Process

The client is a leading insurance company with primary operations in India. They were looking at optimizing their customer onboarding process. The client has Sales team spread across the geographies who were responsible for acquiring new customers. The application process policy issuance was through a paper form with supporting documents. These were then scanned and sent to a central operations team to complete the onboarding process. The process was manual in nature and had a high Turnaround Time (TAT) of about 10 days for completing the onboarding formalities. The inflow of forms was variable and unpredictable depending on new campaigns and offer which resulted staffing challenges to meet demand.

Solution

AI/ML based solution was developed for the insurance company to automate approximately 90% of the onboarding process. The first step was to digitize the insurance application at the source, scanned forms were read using computer vision and Intelligent Data Capture (ICR) technology. The data extracted was then auto completed for policy underwriting in the Policy Administration system (PAS). The TAT was reduced to less than one hour for onboarding customers which included the time to scan the documents. Extra validation was added at the local scanning facilities to identify supporting documents validity, this ensured less to-and-fro between the operations team and sales representatives.

Outcome

• Reduced TAT from 4 days to less one hour for customer onboarding.
• Cost reduction by close of 50% for the process.