Redefining insurance lifecycle management with a robust insurance management solution
Is your insurance management still in excel sheets?

Redefining insurance lifecycle management with a robust insurance management solution

What if you are paying more than you need to only because of lack of software??

A multi-billion dollar business conglomerate operating in all major industries including infrastructure, IT, pharmaceuticals, motors, energy, plantations. With a network of 6 large enterprises operating in a variety of industries, employing more than 40,000 workers at a time. The sheer amount of paperwork required just for employee management was massive.

As per our client policy it’s mandatory to insure all employees and the key assets above a certain value and this made the insurance management process extremely complex and inefficient to manage without adequate automation and systems in place.

The scale of insurance management was huge as each employee and each asset had to be insured. Subsidiary companies under parent organizations made management complex. To streamline the day-to-day operations, a Single Point of Contact was assigned for each company.

Challenges

The existing process used a large number of excel sheets and manual report generation. Apart from being error prone and person dependent, it posed multiple operational challenges.

Subsidiary companies under parent organizations made management complex. To streamline the day-to-day operations, a single point of contact – SPOC - was assigned for each company.

Manual tracking resulted in poor data visibility and the management team lacked clarity into critical financial aspects of the insurance policies like:??

  • How much insurance premium was the company paying annually??

  • How many claims were made and how many were rejected??

  • What was the loss ratio??

  • How many policies were active and how many payments were due??

Details regarding the policy renewal dates were not available in one central dashboard, this made tracking portfolio performance complicated, and error prone.

  1. Lack of transparency resulted in poor tracking of insurance policy renewals?
  2. Inefficient manual data handling made operations time-consuming and error prone.?
  3. Repetitive tracking of expired policies was highly inefficient, leading to poor policy renewal and approval management.
  4. Lack of comprehensive report on portfolio and inefficient document management.
  5. No standard practice to ensure audit compliance, among others.
  6. Lack of proper tracking led to missing policy renewals and incurred heavy fines regularly.??

?Additionally,??

?1. Poor accountability tracking of each SPOC.?

2. Huge Turnaround Time [TAT] for each SPOC-TAT report.?

3. No way of tracking insurer’s performance?

4. Poor disposal ration [how efficiently an insurer processes claims] tracking.?

Solution:?

Our Insurance Management System (IMS) automated the end-to-end process which eliminated process inefficiency, reduced errors, and risks due to missed insurance renewals.?

A SharePoint and Power Platform based, feature-rich Insurance Management Solution (hereafter referred to as IMS) was developed, with:?

?Feature-rich dashboard:?

Powerful dashboard ensured complete financial visibility for senior management and other stakeholders. In one view, they could view all active premium, annual cost to company, approaching due dates, etc. Also, TAT reports could be generated in one click, enabling tracking SPOC performance efficient.?

Intuitive interface:?

The system had a very user-friendly interface, and an intuitive UI, designed to ensure easy navigation. In just a few clicks, all critical aspects of all active premiums were visible. Advanced data visualization and presentation capabilities meant that reports could be viewed in any format- histogram, graphical, pictorial, chart, etc.??

Core payment capabilities:?

The system had advanced payment capabilities as well, including payment alerts, scheduling payment, sharing payment requests to finance team, configuring policy expiry dates, etc. These capabilities can be tailor-made to suit the client’s unique requirement of managing multiple insurance management.??

Robust security:?

The system comes with powerful security features to ensure complete data protection; with capabilities like user-based role access, data encryption, maintaining digital audit trail, configurable retention policies to ensure compliance.??

Dynamic report generation:?

System dashboard serves as a central data repository for all reports. It offers other collaboration tools and shared workspaces for real-time collaboration. Task management tools can be leveraged to view and track responsibilities and performance of each SPOC easily evaluated with instant report generation.??

Continue reading..

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