Underwriting Workbench

Background and Objectives


The client is a well-established composite insurer based in Singapore. The firm serves over two million customers and is considered a leader across General and Health Insurance.

social-communications

The Clients’ Vision:

Their innovation-led customer first approach is driven by a social purpose of making insurance simple and honest. The insurer set out an objective to significantly reduce non-value add and manual tasks for their underwriters, with a single unified platform that streamlined the entire process.

Content

The Business Case:

The client needed a solution that integrated New Policy Sales and Policy Servicing based underwriting – facilitating automated load distribution, integrated view of information dispersed across multiple systems, requirement management, as well as end-to-end decision management, with a robust audit tracking mechanism.

The objective was to automate the process to significantly reduce manual effort, with a system that was scalable and easy to maintain.

Creating the Intelligent Automation Solution

The Candela Labs approach was focused on automating the entire workflow – identifying major bottlenecks and integration touch-points and reducing manual effort and errors.

This was a first of its kind effort for the insurance firm where Candela Labs unified the processes across all life insurance product types and across New Policy Sales and Policy Servicing transactions.

Products Used:

Candela Labs proprietary products from the Intelligent Operations Suite included:

– Case Management

– Process Templates and Frameworks for New Policy Sales and Policy Servicing to expedite implementation, and

– Application for Content Management

The entire process was automated – using a robust workflow solution with a digital front-end.

The key challenge was the integration effort that required unifying five core and seven ancillary systems on a single and seamless platform that is configurable and scalable.

Technical Stack Used:

The solution was implemented using AngularJS, Integration to core using Oracle Service Bus, Oracle BPM, Oracle Rules, Oracle DB, Spring Boot and Spring Framework.

In addition to the core solution, a correspondence module was created – enabling the management of all communication with pre-defined and customisable letter templates and a consolidated communication view. This was also in line with the firm’s Green Initiative goals to significantly reduce paper-based communication.

Realising the Benefits

The Outcomes:

Go-live was achieved in 11 months with an additional 1 month to account for process efficiencies, testing and additional improvements.

The new system has reduced case assessment time by over 70%.

The increased operational efficiencies created will be carried over to Health and P&C lines, and we expect these implementations to take a fraction of the initial project duration.

In Summary

Country and year of Implementation

Country and year of Implementation Singapore, 2018
Total time to implement 12 months
Avegrage Case Assessment Time From 1 hour to c. 15 minutes
Total implementation team from Candela Labs Eight full time team members with five part time members for business consulting, testing and support
IT Infrastructure Policy Admin. System: eBao for Life Insurance

BPM Engine: Oracle

Correspondence: Adobe eSign

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