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 ofCoforgereporting 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