Reduced turnaround time and improved process efficiency for an insurance provider
The general insurance market is growing rapidly with huge potential across the world. Changing customer sensibilities are driving this demand. Insurance providers are under pressure to automate the workﬂows to decrease the turnaround time and gain a competitive edge.
Here’s how Mindtree developed a B2B application for a large Middle East based general insurance enterprise, that improved the turnaround response of underwriters and enhanced process efficiency.
The customer is a subsidiary of one of the world's largest general insurance companies. Their businesses use a number of applications which interact with each other and exchange data. This integration was largely manual and inefficient, which was a major cause for concern.
In addition, some of these applications had hosting issues leading to poor performance and response time. This increased customer churn and impacted business and revenues.
Their B2B application had limitations in features such as Multiple Open Coverage (MOC) issuance, multi-customer facility, endorsement, renewal processes and dashboard. This impacted the turnaround time for business users like underwriters and slowed down the entire process.
Mindtree collaborated with the customer to perform a technical audit of the application and recommended a roadmap. We then maintained the applications and implemented the audit recommendations.
Mindtree designed the technical solution to automate and integrate disparate systems used by the customer. Application performance and response time was improved by hosting the applications in the customer‘s geography and modifying application database query performance.
Mindtree also recommended certain business features such as endorsement cancellation, open cover issuance, multiple open coverage, multiple customer user support, sale terms implementation, administrator referrals and claim notiﬁcation.
A diary system was implemented, which incorporated the automatic allocation of tasks within the underwriting group to synchronize and standardize the follow-up procedure. This diary system became a key differentiator for B2B sites in the region. Best practices and tailored methodology for requirements deﬁnition, gathering, scoping and prioritization were deployed that aided us in delivering a state of the art solution.
- Enabled the customer to launch several new products increasing the broker strike rate and revenue
- Improved the turnaround response time for underwriters by 15% for resolving referrals
- Decreased tickets raised to the IT helpdesk by 20%