Who
We have been supporting a top 3 global insurer implement digital insurance contracts which has helped them realise operational efficiencies, as part of its transformation agenda.
The challenge
As part of its multi-year transformation, a global insurer adopted digital insurance contracts. Digital insurance contracts enable a fully automated customer journey from claims submission, assessment, to fulfilment. This supported the client’s ambitions of straight-through-processing (STP) and a reduction in failure demand – ultimately using digital solutions to leverage operational efficiencies.
The tool had considerable potential to revolutionise the insurer’s operations. However, its architectural rigidity delayed time to market and inconsistencies in the digital product’s design required additional human intervention in the claim’s lifecycle. Furthermore, the client’s relatively immature digital product delivery capabilities inhibited the tool’s full utilisation.
How we helped
To allow the client to fully harness digital insurance contracts, we conducted a strategic study which identified key feature improvements that could be applied iteratively.
To identify the feature improvements, we systematically mapped the claim’s lifecycle to understand where the digital tool was currently creating inefficiencies. We clarified the existing system architecture which was previously ill-defined to agree a technical roadmap for the tool.
The technical roadmap was supported with our knowledge transfer and upskill plan, with transitioned the tool’s use from Transformation to BAU operations.
The impact we had
- Reduced Time-To-Market by 30%, by automating redundant tasks in the configuration of the digital contracts tool
- Freed up time for innovation and ideation, allowing the client to begin an AI and digital insurance contract project
- Increased efficiency in the claim’s lifecycle by 20%, with the improved digital contracts tool
- Enabled scalability with an increasingly agile digital infrastructure, allowing the client to integrate emerging technologies
- Ensured sustainable and continued use of the digital tool through knowledge transfer upskill
- Realised Straight-Through-Processing (STP) and minimised human intervention in the claim’s lifecycle
- Enhanced customer satisfaction through the standardisation of the claim’s lifecycle
Let’s talk
Our expert team can support you with implementing digital insurance contracts, and wider transformation services.
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