In just two years of operation, Reliance Life Insurance Company (RLIC) has
exceeded 2 million policies and is among the country's fastest growing insurance
firms. However, its technology infrastructure systems were not keeping pace with
its rapid rate of growth.
There were also a number of manual processes and a lack of visibility into
operations. The absence of automation was impacting productivity and the ability
to book revenue in a timely manner. RLIC needed a solution that could improve
process control, enhance visibility, reduce policy turnaround time, accelerate
the time to market and provide agility to react to changing market conditions.
BPM solution was the answer.
The company had their own IT infrastructure in place, which included standalone
systems; Life Asia, which ran on an AS/400 and was the core business engine.
They also used document management solution and policy tracking system.
However, the company lacked a system to manage the steps involved in
under-writing, which included receiving submission, analyzing data and providing
approvals for policies. With BPM implementation, RLIC has resolved the
underwriting issues. The solution has helped RLIC reduce turnaround time from
almost two weeks to about four hours.
Project Specs |
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Implementation Partner Savvion India |