Overall cycle-time drops 66%, cycle-time for mailing policies to offsite for scanning falls 83%, manual errors eliminated, and processing costs reduced.
The Client
A leader in providing financial solutions and Insurance products to customers across the globe.
The Challenge
To help meet the task of daily handling thousands of policies, claims and payments with promptness and accuracy, the client wanted to enhance its business processes to establish a more flexible, efficient and cost-effective method of delivering its services to customers.
The primary aim of the client was to reduce the cycle time for Life insurance policies from 45-60 days to 15-20 days.
The major challenges that the client faced were:
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The assembly process of the policy contract for Fixed Life Business was intensively manual. The process involved manual printing and assembling of documents from three disparate sources into the policy contract. |
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Further, a hardcopy of the policy contract was sent offsite for scanning and committal into the Imaging System. Completing all these steps took 6 days on an average, thus increasing the process time to mail the policy contract after the issue. |
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The process, being manual, had significant possibilities of human error that was compounded by the inability to track each policy. This largely affected the Customer Services Cell, often unable to give information on status of the policy contract or delay of certain documents. |
The Solution
Patni suggested a process integration to reduce the cycle time for processing policies
The solution highlights:
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A message-based hub-and-spoke architecture was suggested for integrating the client's multiple front-end applications such as a Solution Center, Web Channel, and Agents to communicate with multiple back-end systems, including legacy applications (Auto, Life, etc.), through the use of XML messages and adapter applications. |
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This architecture eliminates point-to-point communication between various processes and provides a centralized control mechanism. |
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Also, to make the most of business data and manage information residing in disparate systems, the proposed architecture looks at using a message broker for providing one-to-many connectivity model plus transformation, intelligent routing and information flow modeling across multiple, disparate business systems, dynamically manipulating data in reaction to events. |
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To bring in operational efficiencies by implementing business process automation, a process centric approach, separating "what" and "how" of a process, by managing the business processes separately from their underlying IT applications, was considered. |
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A workflow-based approach of automating and managing processes involving systems and people was adopted to help the client be an agile business in a constantly changing environment. |
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The Technology
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MQSFSE |
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MQ Workflow |
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MQ Series Integrator |
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Java based adapter SDK |
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XML. |
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The Benefits
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