What is the secret to realizing year-over-year growth of 195%? For Reliance Life Insurance (RLIC), a significant factor is leveraging business process innovation to deliver operational responsiveness, greater ROI, and better customer experiences.
Business Process Innovation Speeds Policy Processing for Insurance Provider
RLIC, an associate of Reliance Capital Ltd.—one of India’s top three financial services firms—sought to replace its manual-based underwriting system to improve productivity and the ability to book revenue in a timely manner. The company turned to the Progress® Savvion® BPM suite to improve process control, support business growth, and increase its agility to react to changing market conditions.
Within the first three months Savvion paid for itself, slashing new policy processing from two weeks to one day, significantly reducing auto underwriting transaction costs, providing real-time visibility and control over every policy, reducing processing errors and assuring customer satisfaction by meeting SLAs and enabling multi-channel services.
Savvion easily supports 900 concurrent users and volumes of up to 10,000 new policies per day during the peak season, and it can accommodate new types of policies within two to three weeks. And despite the company’s rapid growth, RLIC has only increased its headcount by 30% versus the 100% that would have been required with its previous system.
