HOW TO REDUCE NEW BUSINESS COST AND TIME TO LAUNCH NEW PRODUCTS?

ABOUT CLIENT

A leading European Insurer in Indonesia decided to adopt the SymbioSys Sales Tool to spearhead its’ Digital journey. As part of its’ Digital strategy the insurer looked at not only leveraging technology but also introduced innovation in processes to maximize the adoption of our technological solutions.

CHALLENGES

• Laptop based illustration and paper based submission sent to scanning centres
• Long New business turnaround time from submission until Policy printing
• Manual New Business onboarding process
• Manual Leads management system

BUSINESS NEED

• Instant Sales activity tracking and leads management
• Mobile quotation, online and offline
• Mobile financial needs analysis
• Instant submission and premium payment capture via payment gateway
• Digital sales aids/product brochures

C2L BIZ SOLUTION

• SymbioSys Sales Tool with Leads, Digital Collateral, e-FNA, flexible offline quotation generation
• Powerful Product Configurator for launching products in market quickly
• Easy configurability of Risk Profiling Questionnaires assisting in Jet UW
• Easy Integration with Core PAS enabling instant e-submission by agents

SERVICES DELIVERED

• Comprehensive Business Solution to handle New Business process efficiently & quickly
• Support in adopting new distribution channels
• Services Aiding in Client’s Digital Innovation Strategy

Results: Doubled Code Coverage in a Fraction of IMPACT / BENEFITS

• New business Unit cost reduction by 60%
• Reduction in TAT for NB from Proposal to policy printing by 55%
• Reduction in Product development costs & time to launch new products by more than 50%
• 78% adoption for all distribution channels within 5 months after implementation
• 40% of the policies submitted via SymbioSys Sales Tool issued in the same day