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
- 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.