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About Press Release: Modified Insurance Service Platform (MISP)

Client

The client is a leading provider of insurance, retirement and asset management services to individual and corporate over the globe. With over 5000 employees, the client has total capital base of over US$13 billion and insurance cover of over US$500 billion.

Business Need

The client wanted a solution that improved capabilities in two key areas:

· Customer satisfaction

· Addressing business requirements

· Data quality issues

They wanted to offer their customers more transparency to the claims process, greater product personalization, and a better experience with agents.

Challenges

The entry of new players into the insurance industry resulted in high level of competition in the market. The new comers are coming up with the new ideas of working and managing system that to following challenges for the client:

- No recourses to educate Policyholder: Policyholder wants to improve their understanding of the process for a claim or any significant life event, but there no such recourses with client to do so.

- Data management issues: The insurance transaction consists of many legal documents and long term transaction. Client has to keep proper record of each customers documents that too for many years, everyday customer size will go on increasing but to maintain information respectively is very difficult. At required time, many business hours are wasted in tracing then previous information.

- Customer’s satisfaction: Due to poor work management systems client was unable to satisfy their customers, due to this customer turned insurance as one time transaction not a long term relationship. Customer wants financial professional to understand there need and offer the personalized solutions.

- Data Storage: It is very difficult to store the Physical hard copy data of each and every customer. As customers remains on increasing there will be a requirement of more floor space to keep it preserve.

- Security Issues: As insurance work involves the lots of legal papers and handling the same with security. As the day pass, documents are increasing and creating security issues, to solve it more business time is invested.

- Future Plans: Organization will survive only if they have future plans decided previously for their Profitability and expanding business. To create the future plan there is a need of proper information that too up to the till date, current and past information. It is very difficult to prepare the future plans from the collected hard paper documents. One need to study each and every paper for the better plan, but it very heard and tough task.

Solution

After referring to the above challenges and requirement of having Customer satisfaction, addressing business requirements and Data quality issues Modified Insurance Service Platform (MISP) was prepare, platform was able to solve the all issues face by client.

Features

Modified Insurance Service Platform (MISP) has the following features:

- Easy and fast working system: All the process is now automated, so there is easy and fast processing of the data as its now concept of e-information uploading through MISP. Now policyholder can trace the data which he has applied to the insurance company.

- Proper Data storage: Now there is no need to collecting the hard copies of each customers as all the things which was further done by Physical papers is now converted into the e – Papers and data can be store in proper ways, all the legal document of policyholder can be uploaded can checked online.

- Customer satisfaction level increase: In past days there was a problem to educate the Policyholder and to help him in his issues. But now all this work is simple client can easily explain various terms and conditions and can solve the customer’s issues with in no time.

- Proper security level: As all information collected is kept at one place, there will be no more security issues. For each policyholder there will be separate information area which can be view by the client authorized employees.

- Future plans: It will provide the detail and latest information to create the future plans.

Benefits

With the use of Modified Insurance Service Platform (MISP) the client has achieved the following benefits:

· Enhanced customers experience through:

- Increase customer satisfaction index based on customer experience with policy serving requests.

- Efficient workflows that rout work to the right person at the right time.

- Better document traceability for policy holders

- Efficient legal compliance for policy documents

· Reduce cycle time to launch new service on platform by 25%

· Search options:

- Efficient and Secure document storage

- Faster document search and retrieval using metadata

· Increase agent efficiency owing to 20% reduction in average call handling times by:

- Elimination of paperwork and other redundant tasks

- Reduced transaction cycle time

· Reduce costs owing to:

- The ability to move work to lower cost channels

- Reduce average training schedule for call agents by 15%

Economical and Environment friendly by reducing paper uses

In a nutshell

The entry of new players into the insurance industry resulted in high level of competition in market. Due to this the client faced the problems of Customer satisfaction, addressing business requirements and Data quality issues. To overcome these issues there come a Modified Insurance Service Platform (MISP), this is able to solve the all major problems.

Technology

Java, JSP, Servlet, Struts, Tiles, Spring, TopLink, AJAX, XML, WebSphere 6.1, Oracle, Informix, RAD 7, SVN, JUnit, Agile Methodologies


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