Client
A multi-billion dollar business conglomerate operating in all major industries including infrastructure, IT, pharmaceuticals, motors, energy, plantations. They had 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.
Requirement
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 reports were generated manually. Apart from being error prone and person dependent, it posed multiple operational challenges:
Poor tracking of insurance policy renewals
Inefficient manual data handling made operations time-consuming and error-prone.
Repetitive tracking of expired policies was highly inefficient.
No comprehensive report on portfolio
Inefficient Lack of Efficient Document management
Poor Policy Renewal and approval management
No standard practice to ensure audit compliance, among others.
Missing policy renewals
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:
01
Feature-rich dashboard
Powerful dashboard for senior management and other stakeholders
02
Intuitive interface
User-friendly interface, designed to ensure easy navigation
03
Core payment capabilities
Core capabilities like, payment alerts, scheduling payment, etc
04
Robust Security
User-based role access
05
Dynamic Report generation
Performance report generation capability
Results
Post implementation of our sharepoint based insurance management solution, the follwoing results were achieved:
Company policy creation.
Manage end-to-end insurance lifecycle including renewals, issuance, cancellation.
A central policy repository to view all active policies in one place.
Portal for employees to raise claims, and track the status in real-time.
Complete details of claims pending or settled.
Complete visibility of upcoming scheduled payments due.
Details of active policy for each company.
Complete details of all the different types of insurance policies across various companies.
Benefits
Streamlined Insurance Management
A centralized system in place meant efficient policy administration, consistency in data across various systems, accuracy and timely renewals.
Improved Claims Handling
Claims reporting, tracking status of each claim, settlement process was streamlined. This significantly
- Reduced processing times
- Enhanced customer satisfaction
- Mitigated financial loss
Enhanced Data Accuracy & Accessibility
The IMS system proved to acta s a single source of truth, making
- Quick access of accurate data
- Accurate & precise reporting
- Informed decision-making
Increased Operational Efficiency
Automated processes enhance operational efficiency by eliminating error-prone, labor-rich manual processes. This results in
- Minimal manual intervention
- Reduced processing time
- Cost savings
Improved Collaboration & Communication
One centralized source of data made collaboration hassle-free among subsidiaries, enabling swift decision-making.
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