A multibillion P&C insurer books Euro 2.5 million of additional premiums with a flexible engagement model
A leading, multibillion dollar Fortune 100 company providing property and casualty insurance for personal and commercial customers. The insurer operates through 8,500+ independent agents and brokers across 132 offices in 32 countries.
To improve its financial metrics, the client had acquired part of its professional indemnity portfolio from a Dutch insurer. The contractual transfer date was March 1, 2012 and all new lines effective January 1, 2012 were to be booked onto the client’s applications. The pre-renewal booking process was set to trigger in April 2012. The Dutch insurer’s systems would close by March 31, 2012, beyond which data related to the transferred policies could not be extracted.
It was critical for the client to complete the manual data update within their applications in a four-week timeframe, so as to proceed with the renewal of the transferred policies. The projected effort estimated was one person-year, which translated to about 12 dedicated resources for 4 weeks. Given the stringent timelines, hiring and training resources was not an option either for the client or for Infosys BPM for this one-off project as the logistics around this would have taken at least 8 to 10 weeks.
Infosys helped with the data validation and data mapping between the Dutch insurer and the client’s applications. Infosys experts came up with a data dictionary and gap analysis during the requirements gathering phase. The project was delivered in 1,615 hours with 18 resources. This included manually updating the policy records into the client’s applications across 40 fields for each record with 100% accuracy.
Some latency was experienced in the transfer of data from the Dutch insurer’s end; even so Infosys provided extended flexibility at no extra cost to cope with these delays and supported the client as their extended arm.
Apart from flawless execution, Infosys BPM experts introduced ingredients that added a strategic outsourcing flavor to the engagement, including:
- Leveraging the process knowledge of the client’s existing resources in the engagement, thus crunching the learning curve
- A performance-based incentive plan to optimize resource utilization
- Extended flexibility to support data issues and ensure 100% accuracy levels
- Demonstrated customer orientation by going the extra mile to help the client’s business
Acting as the client’s extended arm, Infosys BPM professionals provided significant differential advantages within a realistic timeframe:
- Delivered the project within the stipulated timeframe, so the client’s pre-renewal process for the acquired portfolio was not impacted
- Shortened training period from 4 weeks to 1 hour by getting the most value from existing resources
- Ensured 100% accuracy in execution and delivery
- Helped the client effect timely renewal of transferred policies and book addition premiums worth Euro 2.5 million
The Infosys BPM Advantage
- Flexible engagement models for short-term and project needs, which make a viable business case
- Minimal risk and predictable outputs as mandated by the Infosys service delivery standards
- Cost savings flowing from labor arbitrage
- Bringing the client organization to speed on compliance issues and helping them navigate the risks and high cost of penalties imposed by the regulators
About Infosys Insurance BPO
Infosys Insurance BPO services over 45 clients with 1,400+ professionals supporting 15 languages across the globe. We provide end-to-end services across property and casualty (P&C), life, annuity and retirement (L&A), group insurance, and reinsurance.
Infosys BPM service offerings for the insurance industry