Solution

  • SymbioSys Sales Tool with end to end sales journey FNA, Illustrations, eApplication, across in Web and Mobile App
  • Powerful Product Configurator for launching products quickly with differentiated benefits to partners/channels
  • Easy configurability of Risk Profiling Questionnaires assisting in Jet Underwriting
  • Robust Integration with Core PAS issuance service enabling instant decision for agents
  • Paperless solution: OTP based verification, document capture by camera
  • Seamless Digital Ecosystem integrations like UIDAI, PAN, CRIF, CIBIL, Bill Desk, PIVC, CKYC, CRM
  • Risk flag communication detail dedupe of
    application with existing customer / agent
    details

Benefits

  • 55% Reduction in TAT for NB from Proposal to policy printing
  • 108,899 registered users
  • Scaled 99% adoption for all distribution channels within 10 months
  • 80% reduction in NIGO rate with enhanced Field Underwriting rules
  • Rapid Time to Market – Regulatory changes in Nov 2019 – 22 base plan and 6 riders relaunched within 2 weeks
  • Policy Issuance – 40% – Same day, 85% within 5 days via SymbioSys Sales Tool
  • 3 Min – New business application decision
  • 500+ concurrent users (intensive partner users) on peak month-ends

Services Delivered

Comprehensive Business Solution to handle New Business and Underwriting process efficiently & quickly

Aiding aggressive adoption of new distribution/digital channel models and partners

Configurability and Services Architecture Aiding in Client's Business, Process, Ecosystem innovation strategy

Quantified Stats

100K+

Registered
Users

500+

Concurrent
Users

40%

Policies Issued
on Same Day

85%

Policies Issued
Within 5 Days

55%

Reduction
in NB TAT

Case Study

Excellence is not attained in a day! Our teams have worked beyond expectations to attain in-depth knowledge and offer customized solutions to our clients and partners. We carefully analyse our reach and every strategy to stay true to the time.

blank image

SymbioSys Suite For Health Insurer: Transforming To Be A Digital Ready

A fortune 500 company is the first US Health Insurance player to set foot in the country. Is brings in...

blank image

Enabling Mobilization of Sales Force, Digitally

One of the leading Insurance companies in South East Asia with a line of business spanning Life Insurance, Medical and...

blank image

Transforming Sales and New Business with Intelligent and Digital Operations

A leading Insurer in India decided to have a Digital Transformation for its New Business & Underwriting processes.