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.

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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