Major global insurance company
Banking, financial services, and insurance
Business need addressed:
Rapid, accurate migration of a huge volume of insurance policy information
A combination of process re-engineering and optimization, followed by deployment of a Rapid Automation (RA) solution to enable accurate and efficient data migration
Rapid integration of acquired company policy data with zero errors:
- Data entry operations productivity increased by 50%,
- Operating costs decreased by 40%
- Operating time decreased by 44%
One of the biggest challenges, in M&A business scenarios, is integrating systems and data so that the newly formed entity can seamlessly continue to deliver services to customers. In this case, when a major insurance company acquired a new insurance business in the Asia-Pacific region, more than 350K policies had to be migrated, from multiple legacy systems on the acquisition’s end, to the new parent company’s insurance policy system. Genpact, by combining deep-seated process expertise with our advanced RA solution, enabled the client to increase the speed, accuracy, and efficiency of policy data migration without any adverse operational impact.
A global insurance company, having acquired a new insurance business, needed to provide integrated access to policy information of the combined, post-merger business. The goal was to rapidly migrate approximately 350K policies (each policy containing 100 data fields), from multiple sources in non-standard excel sheets, to the parent insurance policy system, all while maintaining 100% accuracy for the policy data.
Previously, a tedious, time-consuming, and demonstrably error-prone (~40% defects) process had been in place, in which:
- A team leader distributed source data to multiple data entry operators
- Data entry operators validated the data and entered it into the policy system
- The team leader then consolidated the processed data, submitting it for QC validation
RA helps organizations reimagine business processes by driving agile and effective automation to significantly reduce manual efforts. It transforms traditional processing to produce performance improvements by:
- Automating repetitive work with a deterministic rules engine
- Achieving application integration through an automated user-interface layer; and
- Reducing errors, as well as deriving analytic insights, from data
RA is a desktop-based solution that creates a nonintrusive integration layer and requires neither additional IT infrastructure investment nor changes to component applications.
Comprehensive process and technology solution
Genpact provided a comprehensive approach that leveraged its deep domain process expertise to re-engineer and optimize business processes. The first step was to fix the key challenges, utilizing Genpact’s proprietary Smart Enterprise Process (SEPSM) framework, along with extensive Lean Six Sigma and re-engineering expertise, to remove unnecessary process complexity. Genpact, by examining claims data management processes from an operator’s view, re-engineered standard operating procedures (SOPs) to ensure compliance with best-in-class approaches. The team then assessed the re-engineered processes for automation potential; conducting a deep dive analysis down to the keystroke level, they identified exactly which steps to automate in order to eliminate manual efforts and optimize productivity gains. Finally, a cost benefit analysis (CBA) was carried out to determine return on investment (ROI) from the effort.
Genpact deployed RA solution using the industrialized approach it has perfected over the course of hundreds of previous deployments. Preconfigured utilities, playbooks, and frameworks all contributed to a rapid, error-free implementation cycle, with faster time to value for the client.
Insurance policy migration
RA automatically migrated the insurance policies of the acquired insurance business from multiple sources in non-standard excel sheets to the parent company’s policy system. Next, it transferred data across systems with a user-interface-level automation capability. Genpact’s RA solution not only migrated the insurance policy data, but validated the data for accuracy and completeness based on pre-defined rules. It also provided exception reports with recommended actions for closure.
RA moderators filled in and submitted distribution templates to a centralized location. From there, the RA solution distributed the source data to all virtual desktops, ensured data entry into the policy system, and consolidated the processed data from all virtual machines.
Policy data from multiple legacy systems was migrated and integrated into the parent insurance company’s policy system with minimal impact to operations, and with higher data accuracy and quality.
- 100% accuracy – the fully automated process eliminated the requirement for data quality validation checks
- 50% faster data entry and productivity improvement
- 40% decreased operating costs
- Zero training delays; zero attrition or human-resource-related challenges
- 24/7 service continuity, with high performance levels, for the organization during the course of migration and integration
These results reflect Genpact’s deep domain process expertise as well as the powerful capabilities of RA delivered through an industrialized automation framework.