SymbioSys New Business
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
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
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
Business Agility
High Productivity
Straight Through Processing
Consistency & Accuracy
Discerning Analytics
OTHER PRODUCTS
OTHER SOLUTIONS
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.