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How Reliance Life Insurance makes Progress Software Streamlining the Underwriting Process.

Submitted by ProgressSoftware on Sat, 2012-01-07 20:03

Reliance Life Insurance is an associate of Reliance Capital Ltd., which ranks among the top 3 financial services firms in India. In just two years of operation, Reliance Life Insurance has exceeded 2 million policies and is among the country’s
fastest growing life insurance firms in new business premiums with a year-overyear growth rate of 195 percent.

 

Challenge

 

Reliance Life Insurance (RLIC) had an IT infrastructure in place that included four standalone systems: Life Asia, which ran on an AS/400, was their core business engine. The company also had a document management solution, an auto underwriting engine called Insure Connect (INSC), and a policy tracking system.

 

 

However, the company lacked a formal system for managing the steps involved in underwriting: receiving submissions, analyzing data, and providing approvals. The underwriting process required insurance policy underwriters and application process agents to manually assemble all the information they needed from large paper files, analyze the data, and determine what premium rates should be, or whether the customer should be offered coverage at all. Because of the lack of visibility of the end-to-end process, underwriting often took two weeks to complete and was prone to errors. The problem was getting worse over time due to the rapid growth of the company. 

 

 

The absence of automation was impacting productivity and the ability to book revenue in a timely manner. RLIC needed to find a solution that could improve process control, reducing average underwriting turn around time (TAT) from weeks to hours. The solution also needed to have the scalability to meet future needs and the flexibility and agility to react to changing market conditions and support new products and markets. 

 

Solution

 

 

RLIC initially considered a workflow application based on a document management system. But this solution proved too limited in its functionality and scalability. RLIC frequently changes its insurance product offerings. The workflow application lacked the flexibility to keep up with the changing product mix. In addition, it could not provide out-of-the-box reporting capabilities. 

 

In 2007, RLIC kicked off a company-wide business process management (BPM) initiative, which led RLIC to consider  the Savvion comprehensive BPM suite that could support enterprise-wide deployment.

 

After a preliminary evaluation, Reliance Life selected Savvion in July 2007. A team of five from Progress® Savvion worked with a project manager and operations manager from RLIC to define the entire underwriting process. Savvion assures that documents, information, and tasks are passed from one participant to another based on assigned roles and a predetermined set of procedures together with defined business rules and an escalation process.

 

During the implementation stage a major issue surfaced. The operating system Savvion ran on limited the number of application files that could be stored within one folder. “We thought we’d have to go back to the drawing board,” says Mr. Mohan Chandrasekaran, CTO. However, Savvion Support provided a product update that eliminated the problem and the project quickly resumed.

 

A new, streamlined process

 


Progress Software
Progress Software Corporation (NASDAQ: PRGS) is a global software company that enables enterprises to be operationally responsive to changing conditions and customer interactions as they occur—to capitalize on new opportunities, drive greater efficiencies and reduce risk. The company offers a comprehensive portfolio of best-in-class enterprise software spanning business process management, event-driven visibility and real-time response, open integration,data access and integration, and application development and deployment—all supporting on-premises and SaaS/Cloud deployments. Progress maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost of ownership. Progress can be reached at www.progress.com or +1-781-280-4000.
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