Challenges
As an industry leader in the life, annuity, and retirement insurance business and having a significant group portfolio, the client had frequent product releases and process changes to meet the needs of competitive market conditions and regulatory changes. The client also had to manage a multi-vendor environment for application-managed services. Some of the challenges faced by the client were:
- Low speed of issue resolution
- Faster rollout of business requirements
- Lack of good understanding of the business domain to resolve issues reported
- Lack of capability to enhance the applications and respond quickly to any changes
Solution
The client’s landscape includes over 150 applications categorized under five FBA segments: Digital, Distribution & Marketing, Enterprise Finance, Group Protection, and RPS. We executed the entire transition on time and within eight months with the allocated budget and zero business disruption.
Mindtree helped the client in growth enhancement through maintaining and modernization of applications, including:
- Applications for new businesses, financial planning, policy admin, and servicing for individual and group admin portals, chat, voice bots, and underwriting.
- Intermediary-enabling applications for recruitment, book of business, compensation systems, and sales management.
- Customer Relationship Management: Implementing Salesforce CRM application for customers and advisors.
- Enterprise applications, including data warehouse, finance, and actuarial applications.
Key highlights
- Migration and modernization of legacy core applications to COTS applications.
- Modernization of customer-facing and intermediary-facing applications.
- Automation of contact center by leveraging Google Dialogflow.
- Building a Product X Process matrix repository, including process flows, E2E test cases for each event/transaction.
- Optimizing the test coverage by leveraging a risk-based testing framework to optimize the regression suite.
- Implementation of on-demand TDM using GenRocket integration.
- Piloted Service Virtualization to reduce dependency on test data for regression/performance testing.
- Streamlined and automated sales and marketing processes through Salesforce CRM.
Benefits
- 3+ year engagement with 30% efficiency
- Achieved 12% annual savings
- 50% reduction in product release time
- 70% adoption for E-interview process in two weeks
- Policy issuance in hours versus weeks using AWS native application
- Enabled sell-through partner using PolicyGenius and SelectQuote
- Digital transformation to enhance customer and intermediary experience across business operations
- Delivered customer 360o view through an API-based ecosystem
- Cognitive contact center with a 24 x 7 service model using voice and chatbots
- Innovative experience for wholesalers established via Salesforce
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