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HDFC Standard Life Insurance : Consultant Corner

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PCQ Bureau
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HDFC Standard Life needed to empower their Financial Consultants by providing

them with information with respect to their customers, proposals, leads,

incentives, rewards, etc and ensure that the Senior management too has access to

all relevant sales data to monitor the sales process effectively.

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While the Core Policy Management System that hosts the organization's data

assets provided senior management with access to business critical data, the

confidential nature of such data made it difficult for this information to be

shared with sales staff to provide them information on policy reminders, status

of proposals etc.

An initiative was thus begun in early 2003 to provide field staff with an

Internet based service through which they could access relevant information

without accessing the core policy management system. The relevant data was

pulled from the Core Policy System and displayed to users as per the role and

hierarchy within the organization. With the successful



implementation of the first requirement, came newer needs that were subsequently
fulfilled, thus resulting in the Consultant Corner.

Consultant Corner' is an Internet-based application that empowers multiple

business segments (Sales Base, Employee Base, Operations Team, Middle and Senior

Management, Accounts etc) of HDFC Standard Life with timely and accurate

repository of information and functionalities that helps improve efficiency and

reduce costs.

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Project Benefits



The application has helped HDFCSL to streamline and optimize the sales

operation. It provides for centralized control over a vast geographical spread

for key business units such as Inventory, Training, Licensing, etc. It drives

greater productivity and cost savings as it transforms and streamlines processes

that interlink various business groups within the org (B2B) as well as third

party vendors (B2E). The scalable architecture of the application ensures that

new modules, functionalities, etc can be added onto the system as per Business

needs.

He is an MBA

(1988) and BS, Computer Science (1986) from Kent State University, USA.

While his professional interests include Business Transformation, Technology

Value Systems and Organisational Behaviour, he is fond of Photography and

Music on the personal front. He has 22 years of total work-ex with many

leading companies.


Sunil

Rawlani, CIO

Q

What were the challenges and business problems that led to implement this

project?



To empower our Financial Consultants — we need to provide them with up

to date information with respect to their customers, proposals, leads,

incentives, rewards, etc and ensure that the Senior management too has

access to all relevant sales data to monitor the sales process effectively.

Q What is the USP of this

Projexc?




Consultant Corner' is an Internet Based Application that empowers multiple
business segments (Sales Base, Employee Base, Operations Team, Middle and

Senior Management, Accounts etc) of HDFC Standard Life with timely and

accurate repository of information and functionalities that helps improve

efficiency and reduce costs. The application provides for centralized

control over a vast geographical spread for key business units such as

Inventory, Training, Licensing etc. Application drives greater productivity

and cost savings as it transforms and streamlines processes that interlink

various business groups within the org (B2B) as well as third party vendors

(B2E).

Hierarchy based reporting provides end users with the facility to drill down

to the lowest level of sales hierarchy in a matter of clicks. Information pools

of data are thus collated and displayed to key users.

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The implementation of this system has resulted in an overhaul of the

associated administrative process. Field Staff have access to their RNEP

information for specific periods with complete transparency, allowing them to

evaluate all policies that have contributed to the RNEP for a specific period.

With the deployment of this module, productivity of the members of the team

members has increased by 50%, since queries and calls concerning RNEP have been

drastically reduced.

Accuracy and validity of data being shared is subject to audit by the field

staff who are directly impacted by the same. Field Staff are driven by the

actual numbers they see on the system that allows them to assess their current

position, position where they can go to and to plan their business accordingly.

This data is also used to decide incentives that the staff is due to receive as

well as appraisals.

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The reporting tool allows multi-dimensional collation of data/graphs in a

matter of clicks. The excel based user interface provides the user with the

flexibility to then slice and dice the information as per the requirements.

A Financial consultant always carries a diary to keep track of various

things. Consultant Corner is a virtual diary for them. After the deployment

there has been reduction in operating cost by 15 per cent. Uniform sales

monitoring is possible across the organization.

There are direct benefits in terms of EPI, Persistency and FC recruitment. It

is now possible to make sales team aware of their performance through timely

availability of information.

Implementation Partners



There were many implementation partners involved in the implementation of

Consultant's Corner. Sify provided the hosting, ACL Wireless was responsible for

providing the SMS services being used by the portal, CORE Security provided

application penetration testing and vulnerability assessment. Synaptris provided

the Intelliview reporting tool that's being used for MIS, and finally Wipro did

the RAC implementation and is also currently handling the storage device

maintenance.

The Future



There are many other things planned for the future of this project. These

include integration with the IVR system, compatibility with PDAs and other hand

held devices, smart client and offline application support, user configurable

web pages, and addition of Web 2.0 technologies like Mash-ups and composite

applications.

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