About the Client
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