Leading Insurance Company in Cyprus Automates Multiple Processes Using Newgen Solutions

Overview

The insurer is one of the largest General Insurance Companies in Cyprus and covers a holistic range of general insurance products. Their product offerings range across Motor Insurance, Health and Accident, Property, Marine, Air & Transport Insurance, and Travel & Economic Loss. The product ranges are accessible at both private and enterprise levels.
“Consistent with our brand ethos, we wanted to deliver premium and distinguished services to our customers. However, our key insurance processes were manual and document-intensive. They were resulting in inefficiencies and escalating costs. We wanted to digitally transform our processes to overcome these challenges and offer an enhanced customer experience.”

Challenges

The company wanted to improve profit margins, ensure optimal resource utilization and offer a premium customer experience. However, its processes were manual, resulting in higher turnaround times, operational costs, and inefficiencies. Also, processing customer applications and generating policies was a time-consuming affair. It resulted in lengthy customer onboarding cycles, leading to customer dissatisfaction.

Further, manual processes were adversely impacting resource productivity and efficiency. Their complexity hampered the productivity of agents, leading to reduced efficiencies and substandard customer experiences. This was creating a detrimental impact on sales and market value. Further, the operational turnaround time of cases was high as customer data was not centrally maintained. This resulted in dwindling customer loyalty and a decrease in customer retention.

Goals of the Project

• Comprehensive digital transformation of insurance processes
• Delivering enhanced customer experience
• Improving resource utilization and process turnaround time
• Optimizing operational costs and enhancing employee productivity
• Delivering enhanced services and competitive product offerings

Key Highlights

New Business solution

• Configurable premium calculation from rating engine
• Generation of documents through configurable templates defined in Newgen’s output management tool
• Dynamic form and questionnaire
• Underwriting rule engine for straight-through processing
• Parameterized checks & validations to ensure data correctness

Claims Solution

• Automating the entire claims cycle, from First Notification of Loss till claim settlement and payouts
• Split Screen view to provide a unified interface for Data and Documents
• Seamless integration with AS400 system
• Classification of cases as Fast track or Non-fast track