40% Cost Savings: Streamlining Life Insurance Operations for a Europe-based Life Insurance Company
Overview.
A regional leader in specialized Class 23 life insurance based in Belgium, faced significant operational challenges. Coforge partnered with the client to streamline policy administration, reduce costs, and improve efficiency while maintaining high-quality service and regulatory compliance.
Challenges.
The client struggled with high operational costs and inefficiencies in managing their Class 23 life policy block.
Key business challenges:
High cost of operations in policy administration and asset management reporting.
Operational inefficiency and lack of agility.
Legacy platform infrastructure with high maintenance costs.
Lack of documented procedures.
Limited bandwidth for new product launches.
Our Solution.
Coforge implemented a comprehensive solution to address the client's challenges.
Key highlights of Coforge's solution:
Hired experienced insurance domain experts for end-to-end policy administration.
Implemented process redesign for standardization and error reduction.
Developed standard quality audit forms for improved control.
Leveraged language translation tools for offshore processing of Dutch and French documents.
The Impact.
40%
Cost savings to customer
99.5%
Quality achieved (against 90% target)
Met and exceeded
SLAs (service level agreements) on claims processing
AUM (Assets Under Management) portfolio reporting for compliance
Reduced risk
Reduced risk of operational disruptions
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