Headquartered in Paris, France, the company is a subsidiary of one of the world’s leading global insurance brokers, providing products for Life insurance and P&C with approximately 30,000 customers.
The insurance brokerage company wanted to improve their Life policy administration system to manage claims and benefits more efficiently.
OBJECTIVE
Our client needed to source and implement a new solution that would align with their current claims and benefits systems, thereby bridging the gaps to create an end-to-end Life policy administration system which provides :
CHALLENGES
The Wynsure modules used were Product Factory, Billing, Claims and Commissions. These modules were used for their unique features as explained below:
– Original policy administration system
– Internal printing system
– LDAP (Authentication and Authorization system
– Crystal Reports (Business Object Application)
– General Ledger
PROJECT HIGHLIGHTS
Increased productivity
The client’s claims management process is 40% faster post implementation of Wynsure, largely due to productivity gains from automatic calculation of benefits, automated activity workflow management, and enhanced interface capability (e.g. Interfaces with reporting, General Ledger, etc.).
Enhanced flexibility
Our client can now automate distinct claims and benefits management processes tailored to each insurer’s protocols, such as managing disbursement flows to their own Policy Administration System or directly to the insurer.
Increased profitability
The Company benefited from increased profitability as a result of the productivity gains and the enhanced levels of data reliability from automation.
Improved reporting visibility
Our client continues to benefit from full data visibility helping them to better measure profitability. This can be attributed to Wynsure’s robust interface
capability with Business Objects, such as number of claims processed per client, duration of claim process, etc
Solution scalability
Wynsure offers our client a fully scalable solution that can be leveraged for other lines of business and geographies in sync with future requirements.