The Client
A regional leader in specialized Class 23 Life insurance in Brussels (Belgium)
Challenge
- High cost of operations in administering the Class 23 life policy block and maintaining & reporting assets under management
- Operational inefficiency and lack of agility
- Legacy platform infrastructure associated with high cost of maintenance
- Lack of documented procedures
- Alleviate stress and free up bandwidth for new product launches
Solution & Execution
- Coforge hired experienced Insurance domain experts to support
- End to end Policy administration process (closed book)
- Arbitrages & Redemption claims
- Policy administration reporting
- Regulatory Compliance reporting
- Prepare AUM and operational investment portfolio management reporting for Securities bank and Regulator’s review and audit
- Implemented process re-design approach to bring in standardization in review process and reduce errors
- Implemented standard quality audit forms to bring in control, which shall help in any internal and external audits
- Leveraged tools for language translation from Dutch and French to English, enabling our India team to seamlessly review and process files
Value Delivered
- Achieved >99.5% quality against customer ask of 90%
- 40% cost savings to customer
- Meeting & exceeding SLAs on Claims processing & AUM portfolio reporting
- Handled Dutch and French language policy docs from offshore location
