Provide inward management services for policy documents of top life insurance service provider.

One of the top 5 life insurance companies in India needed help with inward management of policy documents.

The company is by far the largest non-bank promoted private life insurer with over 10 million policy holders, a strong distribution network of over 900 branches and over 1,00,000 advisors.

  • The Challenge
    • New customer on-boarding took between 7-10 days with policy documents traveling from Branches to their earlier inward management software and services provider
    • Shortage of space and lack of coordination at the service provider’s premises.
    • Additional handover involved with Writer Information picking up documents from this service provider for archiving
    • The senior team was involved in managing this activity with two cost centers
  • The Solution
    • Policy documents from all branches are directly mailed to our Mumbai facility
    • Established a dedicated team to execute the new process.
    • Implemented inward management process which included:
      • Inwarding of policy documents
      • Content audit and KYC check
      • Digitization
      • Upload of images to Customer’s Server
      • Mandate processing in Customer’s database
      • Archiving of policy documents
    • Established daily progress dashboard
    • Provided web-access to all assets in the system to the Customer.

Benefits to the Customer

  • Single vendor, single handover, safer workflow implemented.
  • Customer on-boarding achieved in T+1 days.
  • Timely and accurate consolidation of records from the branches.
  • Improved controls and status visibility.
  • Cost savings and customer continues to focus on their core business.