One of the major life insurance Companies of Singapore leverages Office Solution RPA to simplify the proposal creation and assessment process
The Challenge
Proposal form is the most important document for any life insurance company. The proposal form has enormous information about the insured, also the insurer offers the policy on the basis of proposal form. Earlier the process of creation and assessment of proposal was very long and manual. There were multiple steps in Elixir Application like proposal creation, new business data entry, proposal assessments and underwriting. Integrating the Workflow‘s with the Policy Admin system, would have required many changes in the policy admin system.
The Solution
The insurer shortlisted Ms Office Solution- Robotic Process Automation solution that automatically transfers the entire proposal data entered in the workflow’s to the Elixir policy admin system, similar to normal data entry process but with no human intervention. Again all the responses to the entered data in the policy admin system are passed automatically to the workflow using Office Solution tool
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The Benefit
• Rapid delivery of new services
• Improved customer satisfaction
• Error Reduction
• The non-intrusive integration between two systems using automation tool, saves the customization cost in the core system
The Results
10%
Reduction in cost of service
40% to 50%
Improved SLA compliance
75%
Customer Satisfaction
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