English
Insurance Portfolio Management
BUSINESS NEED
The insurance industry faces a number of challenges driven by changing demographics, low interest rates, increasing competition, and new regulatory initiatives, identifying and managing risk is more complex. We designed, developed and integrated solution for Tracking & Portfolio Management for one of leading USA based portfolio management and tracking service provider, who was to review individual lines of business each month, quarter or year, usually relying on outdated data spread across multiple spreadsheets. Now they are having integrated system for Insurance Tracking Portfolio Management system with rules-based workflows for insurance underwriting, portfolio management need in place with improved business process, enhanced productivity and profitability.
THE SOLUTION
The entry of new players into the insurance industry, coupled with the introduction of new technology, has resulted in a change in customer loyalty and buying behavior patterns. This trend, coupled with the introduction of more stringent regulations has made the insurance industry increasingly competitive. To maintain profitability and improve revenues, insurers are pressured to not only reduce cost, but deliver higher levels of customer service, reduced turn around time. To improve efficiencies, rationalize costs and enhance competitiveness, we implemented integrated system. In 2009, they partnered with Logica Infotech Services in order to tap into our deep domain expertise, process improvement and IT operational excellence.
KEY CUSTOMER BENEFITS
Improvement in information management and standardizing the business processes, improving life business process efficiencies, reducing cost of operations and enhancing customer service, Logica Infotech Services team has developed, implemented and supporting the automated and rules-based workflows for insurance underwriting, tracking portfolio management. Specific benefits delivered to the client by the Logica Infotech team include:
Quick Response & TAT
Processing cases with 200% improvement in turnaround time, faster response time for customer support inquiries, processing cases within 24 hours with an accuracy rate of over 99 percent.
Operational Efficiency
A rules-based workflow, using Artificial Intelligence for managing and automating routine tasks to dramatically reduce operational costs, increase efficiency, that can be configured for optimal efficiency and effectiveness in terms of flow, path and outcome.
Workflow Automation
Efficient life settlement case processing: Reduced from 15 days to 3 days basically 80 percent improvement in insurance case processing enabled increase in overall process efficiency and productivity.
Dashboards & Reports
Next generation dashboards & reporting that includes responsive, interactive, drill down and across the processing stages, automated report generation and publishing using enterprise level system integration.
API Integration
Enterprise level open architecture integrates existing internal systems with external and 3rd party systems using application programming interface (API) integration of data, application and devices using secured channels.
Customer feedback
According to our client, they chose Logica Infotech because, “We were one of the early adopters of outsourcing as part of our business model and evaluated a number of providers before deciding to partner with Logica Infotech. We were impressed are Logica Infotech’s commitment to our business, their understanding of the insurance and life settlement industry, their strong operational capability and, above all, their alignment with our culture, which was critical for the success of this program.”