The client
Our client is part of a leading Financial Services Group in the Nordic and Baltic Sea region, providing life insurance and pensions related services.
The challenge
The existing IT landscape of the client comprised multiple systems dealing with customer management, policy administration, investment advisory, unit linked products and accounting. This led to many challenges, including:
Processes for policy/benefits servicing were based on manual workflow. Servicing requests and new applications came in non-standard formats such as emails and excel sheets. This manual workflow was prone to errors, redundant data entry and increased turn-around-times.
Client, product and plan information resided in silos. Customer service representatives needed to log into different systems and access desktop applications when they wanted information.
The solution
After an intensive business analysis phase, our team develop a customer-friendly portal with self-service tools that helped customers plan their financial future and understand their risk-taking ability. The portal also helps sales advisors capture customer information and supports investment calculation with graphical representation so they can offer value-added advice.
Our teams developed a set of web-based applications that were essential for increased growth and better customer service. These included:
- Group Business administration
- Customer self-service pension advisory tool.
- Financial need analysis tool
The applications now have an enhanced, user-friendly web-based interface. The old paper-based processing has been replaced by a dynamic, PDF generation module that also allows for administration of new business and transactions.
In an ongoing engagement, we have provided over 100 person months of effort in maintaining and enhancing the applications.
The benefits
The portal has delivered benefits like:
- Higher value to customers through self-advisory tools
- Reduction in turn-around-time
- Better product presentation
- Effective administration of new business
- Value added advice for pension fund management
- Identification of cross selling, up selling opportunities like use of Group Business contacts for individual policy selling
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