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Virtusa optimizes a life insurance company’s internal financial transactions with AWS

Operational efficiency and cost optimization are paramount to survival in today’s challenging insurance landscape. Streamlining internal processes is crucial for delivering exceptional customer experiences and innovative products. This case study delves into how Virtusa revolutionized a North American life insurance company’s internal money movement (IMM) process.

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The Challenge

The client’s legacy-based IMM process of handling millions of transactions every month was plagued by inefficiencies. Manual interventions, siloed systems, and a lack of visibility led to significant challenges, including: 

  • Slow fund transfers and delayed processing times impacted customer satisfaction and operational efficiency
  • Hidden costs and inefficient resource utilization resulted in increased operational expenses
  • Manual processes increased error, fraud, and compliance risks
The Solution

To alleviate these challenges, Virtusa implemented a transformative event-driven architecture with AWS. This innovative approach broke down silos, automated tasks, and enhanced visibility across the IMM process.

Key components of the solution included:

  • Event-based architecture that facilitated real-time processing and improved systems communication.
  • Leveraging AWS services such as Step Functions, Lambda, SQS, and SNS for orchestration, computing, messaging, and notifications.
  • Automating processes to reduce manual intervention and improve efficiency.

Technologies used:

  • Amazon Web Services (AWS): Cloud platform providing scalability, security, and a wide range of services.  
  • AWS Step Functions: Orchestrated workflows across AWS services.
  • AWS Lambda: Serverless compute service for event-driven applications.  
  • Amazon Simple Queue Service (SQS): Reliable messaging queue for asynchronous communication.   
Virtusa optimizes a life insurance company’s internal financial transactions with AWS
The Benefit

With this innovative solution, the client achieved the following improvements:

  • Reduced 90% of fund transaction processing time from multiple days to one business day. 
  • Achieved $20 million in annual savings through optimized resource utilization and cost visibility. 
  • Enhanced operational efficiency and performance and reduced manual errors.  
  • Improved customer experience and satisfaction due to accelerated fund transfers and reduced processing time. 

Virtusa's partnership with the client exemplifies the power of cloud-based solutions to drive operational excellence and deliver exceptional business outcomes. By leveraging AWS and our deep industry expertise, we transformed the client's IMM process, resulting in significant cost savings, improved efficiency, and enhanced customer satisfaction.

 

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