Case Studies:SymbioSys e-App

Client Engagement

Our customer, one of the newer Indian private sector insurer is a joint venture of leading telecom player and leading global Life Insurer . Client,was severely challenged due to the existing outmoded Policy Admin System, and its limitations to enhance operational efficiency in its key Application entry & Underwriting operations.

Objective

Providing existing data entry partners & also Client an efficient system for new proposal capture & payment capture.
Integration of the said data captured to the core Policy Admin System
To enhance operational efficiencies in Data entry & Accuracy

Challenges

Remote hosting of core policy admin system, which works on legacy platform
Evolving business process
Severe budget constraints
Planned launch in year end JFM quarter hence high Performance expectations from day one

Engagement Approach

Detailed study of the needs, existing New Business processes and information. Interaction and process walk-through with the users and discussions with functional experts. Assessment of system integrations with other core finance and policy admin systems
Ready to use SymbioSys e-App solution from C2L BIZ, with POC’s done along with Screen scrapping solution Nastie.
Customization of the SymbioSys e-App solution for the specific needs of Client’s product and process needs

Value Delivered

SymbioSys is intended to provide a efficient New Business application capture solution integrated with clients existing imaging solution for heads down data entry
Many proposal/ product validations are now being done closer to Point of Sale, thus reducing the dependence on the core Policy Admin System
While SymbioSys already has provided ready base for non- medical underwriting validations its provides a better base for future extensibility of the said solution for medical underwriting
SymbioSys design has lent flexibility in the areas of launching newer products for diverse products and partners much faster

Case Study: MicroSys(Implementation in India)

Client Engagement

Our customer, one of the largest Indian private sector insurer is a joint venture of leading Bank and leading global Life Insurer . Client, in spite of it high growth in urban business and has met its social obligations over and above the mandatory limits set up by IRDA. Client, has pioneered many initiatives in the micro-insurance business in India, and was exploring innovative ways to enhance operational efficiency in its rural operations.

Objective

Providing Client’s Network of Agencies a system for new business application entry & renewal payment capture
Consolidation of data captured in the off-line version to the central system
To provide said partners to print their policy certificate, receipts, statements and reports, locally

Challenges

Remote Locations with un-connected branches and hence high cost of communication
Spread out locations adding to challenges in logistics for delivering policy certificates, receipting, statements & confirmation
Low level of customer / channel literacy
Unique payment capture to address the customer’s irregular and seasonal Income

Engagement Approach

Detailed study of the needs, existing Micro-insurance processes and information. Interaction and process walk-through with the users and discussions with functional experts. Assessment of system integrations with other core finance and policy admin systems
Ready to use MicroSys solution from C2L BIZ
Customization of the MicroSys solution for the specific needs of Client’s micro-insurance needs

Value Delivered

MicroSys provided a low cost option for remote New Business application capture & communications, riding on it unique online-offline & synchronization design
Many proposal validations are now being done closer to Point of Sale, thus reducing the dependence on the core Policy Admin System
MicroSys transliteration engine renders multilingual data entry and output capability uniquely needed for micro-insurance business
MicroSys provides a better base for future extensibility of the said solution for many more needs in policy sales and servicing areas, and even in localized outsourcing of services
MicroSys design has lent flexibility in the areas of launching newer products for micro-insurance business

Case Study: MicroSys(Implementation in Hong Kong)

Client Engagement

Client, one of the leading Life insurer headquartered in Europe. Client, has pioneered many initiatives in the low ticket insurance business including its regional HQ HK, and was exploring innovative ways to enhance operational efficiency in its said Direct Marketing/ Telemarketing insurance operations. The solution expected was to cater to end to end management, including Alterations (policy servicing) and claims management. It had evaluated various options available in the market, including extending the existing core policy admin system for the said business model.

Objective

Providing client comprehensive low ticket insurance system
Integrated end to end system covering Product definition, New Business, Channel Mgt, Policy Servicing, Claims Administration, MIS
The said system to conduct end to end business, while efficiently handling the integrated process for lower cost of operations

Challenges

Need for adapting the new business process to meet the unique sales and issuance process for the said policies
Need to effectively and efficiently administer claims both using Straight Through and detailed Assessment processes
Need for efficient integration with new business and payment needs .
Need to handle multiple channels for same policy
Ability to adapt claims process for handling low cost claim processing

Engagement Approach

Detailed study of the needs, partner/ claims processes and information. Interactive workshops and process walk through with the Users and discussions with C2L BIZ Function experts for optimizing the business process.
Usage of SymbioSys Technology Accelerator for design of MicroSys and also for effective integrations with other Systems
Customization of the said MiroSys solution for the specific needs of client’s Direct Marketing/ Telemarketing insurance needs

Value Delivered

Integrated Direct Marketing/ Telemarketing / Low Ticket insurance solution for providing low cost end to end Policy Issuance to Claims Administration
Easy to configure diverse products, proposal / claims validations which could be done at source thus reducing the dependence on other integrations
Provided a robust base for future extensibility of the said solution for the needs in flexible and configurable claims administration
Well established security framework for diverse user access
Flexible and extensible solution to roll out the said solution for multiple country requirements

Case Study: SymbioSys Underwriting Engine

Client Engagement

Our customer, one of the newer Indian private sector insurer is a joint venture of leading nationalized banks and leading global Life Insurer . Client, was severely challenged due to the existing policy underwriting model, and its limitations to enhance operational efficiency in its Underwriting operations.

Objective

Providing Client an efficient, expert and easy configurable automated underwriting system for auto approval and requirement generation of new business cases
Integration of the auto underwriting data with core system Life Asia for further underwriting and requirement generation and workflow updation in Savvion
To enhance operational efficiencies in Underwriting

Challenges

Existing STP model was based on simple yes/no questions for underwriting.
Lack of capture of multiple faceted data and hence multiple faceted risk analysis
Evolving business process
Planned launch in year end JFM quarter hence high Performance expectations from day one
Severe budget constraints

Engagement Approach

Detailed study of the needs, existing policy underwriting processes and information. Interaction and process walk-through with the users and discussions with functional experts. Assessment of system integrations with other core business flow management systems
Ready to use SymbioSys auto underwriting solution from C2L BIZ
Customization of the SymbioSys auto underwriting engine for the specific needs of Clients products and process needs

Value Delivered

SymbioSys is intended to provide a efficient and expert Auto Underwriting solution which automates underwriting decision and facilitates risk triage into Standard ,Refer to manual UW and Pending for NB requirements
Provides extensive ready to use Underwriting vocabulary which is used to define a risk
Facilitates building complex underwriting rules to handle multiple factors involved in a risk. For example : For Occupation, Family History, Non Standard Age Proof and Good order checks previously called for manual underwriter intervention
Provide Auto underwriting summary report for each proposal
SymbioSys design has lent flexibility in configuration and modification of underwriting rules with changing IRDA regulations and risk analysis
Improved the productivity and efficiency of the Underwriting division & the Underwriters Productivity and Efficiency along with consistency in Underwriting decision