Case Studies
Re-engineering for efficiency and growth
Client Engagement
The client, an Indian subsidiary of a leading global insurance carrier, is among the Top 5 private insurance companies in India, and offers traditional, investment and annuity products. It has a pan-India branch network for customer/ distributor support, and products are sold through captive and bank assurance channels. The client has come up with an aggressive business plan for the next five years that demands a different approach to operation and IT management. The client also wanted to increase the level of automation, and ensure seamless integration across various applications to reduce time and cost involved in manual reconciliation
Objectives
- Increase automation and STP
- Identify solution gaps in meeting business needs
- Create an IT blueprint with an SOA-based architecture and define the roadmap
Challenges
- Number of application silos with a lot of data duplication and manual intervention
- Support for alternative distribution partners
- Need to remove processing bottlenecks at the end of every month and quarter
- Need to be responsive to business needs and reporting accuracy
Engagement Approach
C2L BIZ approached this engagement with its Enterprise Application Assessment (EAA) framework. We started with a top-down approach by meeting C-level executives and function heads to understand current business challenges, business goals for the next five years, and vision realization measurement. We reviewed current operational processes, IT applications, IT infrastructure, and performance results to analyze the current state (“As Is”). The report covered new operational process, IT blueprint, solutions to existing business challenges and roadmap for achieving the proposed (“To Be”) IT architecture
Value Delivered
- Refined process from application capture to policy issuance to significantly reduce costs and speed up turnaround time
- Solutions for parallel processing of data for multiple months simultaneously, leading to improvement in customer/ distributor service
- Enterprise integration framework and IT architecture to reduce IT maintenance cost and time-to-market for new products, services and applications