Organization: Global Multi-Line Insurance Company
A leading global provider of insurance, annuities and employee benefit programs. This customer holds leading market positions in the United States, Japan, Latin America, EMEA, and APAC. With new acquisitions, the company extended operations to more than 90 million customers in 60 countries world-wide.
Business Challenge: A Siloed Situation
After the acquisition of a global life insurance business, operations lacked standardization, visibility, and consistent customer interaction. Multiple divisions were using outdated labor-intensive paper-based processes, and management lacked visibility into their overall business metrics.
Customer objectives included reducing operational cycle time while improving overall customer satisfaction.
Business processes such as New Business, Underwriting, Policy Administration, Customer Service, and Claims needed to be standardized globally while maintaining local compliance.
BizFlow BPM Solution: An Orchestrated Integration
BizFlow software was used to orchestrate the integration of 8 critical business systems providing a seam-less end-to-end process flow.
Process improvement expertise and the BizFlow platform were leveraged to increase operational efficiency and performance.
Straight Through Processing and automation of claims distribution were implemented to significantly reduce cycle times and overhead. The reduced payout time led to a 50% increase in Net Promoter Scores and to an improvement in overall customer satisfaction.