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NEW DISTRIBUTION CHANNEL EQUIPMENT

CLIENT

 

The client is the Vietnamese subsidiary of a €480 million turnover French independent insurance company. Headquartered in Hanoi, it employs ~70 professionals, selling life and cash-value products via Vietnam’s postal network, with a planned banking branch rollout to follow shortly. The client was looking to ramp up its distribution network and launch products cost-effectively.

OBJECTIVE

Our client wanted to leverage their partnership with the postal network and adapt their system to meet delivery requirements to gain a better market share in Vietnam.

 

The company wanted an HTML-based solution with a web-based front office to provide quick and easy processing for end-users, without having to install the solution in each post office branch.

CHALLENGES

The existing system within the company’s agencies was problematic.

  • Multiple daily management processes could not take place locally and had to be managed by the head office in Hanoi.
  • Multiple installations across hundreds of local post offices and training for thousands of postal agents proved to be expensive and time consuming.
  • Lack of confidence to migrate contracts independently and successfully.

WYNSURE SOLUTION

 

The Wynsure products implemented were Product Factory, Policy, Claims, and Billing After an exhaustive tender process conducted at the head office, our client selected Wynsure for the following key reasons :

  • End-to-end functional coverage where all processes from quotes, subscriptions, and claims management were managed centrally.
  • Ability to integrate a web front office.
  • Meets the client’s need for Vietnamese language capability.

PROJECT HIGHLIGHTS

The Mphasis Wyde team of 5 rolled out product configuration, interface development, and project management.

  • Interfaces were developed with General Ledger (Sun) and Printing System (Bdoc).
  • Migration of 40,000 active contracts were processed with Mphasis Wyde’s tool wMigrate.

BUSINESS BENEFITS

Increased sales volume

Impressive productivity savings from enhanced, shortened and streamlined processes. For example, with Wynsure, the client can create an insurance contract in less than 3 minutes as against 30 minutes taken by the legacy system.