This highly innovative Life Insurance Company serves over 1,000,000 policyholders nationwide with a wide range of life insurance products. Its policyholders rely on it to provide protection and deliver outstanding customer service.
With the Life Insurer’s rapid growth, it began experiencing operational challenges that needed to be resolved, including changing inefficient processes, reducing dependence on paper-based content and tracking work more effectively. The company also desired an innovative enterprise-wide solution that could be readily tailored for each business operation and adjusted as needed to respond to changing business needs. The Life Insurer turned to IPD Solutions to optimize processes, enhance customer service and transform its operations while providing the flexibility necessary to easily adapt to future business needs.
- Reduce underwriting costs by 20%
- Eliminate paper-based processes
- Create an agile environment for business expansion
- Add new functionality in customer service, annuities and claims
To address its operational challenges in customer service, claims, new business, underwriting, annuities and accounting, the Life Insurer selected IPD Solutions as its partner to automate its enterprise and achieve executive managements established goals for the initiative which included reducing underwriting costs by 20 percent, elimination of paper-based processes, and improving customer experience in annuities, claims, and customer service. The resulting solutions enabled the client to meet its customer service and efficiency goals, provided substantial savings while leveraging existing administrative systems and creating an agile environment adaptable to future business needs.
The operational challenges associated with customer service are now automated by the solution architected and deployed by IPD Solutions. Automation eliminated paper-based processes, reduced underwriting costs, brought visibility to relevant information and documentation and real-time status on all work inventories. The Life Insurer now enjoys a 95% first call resolution rates, 98%+ accuracy of closed inquires, automatic routing of work, and real-time dashboards to manage workload.
The project was completed under budget, on schedule and met the requested requirements. The Life Insurer impacted staffing levels by 20 to 35% in the core and support areas. A combination of eliminating paper and automating workflow are driving the largest savings.