A major North American insurance company wanted to quickly launch new products. But integrating its new technology platform with existing onboarding processes threatened to compromise the customer experience until Lean DigitalSM and Genpact Cora went to work.
Who we worked with
A large North American insurance company with a wide range of life insurance products, annuities, mutual funds and more for individuals, businesses and pension plans.
What the company needed
After acquiring a term life new business platform, our client’s goal was to integrate this platform with it’s existing customer onboarding process. This turned out to be bumpier than expected— including a view that delivering a messy customer experience would actually harm the insurer’s reputation.
How we helped
To the rescue: Lean DigitalSM, Dynamic workflow powered by Genpact Cora and purpose-built for the insurance industry. Using the latest in analytics and artificial intelligence, we applied a combination of process-centric technologies, design thinking methodologies, and insurance operations expertise to ensure that legacy systems played well with new technology. Here’s what came out of these efforts:
- A front-end indexing platform capable of handling hundreds of document types. The advantage? Scalability and efficient resource usage
- A dynamic workflow structure that integrates policy administration and document management procedures. It also helped amalgamate new-business, licensing and commission accounts, as well as cashiering and other accounting functions
- Intuitive, responsive forms, a case management portal, and advanced reporting capabilities
- Establishment of a mail room to reduce overhead
- An onshore cash application team under third-party administration
- An offshore center for new business and licensing operations
What the company got
The integration took place without a hitch and the company generated revenue from its new products in just four months while reducing costs in the process. What’s more, the company not only maintained its superior customer experience record, it improved on it because the new technology could capture client details faster and more accurately than ever.