The company was found by three insurance professionals who recognized the need for a uniquely Bahamian insurance company. For over 50 years, the company has helped Bahamians secure their future with a broad range of life insurance services and investment products.
The company was highly dependent on manual processes. This was adversely affecting operational costs and efficiencies leading to reduced employee productivity. These challenges resulted in a competitive disadvantage and a loss of business opportunities.
The processes that had been automated had substandard automation rules, which became obsolete with evolving business requirements. Dependence on a lethargic core system was hampering the productivity and efficiency of business/teams. Further, underwriters faced the daunting task of performing data entry of proposal applications in absence of any system. This put an additional burden on them as they already had to evaluate large volumes of applications for policy issuance.
The company digitally transformed its manual processes. It could now operate digitally and offer enhanced user experience to both its employees and customers. With the automation of operational tasks, employees could now focus on their core business functions and operate more intelligently. The client could now evolve with changing business requirements and offer superior services to its end users. Moreover, premium collection was simplified. Agents just had to follow the app assisted instructions to accomplish their targets, with complete visibility of the collected/pending premiums in real-time.
Some of the major achievements of the implementation were–
- Gained the ability to keep up with changing market demands
- Simplified premium collection for agents through the collections mobile app
- Enhanced customer experience with reduced customer-response time
- Reduced costs, TAT and improved efficiency and productivity