A Large US-based Annuities Implements Digital Policy Servicing with Newgen
in collaboration with Infosys
Seamlessly migrates 40 TB content from the legacy system
About the Customer
Established in 2018, the US-based holding company owns and manages legacy variable annuity business acquired from other entities.
Challenges Faced by the Customer
- Management of service requests in high volumes, causing increased turnaround times
- Absence of multiple channels for customers and agents/producers to initiate requests and receive updates in real time
- Difficulty migrating content from the legacy content manager system, thereby increasing the total cost of ownership
- Linear increase in cost of operation with each additional block acquisition
How Newgen Helped?
To overcome the challenges and become a market leader with highly efficient operations, the client onboarded Newgen as its technology partner. Infosys, a global system integrator, with Newgen practice, implemented an integrated digital policy servicing platform, with omnichannel capabilities, ensuring timely customer interactions, quick TAT, and better management of exceptions and escalations.
- One-queue views, leading to a standardized and role-based user experience and views
- Instant response letters to customers
- Comprehensive dashboard to gain a holistic view of processes
- Content migration from the legacy system
- Automated batch processing for scheduled transactions How Newgen Helped? Robust integration, facilitating auto-population of policy details from the core policy admin systems
- Built-in document viewer to upload, view, download, or delete documents
- Automated case classification and assignment based on request type QA process for scoring users from processing team (pre and post facto)
- 40 TB of content migration from the legacy system
- 100+ business processes and workflows in financial, non-financial, claims, and service request management
- Go-live in record time of – 8 months
- 400 users across contact center and back office; portal extension for policy holders and insurance brokers/agents
- Cloud-based implementation
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