Reliance Life Insurance is a part of Reliance capital, which is one of
India's leading private sector financial service companies. Earlier it included
four standalone systems to its IT infrastructure, for meeting the needs of the
business. But it lacked in managing the steps that involved underwriting,
receiving submissions, analyzing data, and providing approvals. The Underwriting
process incorporated manual assembling of information need from large paper
files. This resulted in the process timelines being stretched to over 14 days.
And in addition to that there was increase in error rates & cost due to manual
movement of files. Hence delay in revenue generation and reduced productivity
were some of the major business problems faced by RLIC. And that's what led to
the deployment of new business workflows automation.
The challenge they faced was that, as they had to deploy this across multiple
location, it required time and lot of analysis to find the right solution to
what faced by all the stakeholders. Also at the technical side they faced some
issues, such as integration of all the systems spread across the country. And
changing the implementation across various systems which interact with Savvion
BPM.
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Implementation Partner |
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Finally they have implemented Savvion Process Modeler, a business process
modeling tool for business users; Savvion BPM Studio, a development environment
for more technical users; and Savvion BusinessManager. Hence Savvion has
resolved RLIC's biggest underwriting issues. It helped in reducing TAT time from
almost two weeks to a day, reducing lag time and ensuring that tasks don't fall
through the cracks. In addition to that the transaction costs for auto
underwriting have been significantly reduced.