Enabling Bancassurance & Agency distribution for a Tier 1 Life Insurance Carrier

Overview

INSILLION’s digital transformation of agents & Bancassurance partner experience through a modern and integrated multi-channel approach enabled the life insurance carrier to increase productivity and performance while simultaneously meeting channel partner’s data security requirements.

Client The Client is a leading life insurer in India, which was established through a Joint venture between India’s two leading banks and a global life insurance organization.

The carrier has a network of over 15,000 bank branches and serves more than 10 million customers through its 8,000+ employees across India by offering individual and group life insurance since its inception in 2009.

The joint venture partner is a global insurance organization, one of the top ten life insurers worldwide.

Challenges

• Bancassurance users & agents were the carrier’s strategic partner and needed a comprehensive portal that was compatible with android phones, tablets, and desktop-browsers to push the carrier’s offerings to customers based on market requirements.
• Meeting the bank’s data security rules was a hassle for the carrier as the leads from Bank’s system was to be made accessible to the carrier portal without breaching the data security rules.
• Time taken for policy issuance was extensive due to paper-based processes.
• The carrier wanted to ensure a smooth document and medical management process through a centralized system.
• The carrier required the data captured by the bank branch user and agents to be verified and authenticated by the customer.
• The carrier wanted to retain the usage of their existing Excel-based rate calculators.

Goal

• Provide a one-platform solution for channel partners such as agents & bancassurance users.
• Developing a cost-effective solution with the ability to extend and use the carrier's existing Excel-based rate calculators.
• Enable conversion of transactional relationships to subscription relationships.
• Paperless execution of proposal to reduce issuance time.
• Empower agents & bancassurance users to be readily available to meet customer requirements anywhere and anytime.
• To ensure customers were aware of the data in the proposal form through the portal.
• Reduce time for product configuration, deployment, and launch.
• Deploy scalable solutions to enable scaling based on key business needs.

Key Results

• A custom portal application was developed to seamlessly convert leads into proposal forms resulting in reduced time for policy issuance.
• INSILLION’s converted the Carrier’s Excel calculators into lightweight calculators & exposed them as APIs to generate benefit Illustration.
• Leads generated from the bank’s core system were pushed to a database & InSync (MBaaS) was used to integrate it with the carrier’s LMS through a scheduled data push, meeting the bank’s security requirements.
• InSync (MBaaS) was integrated with the carrier's database for Master & Transaction data, along with integration for TPA, PAN, FATCA, CMS and LMS.
• Proposal processing for QC, Underwriting and Medical requirements stages was enabled through INSILLION.
• OTP-based verification was set up for customers to verify the data after proposal processing.

Products

Through the INSILLION platform, the following 20+ product categories were implemented.

• Protection Plan
• Retirement Plan
• Saving Plan
• Wealth Plan
• Health Plan
• Child Plan
• Riders Plan
• Group Products