Life Insurance Client

Overview

Client is an financial services company whose successful member companies offer a diverse portfolio of financial and retirement products including life insurance, retirement products, annuities, variable annuities and securities.

Client Challenges

  • Process has very short turn around time
  • High volume of transactions
  • Modification of details on multiple systems/ applications
  • Multiple sources of inputs resulting in higher allocation manual effort
  • Difficulty in tracking the lifecycle of transactions
  • Frequent and unplanned changes in the admin system
  • Lower productivity due to multiple scenarios
  • Traditional way of executing the process deliverables

Our Solutions

  • Feasibility analysis performed at client’s site by two NIIT’s resources
  • Implemented 2 BOTs covering 60% of the transaction volume
  • Value stream mapping done and re-engineered traditional procedures
  • Streamlined the workflow system
  • Created robust process for new version releases of admin system
  • Implemented NIIT’s proprietary tool TermsMonitor for reporting and tracking of transactions
  • K-Portal access extended to client for knowledge transmission
  • Identification of leakage and suggested the new monitoring mechanism
  • Created re-engineered “To Be” process maps to reduce the non-value adds

Benefits Delivered

  • Saved 7 FTEs worth of effort
  • Efficiency improved by 40%
  • TAT improved by 70%
  • Implementation of 2 BOT to reduce manual effort for 3 transactions types
  • Reduced manual effort through implementation of Coforge reporting tool, scripts where bots were not required
  • Quality improved to 99.5%+ from 92%
  • Less manual intervention
  • More scalable
  • Work allocation improved helping increased utilization
  • Seamless upgradation of admin system without impacting BAU
  • Standardization of processes helped in saving significant training time and effort
Download the Case Study
7 + 10 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.

By clicking the download button, you allow us to connect with you using email, phone or post (as provided) for responding to you and for other marketing activities. This information is protected under our privacy policy.