Until recently, a large insurance company’s brokers couldn’t modify Life policy contracts themselves. Every modification was to be requested asynchronously. The insurance company obviously wanted to modernize this procedure, but the task wasn’t as easy as it sounds: like many organisations in finance and insurance, it ran many of its applications on mainframe. That’s where DigiTribe came in to support the insurance company’s request to make contract management more interactive.
“We sketched the plan for a front-end layer to the mainframe”, says Michel Iacono, project manager in charge of the digital transformation. “We digitalized all insurance and contract management processes related to contract modifications for external parties: banking and insurance partners. The team developed webservices to connect the mainframes to the extranet the banking partners work with.”
We digitalized all insurance and contract management processes related to contract modifications for external parties: banking and insurance partners. The team developed webservices to connect the mainframes to the extranet the banking partners work with.Michel Iacono
In total the interactive contract management roadmap resulted in 14 different projects and 6,000 man-days in 2 years. Its success led to a second and larger digitalization programme of 5,400 man-days to automate the decision making for life insurance acceptance or rejection.
To apply for a life insurance policy having disability/death guarantees, potential customers need to fill in a medical questionnaire first. DigiTribe helped to transition from a paper and scan process to an online questionnaire that interacts with the same mainframes of the company. Michel Iacono : “It’s a complex and solid process, because it contains the entire decision-making process. We needed to create an intelligent and dynamic engine to accept or reject the potential policy based on every single and different entry and response.”
Therefore, digitalizing the questionnaire process was extremely strategic. Between e-mailing the filled in paper questionnaire and the onboarding of the new and potential life insurance taker, the subscription process is temporarily interrupted. You obviously need to keep that time as short as possible to avoid losing customers in between.
“We managed to reduce this time frame by automating the decision and the transformation project allows the insurance company to accelerate the onboarding of customers. What’s more: thirty staff previously working full-time on the questionnaire analyses now work on very specific analyses with a high added value. And we have objectified the decision process”, Michel Iacono concludes.
Interview with Michel Iacono