Zurich Topas Life Wins AITA’s IT Leadership Award 2017
With great pleasure and pride, we are pleased to share with you that our client Zurich Topas Life (Indonesia) has won AITA’s award in the category “IT Leadership” at the 6th CIO Summit event held on September 5th, 2017 in Singapore.
Zurich (Indonesia) is our 3rd client to win an award for their digital transformation initiatives. In each case, our flagship solution “SymbioSys Sales Tool” has led the digital transformation initiatives adopted by our clients. Our other clients who recently won awards are Prudential Indonesia (May 2017) and Sequis Life Indonesia (June 2017), where our SymbioSys Sales Tool was a significant contributor in their transformation initiatives.
Presented jointly by Asia Insurance Review and Celent, the IT Leadership Award recognizes insurance firms that have achieved significant success in their digital transformation initiatives, effectively utilizing technology and innovation. Insurers are selected for the IT Leadership Award for best practices of technology usage in areas, critical to success in insurance operations. Nominated insurers are evaluated on several criteria, primarily focused on: demonstrable business benefits; degree of innovation; technology and implementation excellence.
C2L BIZ’s solution “SymbioSys Sales Tool” labelled internally as “Zurich Pro” empowers Zurich’s sales force to engage interactively with potential customers using a tablet device. Implemented in a record time of 5 months, Zurich Pro helps the sales force to show latest products from the device’s digital catalogue, interactively assess Financial Needs, and demonstrate multiple illustrations dynamically for premium calculations and benefits. This helps the potential customer to make an informed decision and eliminates mis-selling. Further, capturing a customer’s risk profile with the help of reflexive questionnaire, with in-built validations, helps in Auto Underwriting for STP. Once a selection is made, the customer’s information, photographs, documents and signature are captured through Zurich Pro and transmitted instantly to Zurich’s Core Admin system. The benefit to Zurich has been that an application gets submitted into the Core systems in minutes as compared to days before implementing Zurich Pro. This is also resulting in enhanced customer experience and brand improvement for Zurich.
With the power to work in offline mode, Zurich Pro easily addresses the logistical challenge faced by the sales force for transmitting applications from customers in far-flung areas across the Indonesian archipelago with limited internet connectivity, switching seamlessly to online mode as soon as connectivity is available. Zurich Pro works seamlessly across iOS, Android and Windows devices.
Within 5 months of implementation of Zurich Pro, Zurich has already achieved 78% adoption for all distribution channels, 100% reduction of NIGO cases and more than 50% improvement in STP rate. 40% of policies submitted using Zurich Pro are issued on the same day, TAT for New Business has reduced by 55% from proposal to policy issuance, reduced the New Business Cost per Policy by approximately 60% and time to launch new products has reduced by 50%. Enhancing Zurich Pro, supported by innovative process changes within the ambit of regulatory compliance, Zurich aims to achieve 100% adoption rate by the end of this year.
Zurich’s transformation initiatives also focused on a sales portal, integration with an online peer to peer lending platform, a digital payment gateway, a data warehouse for Big Data Analytics and a Chatbot using a gamification concept. Spearheaded by ZINC (Zurich Innovation Center), wherein a dedicated team of innovators are constantly exploring ways to improve Zurich’s digital transformation and continuous support from C2L, Zurich is well on its way to increase its ranking amongst Insurers.