success story

Insurance business process management (BPM) improves operational efficiency and reduces costs

For insurance companies adopting disruptive technologies that allow them to adapt their business models in order to maximize operational efficiency and scalability is essential to being competitive. However, while technology can definitely deliver high-impact business outcomes, companies need to be careful about how to spend their IT budget.

Our client embarked on a Service Automation (SA) journey to enable collaboration across the enterprise by automating work routing and notifications across a variety of different users. The intent was to reduce the time, errors, complexity, and overall cost of executing business functions. Yet two years into the project, the program was well behind schedule and significantly over budget. It was at this point that the client engaged Virtusa to pull the program out of the red.

 

 

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The Challenge

When Virtusa entered this engagement, processes that had already been implemented as part of the SA project clearly did not meet user needs. We worked with the client to deal with the following challenges:

  • High operational costs of inefficient of legacy platforms and processes
  • Poor customer service response time due to redundant and unintegrated customer-facing process
  • High error rates in manual/semi-automatic process causing increased costs and lower customer satisfaction
  • Missed sales opportunities due to lack of visibility across key customer flows
The Solution

Virtusa recommended a controlled software development approach to more quickly build system capabilities and improve quality. Features of the solution included:

  • Virtusa's Accelerated Solution Design (ASD) methodology to enable iterative development
  • Release approach to plan future development including production support that included business and technology-driven enhancements
  • Onshore/offshore development to provide faster time-to-market without sacrificing quality or skimping on scope
  • Incorporation of disruptive technologies such as BPM for workflow and workforce management along with advanced reporting and analytics capabilities to deliver process transparency
  • Leveraging standardized templates and best practices to maximize reusable solution components
The Solution
The Benefit

Customer Experience:

  • Improved rate of first response; lower issue resolution time
  • Standard request processing time slashed by 50% (from 4 to 2 days)
  • Contact center resources freed up to provide better service to clients
  • Improved case visibility to call center agents allowing more effective response to customers

  Operational Efficiency:

  • Lower operating costs
  • Greater business agility as a result of having real-time visibility and control over processes
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