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The client is an industry leader in the life, annuity, and retirement business and has a significant group portfolio.
Challenges
- The client’s traditional process of customers submitting underwriting data (personal, family, and financial information) over the phone was laborious, unsecure, and time-consuming.
- The client wanted a streamlined and personalized approach for customers to submit the underwriting information.
- The current system took long hours to complete the interview process.
- The telephonic process was manual and lacked UW system integration.
- The client’s customers were often hesitant and found it inconvenient to disclose their personal medical details over the phone.
- The current system also suffered from high operational costs.
Solution
- Mindtree developed a solution for the client’s customers to submit personal information online to enable accelerated underwriting through a cloud-based application that is much more convenient, private, and secure for the insured person.
- We created a simplified underwriting process with customer-centric and mobile-friendly features.
- Empowered the client’s customers with 24/7 online chat and support options.
- Created underwriting rules framework to drive risk information collection and identification of medical applicants.
- Mindtree’s solution offered flexibility for the client’s customers to schedule medical examination timeslots as per their preferences.
- Enhanced the system with features in place to monitor the progress of customer’s application throughout the submission journey.
- Mindtree team delivered the solution by using the Pod In a Box distributed agile methodology.
- Continuous integration and delivery pipelines were created and implemented with various code scanning tools and test suites to ensure the high quality of the delivered product.
- Our partnership with AWS helped us train the team and get the right talent for this initiative.
Benefits
- Reduced cycle time to complete application to policy issuance from weeks to hours
- Increase in customer adoption by 50% due to ease of use
- Reduced operational costs as applicants were empowered to complete the interview process faster and in private
- Superior online experience from application to issuance
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